Litewallet is a mobile Litecoin wallet that connects directly to the Litecoin network. What does that mean? Why does this affect my syncing?
Most all commercial crypto wallets handle multiple cryptos and as a result, they must connect to a private network of nodes controlled by the wallet publisher to operate.
The benefit is you can switch to other cryptos easily in the app. And, because they control their nodes they can set transfer fees and route transactions through them. It makes for a smooth transition for users.
The downside is they are a middleman to the transaction process. They can set the fees (usually much higher than the average network fee) And they can set their own exchange rate which is beneficial to the business.
Litewallet is very different.
Litewallet connects directly to the Litecoin network and you set the transaction/network fee. When the Litecoin network hash rate spikes (also corresponds to a spike in LTC price) it means it's necessary to set higher fees for transactions and make sure the internet connection of your Litewallet is strong.
Key things to remember:
- Spike in Hash Rate of Litecoin Network = Spike in Price of LTC
- Spike in Hash Rate of Litecoin Network = Increase Fee when sending
- Spike in Hash Rate of Litecoin Network = Make sure you have a good internet connection
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