So, we have some good news! First up, we’d like to welcome another digital currency to our line-up. Yes, that’s right. Today we are happy to be launching Litecoin (LTC) trading, which will be paired with BTC, EUR and USD! But that’s not all. We are also exploring the benefits of the Lightning Network and, in order to provide our customers with the highest level of security possible, we have implemented multisig Litecoin wallets.
The Lightning Network … and why Litecoin now?
After first being released in 2011, Litecoin has come a long way in a very short time. Much like Bitcoin, Litecoin is a decentralized digital currency and uses similar encryption techniques to create and transfer funds and to confirm transactions.
In terms of the technical differences between the two currencies, Litecoin has activated Segregated Witness. This may pave the way for the introduction of new technologies such as the Lightning Network, which expands the potential of what can be achieved on the Litecoin network.
The Lightning Network was initially envisioned as a way to expand bitcoin, but attempts to enact the necessary upgrade stalled. With Litecoin being the first major blockchain to pass the Segregated Witness (SegWit) technical upgrade, we decided it was time to enable Litecoin here at Bitstamp and to start exploring the possibilities the Lightning Network offers. It is for these reasons, and the frequent requests we have received from our customers to introduce LTC trading, that made it the standout choice.
Letting in the light – with multisig Litecoin wallets
In order to provide the best possible security to our customers, Bitstamp has been working with BitGo to implement a multisig Litecoin wallet. All Litecoin deposit addresses come with a new M* address. However, since some wallets do not yet support the sending of Litecoins to these addresses, each customer is given deposit addresses in pairs: one starting with a 3 and one starting with an M. If your wallet does not allow for Litecoins to be sent to the address starting with an “M”, please use the address starting with a “3” instead.
So, the waiting has now come to an end! Full trading functionalities are available now! We are also working around the clock to make sure that LTC trading will be available soon on Bitstamp mobile Android and iOS.
Stay tuned for more news as and when it comes in! In the meantime, click here to start trading at Bitstamp now!