Posts about Litecoin
Hi guys, as you know I'm Venezuelan living here crypto enthusiast, weeks ago I posted my experience going to a supermarket where crypto is accepted here in Venezuela paying with Bitcoin, it was good.
I went again this time to buy some things I needed and this time I used Litecoin (encouraged by a fellow redditor that wants to remain anonymous), in theory it should be fast and cheaper and it was!
The cashier screen, after I told my I wanted to pay with Litecoin:
And the transaction:
The fee was 0 (Yes, 0 USD). It was really fast, less than 1-2 minutes for the 1st confirmation, they showed me a QR code, wait 1-2 minutes and done.
I would totally recommend it!
I couldn't hodl the LTC, anyway I was going to exchange them to Bolivares or USD to purchase the items shown in the picture, so if LTC goes to 1K that would make me feel better.
As always, inflation here is crazy (anything under 10% MONTHLY is like a miracle) and since 2007 , 14 zeroes have been removed from the currency (last time 6 zeroes in 2021).
Any question, suggestion or request let me know!
Disclaimer: I have decided to run a Litecoin node because I own some LTC and I prefer to verify the cryptocurrency I use on my own terms. I also own BTC and ETH and run nodes for them too. While there are various types of nodes for different cryptocurrencies, I won't delve into the technical details here. However, I may write a post in the future about how I do it. I have attempted to run several other nodes even Solana but their requirements were too demanding for my homelab setup.
Hello everyone, today I want to share with you how I successfully set up my own Full Litecoin node on Debian 11 (Windows is easier via GUI but I like Linux CLI ^-^). By running your own node, you can directly interact with the Litecoin network and verify transactions, making it a valuable tool for any cryptocurrency enthusiast.
My Litecoin Node running in My HomeLab Hypervisor setup and forget :)Requirements I use:
Debian 11 installed on your system or a Virtual Machine
At least 150GB of available space if you want to run a Full node
A stable internet connection
Basic knowledge of the command line
Installation:
Optional: you can also download the official binary from the Litecoin releases page so no compilation required.
Open your terminal and update your system packages:
sudo apt update && sudo apt upgrade -y
sudo apt install build-essential libtool autotools-dev automake pkg-config bsdmainutils curl git libssl-dev libevent-dev libboost-system-dev libboost-filesystem-dev libboost-chrono-dev libboost-program-options-dev libboost-test-dev libboost-thread-dev libdb-dev libdb++-dev libminiupnpc-dev libzmq3-dev -y
2. Clone the Litecoin source code from Github:
git clone https://github.com/litecoin-project/litecoin.git
3. Build and install Litecoin:
cd litecoin
./autogen.sh
./configure
make
sudo make install
Configuration
Create the Litecoin data directory:
mkdir ~/.litecoin
2. Add the following lines to the litecoin.conf file:
nano ~/.litecoin/litecoin.conf
And write this;
rpcuser=<your username>
rpcpassword=<your password>
daemon=1
listen=1
server=1
rpcallowip=127.0.0.1
rpcport=9332
testnet=0
Replace <your username> and <your password> with your preferred values.
3. Save and close the litecoin.conf file.
4. Create a litecoin.service
sudo nano /etc/systemd/system/litecoin.service
and write this (change user by your Debian user):
[Unit]
Description=Litecoin Core
After=network.target
[Service]
Type=simple
User=user
ExecStart=/home/user/litecoin/bin/litecoind
[Install]
WantedBy=multi-user.target
and reload systemd services and enable litecoin.service with:
sudo systemctl daemon-reload
sudo systemctl enable litecoin
Running the Litecoin Node
Start the Litecoin daemon:
sudo systemctl start litecoin
2. To check the status of the Litecoin service, run:
systemctl status litecoin
you will see the following:
My running litecoin.serviceMe verifying a block with my own Full nodeAs you can see from the output above, the Litecoin node is running as expected. It's actively connected to the Litecoin network and is receiving new blocks and transactions in real time. This provides me with a high level of confidence in the security and accuracy of my Litecoin transactions.
In conclusion, setting up your own crypto node may require a bit of extra effort, but the benefits are well worth it. By compiling the software yourself, you can ensure that your node is secure and trustworthy. And by running your own node, you can directly interact with the Litecoin network and verify transactions, giving you a deeper understanding and appreciation of the underlying technology.
*disclaimer: I don't own any LTC and I don't even think it's the best altcoin to use as money, so this is not a shill*, but those are relevant data and I thought it would be worth it to share here.*
On Thursday (4), the Litecoin (LTC) network reached a new record for the volume of transactions being carried out on its network. There were 230K transactions carried out and, in the last 24 hours, 8.93 million LTC (US$ 787M) were sent, which is equivalent to more than 12% of all coins in circulation.
This Friday (5), there are already more than 330 thousand transactions observed in real time being confirmed on the network.
https://i.redd.it/0u55w8bh52ya1.pngThe all-time high was reached with just three months left (88 days) for the Litecoin halving, which is expected to cut the mining reward block subsidy in half – similar to what happens in Bitcoin (BTC).
In recent months, Bitcoin’s layer-1 network capacity limits have been tested, with demand for block space on the market-leading blockchain increasing — resulting in values not seen for over two years:
Confirmation time on Bitcoin network reaches highest average in two years
Bitcoin Blockchain Clogs Up, Transaction Backlog Hits 2021 Level
Bitcoin rates are still high and sending BTC already costs the same as a Big Mac in Brazil
At the time of writing, the BTC network has still accumulated over 265,000 transactions on hold in a mempool loaded with over 700MB of digital data that needs to be confirmed in blocks that process a maximum of 4MB each.
The mempool is the virtual space where transactions carried out by any Bitcoin (or other cryptocurrency) user are stored, waiting for the next miner to add them to a block of transactions and transmit them to the rest of the network.
With the current congestion of the leading network, some altcoins have attracted attention from users who need to perform various monetary transactions. Litecoin is among these projects, as reported in the increased demand for the network.
The Litecoin blockchain recorded 230,375 unique transactions on May 4th; and a total of 8,923,566 LTC were moved in the last 24 hours. There are, on average, 13 thousand transactions per hour, for the equivalent total of US$ 787 million (12% of the market capitalization) in the period of one day.
The record is being broken again while this report is being built, with 332,729 confirmed transactions already.
Even with increased demand, the Litecoin mempool continues to flow normally, with no backlog and transactions are confirmed with an average fee of 0.000074 LTC ($0.0066) per send.
At the time of writing, 1 LTC trades for $89.00.
In 2021, the Commodities and Futures Trading Commission (CFTC, its acronym in English) of the United States, settled with Coinbase for the behavior of a former employee who, according to the lawsuit, “used a manipulative or deceptive device when placing intentionally buy and sell orders on the LTC/BTC trading pair” — in a practice known as “wash trading” that allegedly took place in 2016.
Wash trading involves the execution of buy and sell orders between the same person or group, with the intention of, among other things, artificially boosting the trading volume or price of a given asset.