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Beginner’s Guide: Where to start & FAQ!

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Welcome to /r/Litecoin!

(Re-post of u/Sparkswont cuz it used to be archived)

Whether you might be new to cryptocurrency and don’t have any clue what a ‘litecoin’ is, or a seasoned investor in cryptocurrencies, the sources under will solution all of your questions. If you continue to have questions, be happy to invite under within the feedback!

What is Litecoin?

Litecoin (LTC or Ł) is a peer-to-peer cryptocurrency and open supply tool undertaking launched underneath the MIT/X11 license. Litecoin is likely one of the biggest, oldest, and maximum used cryptocurrencies on the planet. Similar to Bitcoin, Litecoin makes use of blockchain generation to procedure transactions.

So what is the distinction? To procedure a block, Litecoin takes 2.five mins quite than Bitcoins 10 mins. This lets in for sooner processing occasions. Litecoin additionally has the potential to supply a complete of 84 million devices, in comparison to Bitcoins 21 million. In addition, Litecoin makes use of scrypt in its proof-of-work set of rules, a sequential memory-hard serve as requiring asymptotically extra reminiscence than an set of rules which isn’t memory-hard.

Still perplexed? Take a take a look at this video!

Where can I purchase Litecoin?

There are many web sites and packages the place you’ll be able to purchase and promote Litecoin, however be certain that the trade you’re the usage of is depended on and safe. Here are some exchanges which can be depended on within the cryptocurrency neighborhood:

Exchange
Coinbase USD/Euro/GBP
Quadrigacx CAD
Bithump KRW
OKCoin Euro/Yen/USD
OKex CNY
Btcmarkets.net AUD
Bitso MXN
Zebpay INR

Where can I securely retailer Litecoin?

Litecoin (and different cryptocurrencies) is saved in a virtual pockets. When storing Litecoin, you wish to have to remember to consider where you retailer them. This is why it’s best to retailer them your self throughout the electrum wallet. It is very urged not to retailer your Litecoin in an trade (equivalent to Coinbase, Poloniex, Bittrex, and so on.) as a result of you do not keep an eye on the personal keys. If the trade ever is going offline, or turns into bancrupt, your Litecoin necessarily disappear.

Some different choices are:

Wallet
Electrum Lightweight Wallet
Official Core Wallet
LiteVault Secure Web Wallet
Paper Wallet Instructions

If you are a fan of cell gadgets, then Loafwallet is the pockets for you. Developed by means of a Litecoin Foundation Dev, /u/losh11, this cell pockets works nice! And have in mind to all the time make sure you write down your seedkeys.

Hardware wallets are every other nice possibility, in reality, they’re mentioned to be essentially the most safe method to retailer cryptocurrencies. Below is an inventory of the litecoin versatile {hardware} wallets.

Wallet
Ledger
Trezor
Keepkey

Where can I spend Litecoin?

Litecoin is within the top ten of all cryptocurrencies by means of marketplace capitalization. Websites are all of a sudden adopting Litecoin as a technique of cost as smartly. If you your self wish to settle for LTC as a industry, you’ll be able to refer to those merchant manuals. Alternatively, if you need to discover web sites that settle for Litecoin, head over to /r/AcceptingLTC.

Here also are a number of of our favorite merchants accepting Litecoin.

Where can I speak about Litecoin?

The Litecoin neighborhood is very sort and strong. There are many boards and puts the place you’ll be able to speak about Litecoin with others who’re within the forex. Here are the principle ones:

Platform
Reddit
Litecoin Markets Subreddit
Discord
Official Forum
IRC

Additional Resources and Help

If you’ve gotten extra questions, or are actually serious about studying extra about Litecoin then make sure to learn this series. If you’ve gotten a selected query that you’ll be able to’t appear to find the solution too, ask under and any person will will let you out!

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