Litecoin (LTC) is a peer-to-peer digital currency created in 2011 to offer faster blocks and lower fees than Bitcoin. If you’re wondering What Is Litecoin in practical terms, think of it as a proven, widely supported network that prioritizes quick, low-cost on-chain payments. At Veldt, we accept LTC alongside other majors, so you can buy gold with Litecoin smoothly and privately.

Litecoin In One Minute

• Launch: 2011, by Charlie Lee
• Goal: “Digital silver” to Bitcoin’s “digital gold”
• Block Time: ~2.5 minutes (about 4× faster than Bitcoin)
• Consensus: Proof-of-Work using Scrypt
• Max Supply: 84,000,000 LTC (4× Bitcoin’s cap)
• Fees: Typically low; good for everyday payments
• Privacy Feature: Optional MWEB (MimbleWimble Extension Blocks) for confidential amounts
• Ecosystem: Broad wallet and exchange support

How Litecoin Works

Origins And Purpose

Litecoin forked from the Bitcoin codebase to prioritize speed and accessibility. By using Scrypt-based mining and shorter block times, it aimed to make day-to-day on-chain payments practical.

Supply, Halvings, And Inflation

Like Bitcoin, Litecoin’s issuance halves roughly every four years. The fixed maximum of 84 million LTC creates a predictable, declining supply schedule over time.

Speed, Fees, And Confirmations

Blocks arrive about every 2.5 minutes, so transactions often confirm quickly, and fees are generally low. Most purchases feel snappy compared to slower networks, which is why many merchants support LTC.

Security And Privacy

Network Security

Litecoin secures transactions using Proof-of-Work. A large, distributed mining base helps protect the network from attacks and ensures finality once your payment confirms.

MWEB (Confidential Amounts, Optional)

Like Bitcoin, Litecoin’s issuance halves roughly every four years. The fixed maximum of 84 million LTC creates a predictable, declining supply schedule over time.

Wallet Hygiene Tips

For purchases, use a reputable non-custodial wallet, label transactions, and avoid reusing addresses.

Litecoin Vs. Bitcoin: What’s The Difference?

• Block Time: Litecoin ~2.5 minutes vs. Bitcoin ~10 minutes.
• Fees: Litecoin fees are typically lower for similar on-chain activity.
• Supply: 84M LTC cap vs. 21M BTC cap.
• Mining Algorithm: Scrypt (LTC) vs. SHA-256 (BTC).
• Privacy: Litecoin offers optional MWEB for confidential amounts; Bitcoin relies on external tools or second-layer techniques.
• Second Layers: Litecoin supports Lightning, though everyday users most often transact on-chain.

Paying For Bullion With Litecoin At Veldt

• Choose Your Metals: Add products to cart and proceed to checkout.
• Select Litecoin (LTC): Veldt accepts major cryptocurrencies—including LTC—for payment.
• Send The Exact Amount: Your wallet will display the recipient address and amount. Send LTC from a non-custodial wallet when possible.
• Wait For Network Confirmation: We’ll process the order after the Litecoin network confirms your payment.
• Fulfillment: We ship discreetly and insured, and local pickup is available in San Diego (see Payment & Shipping Information).

Pros And Cons Of Using Litecoin For Purchases

Pros

• Quick on-chain confirmations
• Low average fees
• Broad wallet/exchange support
• Optional confidentiality via MWEB

Cons

• Price volatility (as with all crypto)
• Custodial exchange withdrawals can include delays
• MWEB requires compatible wallets and is optional (not universal)

Common Use Cases

• Everyday Payments: LTC’s speed and fees make it practical for routine purchases.
• Bullion Checkout: Streamlined crypto payments at Veldt with strong privacy habits.
• Transfers Between Wallets: Low friction for moving value across your own wallets.

Key Takeaways

• Litecoin Is Proven: Running since 2011 with a clear, capped supply.
• Fast And Affordable: ~2.5-minute blocks and typically low fees.
• Privacy Option Exists: MWEB offers confidential amounts when supported.
• Great For Checkout: You can confidently buy gold with Litecoin at Veldt.