Litecoin
Official Website: litecoin.org
Litecoin (LTC) is a peer-to-peer cryptocurrency that was forked from Bitcoin in 2011 by Charlie Lee, designed to provide fast, low-cost payments over the internet. It's often referred to as the "silver to Bitcoin's gold," aiming for more frequent transactions and a faster block generation time (2.5 minutes compared to Bitcoin's 10).
Litecoin uses a different hashing algorithm called Scrypt, which makes it more memory-intensive and was initially considered to be more resistant to specialized mining hardware like ASICs, although this has changed over time. It serves as a testing ground for technological improvements before they are implemented in Bitcoin.
Seed types
By default, Cake Wallet creates Litecoin wallets with a BIP39 seed. You can switch to the Electrum seed format with the Seedtype option on the Advanced Settings screen you reach from the wallet creation screen. Both formats are supported when restoring an existing wallet.
With BIP39 selected, the same Advanced Settings screen also offers a Seed phrase length choice of 12 (default) or 24 words, and lets you add a seed passphrase.
Only BIP39 seeds can be shared with your other Cake Wallet currencies as part of a wallet group.
Derivation paths
BIP39:
m/84'/2'/0'Electrum:
m/0'
Addresses
We automatically generate new Litecoin addresses after each use for better privacy. Previous addresses continue to work.
Fees
Litecoin network fees are paid in LTC. When you send, you can pick a fee level under Advanced Settings → Fees:
Slow: Cheaper but may take longer to confirm.
Medium: Recommended for most transactions, and the default.
Fast: More expensive but confirms quickly.
Rates are shown in Litoshi/byte. There is no Custom fee option for Litecoin — that is Bitcoin-only.
MWEB
Litecoin supports MWEB (MimbleWimble Extension Blocks) for confidential transactions, where amounts and addresses are hidden on-chain. Cake Wallet gives you a Private (MWEB) address alongside your Standard one.
MWEB is available on iOS and Android only. Litecoin wallets on desktop (macOS, Linux, Windows) do not get a Private (MWEB) address and cannot peg funds in or out.
Pegging funds in (Standard → Private) and pegging them back out (Private → Standard) each require six confirmations before the funds are available. Transfers from one MWEB address to another do not.
See the Litecoin MWEB page to enable MWEB, peg funds in and out, and receive privately.
Features for Litecoin
Litecoin MWEB — send confidential Litecoin transactions using MimbleWimble Extension Blocks.
Coin control — choose exactly which coins (UTXOs) you spend.