Litecoin (LTC) is a peer-to-peer cryptocurrency that was created by Charlie Lee in October 2010. It is basically a fork of the Bitcoin Core client, making it almost identical to Bitcoin, except for its hashing algorithm (scrypt, instead of SHA-256) and some performance improvements. LTC is based on the Proof of Work mechanism. The main differences lie in the hashing algorithm for mining, the supply limit of 84 million LTC and the 2.5-minute block time.
Before you start
- Set up Ledger Live with your device.
- Update the firmware on your Ledger device.
- Install the Bitcoin app, as Litecoin requires it.
- Open the Manager in Ledger Live.
- Connect and unlock your device.
- If asked, allow the manager on your device.
- Find Litecoin in the app catalog.
- Click the Install button of the app.
- An installation window appears.
- Your device will display Processing...
- The app installation is confirmed.
The Litecoin app can export your extended public key (xpub) to web apps in a U2F compatible web browser (Chrome, Opera or Firefox). The xpub is privacy-sensitive information, as all public addresses can be generated from it.
Public key exports by default require manual approval on the device to prevent inadvertent sharing of your public addresses. This setting can be configured as follows:
- Open the Litecoin app.
- Navigate to Settings > Public key export approval.
- Choose one of two options:
- Manual approval (default): public key exports require a confirmation on the device.
- Auto approval: public key exports are automatically approved.
Legacy addresses start with an L. This is Litecoin's original address format. The option to add legacy addresses in Ledger Live is planned.
SegWit addresses start with an M. The SegWit upgrade reduces network fees, speeds up transaction signing on hardware wallets, and enables second-layer solutions like Lightning Network. By default, new accounts added in Ledger Live are SegWit accounts.
Tip: If your exchange does not yet support the SegWit address format, you can use this address converter to send LTC to your Ledger device.
Bech32 addresses start with ltc1. These are native SegWit addresses that feature safety and security improvements. This address format will be implemented in Ledger Live.
Litecoin transactions are public information. Do not re-use your addresses for optimal privacy. Ledger Live automatically generates new addresses and keeps track of your previous ones. Previous addresses do remain valid, but they don't offer an optimal level of privacy.