Transactions

Litecoin is a peer-to-peer cryptocurrency that enables fast and low-cost transactions. Transactions are recorded on the Litecoin blockchain, a decentralized and public ledger.

To send Litecoin, you need the recipient's Litecoin address. Transactions involve creating a digital signature to verify the sender's identity. Once broadcasted to the network, miners validate and add the transaction to a block through a process called mining.

Litecoin transactions typically have faster confirmation times compared to Bitcoin due to a shorter block generation time (2.5 minutes for Litecoin compared to 10 minutes for Bitcoin). This allows for quicker processing and confirmation of transactions.