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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 don’t have any clue what a 'litecoin' is, or a seasoned investor in cryptocurrencies, the assets beneath will solution your whole 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 device challenge launched beneath the MIT/X11 license. Litecoin is without doubt one of the biggest, oldest, and maximum used cryptocurrencies on this planet. Similar to Bitcoin, Litecoin makes use of blockchain generation to procedure transactions.

So what's the adaptation? To procedure a block, Litecoin takes 2.five mins slightly than Bitcoins 10 mins. This permits for quicker processing occasions. Litecoin additionally has the potential to provide 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 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 purchase and promote Litecoin, however be certain that the change 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 need to you should definitely agree with where you retailer them. This is why it’s best to retailer them your self during the electrum wallet. It is extremely instructed not to retailer your Litecoin in an change (corresponding to Coinbase, Poloniex, Bittrex, and so on.) since you don't regulate 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 cellular units, then Loafwallet is the pockets for you. Developed by way of a Litecoin Foundation Dev, /u/losh11, this cellular pockets works nice! And take note to all the time remember to write down your seedkeys.

 

Hardware wallets are any other nice choice, in truth, they’re stated to be probably 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 all of a sudden adopting Litecoin as one way of fee as neatly. If you your self wish to settle for LTC as a industry, you’ll refer to those merchant manuals. Alternatively, if you need 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 talk about Litecoin?

The Litecoin neighborhood is terribly type and strong. There are many boards and puts the place you’ll 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 may have extra questions, or are in truth interested by finding out extra about Litecoin then you should definitely learn this series. If you may have a particular query that you’ll't appear to uncover the answer too, ask beneath and anyone will permit you to out!

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