How to check transactions with Litecoin?

How to save money from inflation by investing it in Litecoin? Learn about this cryptocurrency quotes in the article “LTC/USD chart”.

Making profit from cryptocurrencies is based on transactions with this cryptocurrency. We will focus on how the LTC network works, how much time transactions take, and why it is important to confirm them.

Content

• Transactions
• Reasons for delay
• Checking
• Transaction acceleration
• Rules for beginners
• Conclusion

About LTC transactions

Cryptocurrencies are becoming more and more popular. They are censorship resistant and centralization is not typical of them.

Not very high price is another advantage of Litecoin. At the moment of writing, LTC was trading at $111.

Meanwhile, Bitcoin cost $43,300, whereas Ethereum was worth $2,900

Once you get a LTC wallet, you can safely perform transactions from any part of the world. Commissions are minimal, whereas speed is faster compared to most other cryptocurrencies.

Investing in Litecoin, traders have an aim to get a profit. It is possible to buy altcoins for a long term and sell them at a more attractive price or make a profit from a rapid buy-and-sell approach. How are transactions performed in the LTC network? When users exchange digital assets, buy or sell them, altcoins remain in the blockchain. It is a big number of blocks where information about cryptocurrency operations is kept. If coins are sent from one user to another, new information appears in the system, while the old information remains intact. Thus, there is a full history of all performed operations. Every new block is connected with the previous one. However, information about a new operation does not immediately appear in the blockchain. The fact is that every operation should be confirmed. Below, we will focus on this issue in detail.

Transaction delay

In the Litecoin network, operation should be confirmed in six blocks. It is necessary to avoid the possibility of double-spending.

It needs 2.5 minutes to mine one LTC block. Theoretically, it takes 15 minutes to confirm an operation.

This was the case until cryptocurrencies became increasingly popular. As the number of crypto users increased in 2017, the load on the network went up as well.

As a result, it took more time to process transactions due to very high demand.

Currently, it can take up to half an hour to confirm an LTC transaction, despite the fact that Litecoin has a higher transaction speed compared to other coins.

Here are the reasons for this slowdown

• Peculiar confirmation process. A transaction must be confirmed by six nodes in order to be recorded in the blockchain. Validators are chosen randomly and can be far away from each other around the world. They may fail to validate the transaction in the required 15-minute period due to the network being overloaded.;
• Rewards system. Before being inscribed on the blockchain, a transaction is listed in special storage. Miners who must transfer it to a new block pay attention to the transaction fee and focus on the transaction with higher fees. Because of this, transactions with low fees may take longer to validate than those with higher fees;
• Technical problems. Issues both on the Litecoin network and among miners themselves can also affect the speed of transactions.

Checking Litecoin transactions

Given that it takes time to confirm a transaction, this raises an obvious question: Is it possible to check its status?

Since users exchange open wallet addresses when making LTC and other cryptocurrency transactions, such verification is possible. For example, when a user has made a transfer, they can find out what is happening with the funds at the moment.

Several services provide information on transaction status for free.

The status of a Litecoin transaction can be checked at Сhainz.cryptoid.info or Сhain.so.

Using these services does not require registration or providing personal data.

To check the status of a transaction, following data can be used:

• a transaction ID (TxID), also known as transaction hash. Every transaction on the network has a unique code composed of letters and digits.;
• your personal wallet address and the address of the counterparty's wallet. In this case, you will also need the date and size of the transaction.

If you type the public wallet address into the search bar of Shainz.cryptoid.info, the system will list all transactions made by the user. Clicking on these links will provide information on the transaction in question.

The Chain.so search engine works similarly to the previous one. To view the list of transactions, select Litecoin from the list of cryptocurrencies and specify the search criteria

In the search results, you will see the status of the transaction, transaction fee and transaction size

How to increase transaction speed.

Since Litecoin transactions can sometimes be delayed, users should know how to make them faster. You should take advantage of these features before you make a transfer.

Firstly, you can set a higher fee for the transaction before sending it. This will give a higher priority to the transaction, and it will be placed higher in the queue.

Secondly, avoid being anonymous. Transactions are prioritized if the user doesn't hide their data.

In addition, you can reduce the number of node checks when approving the transaction. However, there is a risk of losing your funds to malicious counterparties.

Each of these options has its own drawbacks, but if you need higher transaction speeds, you can choose any of them. You can also use a multisignature wallet, which can be used by multiple users. Another option is to use cryptocurrency exchanges. Transfers within the platform do not involve the blockchain, which makes transactions faster. Litecoin is supported by such exchanges as IFXBIT, Binance, Coinbase, and others. At the same time, it should be noted that the Litecoin system itself is striving to increase transaction speed. This issue is being addressed by the Lightning Network protocol and the SegWit update. The Lightning Network addresses the issue of scaling: the network acquires the ability to speed up transactions without sacrificing security. This is made possible by establishing a direct connection between the counterparties, with small transfers taking place outside the blockchain. This reduces the load on the network making transactions go faster. The SegWit update, in turn, increased the volume of blocks, which has also had a positive impact on transaction speeds. Despite this, you should still check the status of LTC transactions. If it has been unconfirmed for 24 hours, it is advisable to cancel it.

Tips for beginners

If you are just starting out in the world of cryptocurrencies, investing in digital assets can seem daunting and confusing. But you will have this feeling only at the very beginning.

Many people who invested in cryptocurrencies managed not only not to lose their savings, but also to multiply them. Ratings of digital billionaires are now published regularly around the world.

Given that there are more and more ways to buy cryptocurrencies, as well as more platforms, buying Litecoin is not difficult. In addition, this process does not require the user to have any deep knowledge of the cryptocurrency market, or invest too much time.

Nevertheless, novice traders are advised to follow some basic rules to avoid frustration and financial losses

The first thing you should pay attention to is choosing the right platform for buying and selling LTC. Trading platforms and exchangers must be trusted and have a good reputation. Read their history, as well as reviews from other users. Picking a platform simply because it has the most attractive exchange rate is not the best option. Newcomers should also avoid buying LTC from other users directly, as it is too risky. Make sure you keep your LTC wallet keys safe. Remember, if someone else obtains the public and private wallet keys, they will be able to seize your coins. Early on, do not make large transactions. Never invest all your savings - only the money you can afford to lose. Litecoin is less expensive than many other coins, so buying it will not cost you too much. Keep calm. Succumbing to emotions and panic is not a good thing for investors, even if you are just starting out.

Conclusion

Litecoin, like other cryptocurrencies, is highly volatile. Digital assets are very sensitive to economic events and news, with their prices fluctuating constantly.

But this should not discourage you. Cryptocurrencies are rapidly carving out a niche for themselves in the global financial system.

Furthermore, boom and bust periods do not only happen to crypto assets, but also to fiat currencies and national economies.

If all above factors have convinced you that Litecoin is a reliable investment instrument, use the IFXBIT crypto exchange. This platform offers fast and safe transactions.

Read more: "Litecoin Wallet - things you should know" "How to exchange Litecoin for fiat" "Where to buy Litecoin for WMZ" "Litecoin outlook for today." "Mining"