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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 under will resolution your whole questions. If you continue to have questions, be at liberty to invite under within the feedback!

 

What is Litecoin?

Litecoin (LTC or Ł) is a peer-to-peer cryptocurrency and open supply instrument mission launched beneath the MIT/X11 license. Litecoin is among the biggest, oldest, and maximum used cryptocurrencies on the earth. 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 permits for quicker processing instances. Litecoin additionally has the aptitude 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 puzzled? 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 make certain the alternate you might be the usage of is relied on and protected. Here are some exchanges which can be 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 need to make sure to accept as true with where you retailer them. This is why it’s best to retailer them your self during the electrum wallet. It is very instructed not to retailer your Litecoin in an alternate (reminiscent of Coinbase, Poloniex, Bittrex, and many others.) since you don't regulate the non-public keys. If the alternate 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 keen on 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 all the time you should definitely write down your seedkeys.

 

Hardware wallets are any other nice choice, actually, they’re mentioned to be probably the most protected option to retailer cryptocurrencies. Below is a listing 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 impulsively adopting Litecoin as a technique of cost as neatly. If you your self wish to settle for LTC as a industry, you’ll 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 group is very type and strong. There are many boards and puts the place you’ll speak about Litecoin with others who’re within the foreign money. Here are the principle ones:

Platform
Reddit
Litecoin Markets Subreddit
Discord
Official Forum
IRC

 

Additional Resources and Help

If you have got extra questions, or are in fact desirous about studying extra about Litecoin then make sure to learn this series. If you have got a selected query that you’ll't appear to uncover the answer too, ask under and any individual will assist you to out!

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