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A cryptocurrency transaction is validated when a new block is generated by one of the nodes in the blockchain. A new block is generated on the Litecoin network every two minutes, unless you are using the Lightning Network, which is only applicable on small transactions.
As a result, Litecoin transactions can be finished in about two minutes.
However, if there is a long queue of transactions waiting to be processed, the transaction time can take up to 8 minutes depending on the network congestion. You can use a variety of internet tools, including Block Explorer, Blockchain Explorer, or BTC.com, to verify the network load before sending your Litecoin.
Your transmission is likely taking too long because the network congestion is probably at its peak. Unfortunately, other than waiting, there isn’t much you can do about it.
Why is my transfer taking so long?
Transactions may take significantly longer than usual if the network load is especially high. On rare occasions, this may take up to 24-32 hours.
If a transfer appears on your Wirex account, please wait while the blockchain completes the transfer.
Before you go, a few words…
A fast, safe, and valuable cryptocurrency was the goal when Litecoin was established, and it accomplished this goal admirably. Even though Litecoin incorporates LN, it is not yet the fastest cryptocurrency today. For instance, Nano (NANO) transactions take less than a second and have extraordinarily low transaction costs.
In truth, since the advent of new innovations in blockchain technology like Segregated Witness and Lightning Network, the scalability issue with cryptocurrencies has been slowly fading.
There are other alternative cryptocurrencies that can be used to securely and affordably transfer digital assets, even though Bitcoin hasn’t yet adopted such an improvement.
Because of this, Litecoin, even though Litecoin was an important innovative coin that has contributed to the development of cryptocurrency technology, today it doesn’t have a particularly special perk other than being a well-proven cryptocurrency and store of value.