A Litecoin block explorer is an essential tool for people wishing to check the status of their Litecoin transactions or track recently mined Litecoin blocks.
What is Litecoin?
Before we get into the ins and outs of Litecoin block explorers, here’s a recap of what Litecoin is.
The downside of this speed is so-called “orphaned blocks” – when two miners produce blocks at similar times. Nevertheless, merchants that need transactions confirmed only need to wait 2.5 minutes with Litecoin compared to 10 minutes with Bitcoin.
What is a block explorer?
Block explorers exist for Bitcoin as well as specific altcoins such as Litecoin. It’s worth noting that you can’t use a block explorer for a blockchain it wasn’t created for. If you want to track Litecoin transactions, you need to use a specific Litecoin block explorer.
Who are block explorers intended for?
Traders who regularly buy and sell Litecoin (or any other type of cryptocurrency) use block explorers to check the status of their transactions, including details of the payments and whether they were successful.
Other people simply have a keen interest in the cryptocurrency market and want to find out details on the number of coins that have been mined, the market cap, and other market data.
What information can I discover?
You can check the history of public Litecoin addresses, for example how many transactions they have received and their balance, and view the addresses of senders and recipients (of which there may be many assigned to one transaction).
How to use a block explorer
Typically, the information will include the height of the block (the block count), the block age (how much time has passed since the block was mined), the number of transactions contained in a single block, who it was mined by, and its size.
The site shows further information on the latest transactions, including the transaction hash and value out. If you click on the transaction hash, you can find additional data on its size, fee rate, the time it was received, and the mined time.
For anyone who trades or mines Litecoin, a block explorer is one of the most important tools to get to grips with. Block explorers are also an important way of ensuring cryptocurrencies remain transparent and accessible.
To top it all off, they’re free to use and you don’t have to register in order to use the main features.
As the market develops, it’s likely we’ll see additional features being added over time.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.