Litecoin wallet from Freewallet family combines all of the best features of hosted wallets. It is the most suitable free iOS app for any user, including experienced LTC miners, crypto newbies or users of Litecoin faucet. The Litecoin wallet from the Freewallet family combines all of the best features of blockchain wallets. It is the most suitable free iOS app for any user, regardless of whether they are an experienced LTC miner, crypto newbie or user of Litecoin faucets.
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It does show cryptocurrencies are a superior way of transferring large amounts of money around the world at virtually no cost. For anyone conducting remittances on a regular basis, cryptocurrency is the only option worth considering. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies. We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.
All Rights Reserved. Advertise Submit a Press Release. Remittances Remain Expensive and Slow Transferring money across borders is not the most straightforward process. Play Now! Tags: Akbank bank charges bank fees Litecoin money transfer remittance. Tweet Share Share Send. Could you be next big winner? Related Posts.
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By continuing to use this website you are giving consent to cookies being used. Litecoin is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances.
Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin. Find support across a growing number of Litecoin communities:. Find general information as well as a list of services and exchanges that support Litecoin at the Litecoin Wiki.
Up-to-date network statistics can be found at Litecoin Block Explorer Charts. Source code for Litecoin Core and related projects are available on GitHub. The software is released in a transparent process that allows for independent verification of binaries and their corresponding source code.
The Litecoin blockchain is capable of handling higher transaction volume than its counterpart - Bitcoin. Due to more frequent block generation, the network supports more transactions without a need to modify the software in the future. As a result, merchants get faster confirmation times, while still having ability to wait for more confirmations when selling bigger ticket items.
Wallet encryption allows you to secure your wallet, so that you can view transactions and your account balance, but are required to enter your password before spending litecoins. This provides protection from wallet-stealing viruses and trojans as well as a sanity check before sending payments.
Making a positive impact in this regard is not all that easy. Companies such as TransferWise make remittance cheaper. Other players are emerging on the scene as well. In most cases, their services are cheaper and slightly faster. However, compared to more innovative forms of money, such services can still use vast improvements. Based on the information by World Bank, remittances are incredibly expensive. Despite cost-cutting measures, the average fee remains at 7. That does not even include conversion charges if a foreign currency is involved.
Finding cheaper solutions will require a look beyond the traditional scope of financial solutions. In the cryptocurrency world, a massive transaction was completed last week. In most cases, one would expect such a transaction to be subject to massive fees. That is not the case, as it is one of the cheapest transaction to ever take place in the world of finance. More importantly, this low fee does not delay the transaction.
It took around 2. Compared to regular bank transfers, this process was at least times faster despite the low cost of conducting the transfer. Banks often purposely slow transactions and hold onto funds to make extra interest on them. The origin and nature of this Litecoin transaction remain unclear. It is also unknown which parties are involved in this massive transaction.
It does show cryptocurrencies are a superior way of transferring large amounts of money around the world at virtually no cost. For anyone conducting remittances on a regular basis, cryptocurrency is the only option worth considering. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies. We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.
All Rights Reserved. Advertise Submit a Press Release. Remittances Remain Expensive and Slow Transferring money across borders is not the most straightforward process. Nonetheless, Litecoin is able to still process ten times as many transactions as now in order for its blocks to get close to a limit. Litecoin is nowadays processing more than , transactions per day, according to data provided by Statista. This shows that the virtual currency is very useful for users that want to avoid overpaying for their transfers and waiting longer than what they should for their funds to reach another person or company.
Litecoin transfer times are the main selling point of this virtual currency alongside its fees. The fees are also very low, and we will discuss that in the following section. It would be interesting to see how the Litecoin project will evolve in the future. Will the ecosystem grow beyond transactions to pay for goods and services? Would Litecoin be used to power decentralized finance DeFi solutions?
The answer to these questions would let us understand what Litecoin has to offer and how it could make it possible for users to get access to some of the best solutions in the crypto market. This is also one of the main topics and advantages related to the LTC virtual currency.
Users that come to the crypto market are searching for secure, established and reliable digital assets with fast transaction times and low fees. Litecoin is a clear example of this type of virtual currency. In the image below, we have a chart with Litecoin transaction fees for the last three months. This is very useful for users that want to send fast and cheap transfers all over the world. These are Bitcoin transaction fees compared to Litecoin transaction fees. As you can see, LTC fees are close to zero when compared to Bitcoin.
This shows how cheap Litecoin transfers are when compared to the largest virtual currency in the world. However, Litecoin does not want to compete with Bitcoin. Indeed, Bitcoin works as another layer for BTC users that want to process fast transfers and with low fees. Litecoin transfer times and fees are the best assets of this virtual currency, and Litecoin developers want to help Bitcoin. Indeed, several Litecoin developers are also Bitcoin developers. But coming back to the previous section, we need to also understand that Litecoin does not have the active community that both Bitcoin and Ethereum have.
This is why Bitcoin and Ethereum fees and transaction times are higher than Litecoin. Litecoin has clearly different use cases compared to Bitcoin or Ethereum. Litecoin is a blockchain network that helps users process transfers and pay for goods and services. However, it does not work as a digital asset to power decentralized finance DeFi due to the lack of complex smart contracts. Nonetheless, Litecoin developers are currently working in order to make it more private than Bitcoin and Ethereum.
Nowadays, these three virtual currencies have public blockchains. That means that everyone could search for information about specific wallets or transactions. In terms of privacy, this is not ideal. The goal is to make LTC fungible and reduce the dependency on public blockchain networks. Most of the transactions processed on the Litecoin network are from users that are transferring funds or that want to simply pay for goods and services.
In some cases, LTC works as a bridge currency. This works as follows. A crypto user wants to transfer Bitcoin or Ethereum from exchange A to exchange B. Rather than paying large fees and waiting hours to have their transaction processed, they purchase LTC to send the funds. In this way, from exchange A to exchange B, the transfer takes just a few minutes and the fees are close to zero.
Thus, Litecoin is also helping two of the largest virtual currencies to reduce their congestion and avoid having larger fees and longer transaction times. Nevertheless, it is important for Litecoin to also move forward by expanding its use cases. Decentralized finance and confidential transactions are just some of the examples of how LTC could reach a larger number of users in the market. With so low fees and no full blocks, one of the questions we sometimes hear is related to Litecoin mining profitability.
Litecoin transfer times are also related to miners that protect the network and make it possible for Litecoin to be one of the safest networks in the world. Throughout , Bitcoin mining became very profitable for users and miners. It is so competitive to mine Litecoin nowadays that miners require specialized hardware. In order to increase Litecoin mining profitability, it is also possible to do merge mining.
Merged mining is a common thing in the mining industry. This is a very common practice that Litecoin users can also apply to make mining activities more profitable. This, however, does not have a clear impact on Litecoin transfer times. Some smaller miners that want to have access to Litecoin mining can also do so with GPUs. However, this is not as profitable as with traditional ASIC miners, which are very efficient and dedicated to this task. Furthermore, having access to cheap electricity is also an important thing for those that want to make Lincoln mining more profitable.
However, this is not the most important thing.
Bitcoin, Litecoin, Etherium, Dash, Bitcoin Cash and Fiat in one multi-currency PAYEER® account! Buy Litecoin with a credit card ✓(VISA / MasterCard, Bank transfer (SEPA All operations on our site are possible only after the verification process. Once the transaction volume exceeds 5 million but less than 10 million (second tier), the processing commission decreases to % and so on.