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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 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 device challenge launched beneath the MIT/X11 license. Litecoin is among the greatest, oldest, and maximum used cryptocurrencies on the earth. 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 reasonably than Bitcoins 10 mins. This permits for sooner processing instances. Litecoin additionally has the potential to supply a complete of 84 million gadgets, 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 puzzled? 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 make certain the trade you might be the use of is relied on and protected. Here are some exchanges which are relied on within the cryptocurrency group:

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 be sure you consider where you retailer them. This is why it’s best to retailer them your self throughout the electrum wallet. It is extremely prompt not to retailer your Litecoin in an trade (similar to Coinbase, Poloniex, Bittrex, and so forth.) since you don't keep an eye on the non-public 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 units, then Loafwallet is the pockets for you. Developed via a Litecoin Foundation Dev, /u/losh11, this cellular pockets works nice! And have in mind to at all times remember to write down your seedkeys.

 

Hardware wallets are every other nice possibility, in reality, they’re mentioned to be essentially 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 via marketplace capitalization. Websites are hastily adopting Litecoin as one way of fee as neatly. 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 talk about Litecoin?

The Litecoin group is very type and strong. There are many boards and puts the place you’ll be able to talk 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 essentially excited by studying extra about Litecoin then make sure to learn this series. If you’ve gotten a particular query that you’ll be able to't appear to find the solution too, ask under and somebody will can help you out!

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