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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 was once archived)

Whether you're new to cryptocurrency and don’t have any clue what a 'litecoin' is, or a seasoned investor in cryptocurrencies, the assets beneath will solution your entire questions. If you continue to have questions, be at liberty to invite beneath within the feedback!

 

What is Litecoin?

Litecoin (LTC or Ł) is a peer-to-peer cryptocurrency and open supply instrument venture launched beneath the MIT/X11 license. Litecoin is among the greatest, oldest, and maximum used cryptocurrencies on this planet. Similar to Bitcoin, Litecoin makes use of blockchain era to procedure transactions.

So what's the adaptation? 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 aptitude 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 at a loss for words? Take a have a look at this video!

 

Where can I purchase Litecoin?

There are many web sites and programs the place you’ll be able to purchase and promote Litecoin, however ensure that the trade you might be the usage of is relied on and safe. Here are some exchanges which can be relied 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 accept as true with where you retailer them. This is why it’s best to retailer them your self in the course of the electrum wallet. It is extremely steered not to retailer your Litecoin in an trade (comparable to Coinbase, Poloniex, Bittrex, and many others.) since you don't regulate 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're partial to cellular gadgets, then Loafwallet is the pockets for you. Developed by way of a Litecoin Foundation Dev, /u/losh11, this cellular pockets works nice! And take into account to all the time remember to write down your seedkeys.

 

Hardware wallets are some other nice possibility, in reality, they’re stated 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 way of marketplace capitalization. Websites are impulsively adopting Litecoin as one way of fee as smartly. If you your self need to settle for LTC as a trade, 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 foreign money. Here are the primary ones:

Platform
Reddit
Litecoin Markets Subreddit
Discord
Official Forum
IRC

 

Additional Resources and Help

If you might have extra questions, or are in actuality excited by finding out extra about Litecoin then be sure you learn this series. If you might have a selected query that you’ll be able to't appear to find the solution too, ask beneath and any individual will will let you out!

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