What is Litecoin
Litecoin (LTC) is one of the oldest cryptocurrencies. It was launched in October 2011 by former Google engineer Charlie Lee. Litecoin is built on Bitcoin’s code but with a few important changes: blocks come four times as often — roughly every 2.5 minutes — and the maximum supply is 84 million coins, four times Bitcoin’s.
That’s why Litecoin is often called “silver” to Bitcoin’s “digital gold”. The coin was designed for fast, inexpensive everyday payments. Over the years the Litecoin network has proven reliable and stable: almost every exchange, swap service and payment provider supports it, and fees are usually just cents.
Key facts
| Parameter | Value |
|---|---|
| Ticker | LTC |
| Network at ROVEN exchange | Litecoin (mainnet) |
| Address format | Starts with “ltc1”, “L” or “M” |
| Block time | About 2.5 minutes |
| Maximum supply | 84 million LTC |
| Network fee | Paid in LTC, usually cents |
| Memo / tag | Not needed |
What Litecoin is used for
- Fast payments. Confirmations arrive several times faster than on Bitcoin.
- Inexpensive transfers. Fees are usually small even during busy market periods.
- Moving value between services. Many people use LTC as a “transport” to move funds between exchanges.
- Long-term holding. Its limited supply and long track record make LTC part of many crypto portfolios.
How to exchange Litecoin at ROVEN exchange
- Choose a direction, for example LTC → USDT TRC20 or USDT TRC20 → LTC, and enter the amount. The payout is shown straight away.
- Enter the receiving address. If you’re receiving LTC, an address starting with “ltc1”, “L” or “M” will do.
- Create the order — the rate is locked for 30 minutes — and send the exact amount to the address in the order.
- After Litecoin network confirmations, the operator sends the payout. A swap usually takes 15–30 minutes.
What to watch out for
- Don’t mix up Litecoin and Bitcoin addresses: old Litecoin addresses starting with “3” share Bitcoin’s format. Use “ltc1” or “M” addresses.
- MWEB extension addresses (starting with “ltcmweb1”) aren’t supported everywhere — use a regular address for swaps.
- Litecoin is faster than Bitcoin but still needs confirmations: allow 5–15 minutes for crediting.
- As with Bitcoin, the fee depends on transaction size, not on the amount.
Halving and Litecoin’s technology
As with Bitcoin, Litecoin’s miner reward halves every 840,000 blocks — roughly every four years. Litecoin has often adopted technologies before Bitcoin: SegWit, for example, went live on Litecoin first. In 2022 Litecoin added the MWEB extension, which lets users optionally hide transfer amounts. Litecoin mining uses the Scrypt algorithm and is often done together with Dogecoin.
How to store Litecoin
Almost every popular wallet supports Litecoin: Trust Wallet, Exodus, Litecoin Core, and the Ledger and Trezor hardware wallets. For large amounts a hardware wallet is the better choice; for small, frequent transfers a mobile wallet works well. As with any crypto, keep your seed phrase offline and never share it. Before sending to an exchange, check that it accepts addresses in the format you’re using.
Frequently asked questions
How long does an LTC transfer take?
A block comes roughly every 2.5 minutes, so crediting usually takes 5–15 minutes and the whole swap about 15–30 minutes.
Does Litecoin need a memo?
No. On the Litecoin network every recipient has their own address, so no memo is used.