Litecoin State of Litecoin

State of Litecoin
Which Hot wallet do you use to store your Litecoins?
Recovering LTC sent to BTC adress.
Reddit just directed me to this sub via a mobile push notification and an email...
Forgot Passphrase - Have Recovery Seed + Wallet
BitcoinLite- Litecoin Foundation on Twitter

Posted: 01 May 2021 04:36 AM PDT

Litecoin is an open-source cryptocurrency adapted from bitcoin in 2011. The technology aims to process transactions every 2.5 minutes, compared to Bitcoin's 10 minutes. Litecoin can be used as an avenue to pay people across the world cheaply. Also - It's Digital Silver (according to their community).

What's new?

Recently Litecoin Foundation have launched a debit card that has no fees associated with it if it's used regularly. You simply spend your crypto and it is automatically converted into fiat currency. I'm not sure how quick it is though. Would be a shame to be waiting 2.5 minutes for your transaction to go through for your coffee in the morning!
In the USA, you can now paypal with Litecoin
One of the downsides with Litecoin is that each coin can be traced back, so maybe it was used for illegal activities a few years back. This makes some Litecoin's worth less than others because people don't want to be linked, which is far from ideal for a currency. Now, however, Litecoin has an upgrade that's soon going to give privacy to each coin so this can't happen. Read more about the Mimblewimble upgrade here.

Is it easy though?

How much to send litecoin? Costs about $0.05 USD at the moment per transaction, compared to Ethereum's $12 and Bitcoin's $30. Can see that Litecoin don't process anywhere near as many transactions per day as Ethereum/ Bitcoin though, so maybe that's why its so low.

Source: https://blockchair.com/ethereum/charts/transactions-per-second?compare=bitcoin,litecoin

What about the environment?

Unfortunately, due to being one of the earliest cryptocurrencies Litecoin, like Bitcoin, uses Proof of Work consensus, meaning substantial energy demands are needed to keep the network running.

How is it governed?

Anyone can submit a proposal to upgrade Litecoin https://github.com/litecoin-project/litecoin

submitted by /u/glennherriott
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Which Hot wallet do you use to store your Litecoins?

Posted: 01 May 2021 09:18 AM PDT

submitted by /u/ExcitingEfficiency25
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Recovering LTC sent to BTC adress.

Posted: 01 May 2021 09:06 AM PDT

Hey,

so I'm stupid and I sent LTC to BTC adress by mistake. I would usually be able to recover them by myself but the problem is I sent them to Blockstream Green wallet and this is the reason I'm trying to get help here. It is not a large amount (1.85LTC), but still I would like it back (if possible). Official Blockstream Green support didn't help me so I'm wondering if there is a chance to somehow recover it? I'm not experienced in this and so I thought asking here might be a good idea.

So do you guys have any idea if it is even possible to recover the LTC? If so how?

Thanks to everyone who try to help!

submitted by /u/Chnappi
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Reddit just directed me to this sub via a mobile push notification and an email...

Posted: 01 May 2021 02:55 AM PDT

Am I being paranoid or does this seem fishy as shit? I've literally never participated in anything crypto on reddit (despite investing heavily in it). I've also never gotten a subreddit recommendation pushed to my phone ever. Is my tinfoil hat too foily to think that reddit as a company is trying to push me to LTC for some reason other than algorithmic delight?

submitted by /u/saltycod
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Forgot Passphrase - Have Recovery Seed + Wallet

Posted: 01 May 2021 06:38 AM PDT

Using same old computer, have access to Litecoin Core wallet and can open it up and see funds. I have the 12 word seed recovery as well. I can't transfer the LTC because I forgot the passphrase though.

I tried creating a new wallet in Electrum-LTC -> "I already have a seed" -> inputting the 12 word recovery seed when prompted. It creates the wallet but shows zero funds. There is a chance I saved the seed for a BTC wallet I downloaded and never used. Would Electrum-LTC accept a BTC seed, or is there something else I'm doing wrong?

submitted by /u/Glares
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BitcoinLite- Litecoin Foundation on Twitter

Posted: 01 May 2021 05:29 AM PDT