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

 

What is Litecoin?

Litecoin (LTC or Ł) is a peer-to-peer cryptocurrency and open supply device challenge 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's the variation? To procedure a block, Litecoin takes 2.five mins moderately than Bitcoins 10 mins. This permits for quicker processing instances. 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 internet sites and packages the place you’ll be able to purchase and promote Litecoin, however be certain the change you might be the usage of is depended on and protected. Here are some exchanges which might 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 you’ll want to agree 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 very instructed not to retailer your Litecoin in an change (akin to Coinbase, Poloniex, Bittrex, and so on.) since you don't keep watch over the non-public keys. If the change 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 cell gadgets, then Loafwallet is the pockets for you. Developed through a Litecoin Foundation Dev, /u/losh11, this cell pockets works nice! And have in mind to all the time be sure you write down your seedkeys.

 

Hardware wallets are any other nice possibility, in reality, they’re stated to be probably the most protected option 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 through marketplace capitalization. Websites are unexpectedly adopting Litecoin as a technique of cost as neatly. 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 want to discover internet 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 terribly sort and powerful. 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 primary ones:

Platform
Reddit
Litecoin Markets Subreddit
Discord
Official Forum
IRC

 

Additional Resources and Help

If you may have extra questions, or are actually concerned with studying extra about Litecoin then remember to learn this series. If you may have a selected query that you’ll be able to't appear to find the solution too, ask underneath and anyone will mean you can out!

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