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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 all of your 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 beneath the MIT/X11 license. Litecoin is likely one of the greatest, oldest, and maximum used cryptocurrencies on the 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 fairly than Bitcoins 10 mins. This permits for quicker processing occasions. Litecoin additionally has the aptitude 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 packages the place you’ll purchase and promote Litecoin, however be sure the change you’re the usage of is relied on and safe. 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 need to you’ll want to consider where you retailer them. This is why it’s best to retailer them your self throughout the electrum wallet. It is extremely urged not to retailer your Litecoin in an change (comparable 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 keen on cellular units, then Loafwallet is the pockets for you. Developed through 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 every other nice possibility, in truth, they’re stated to be essentially the most safe solution 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 impulsively adopting Litecoin as a technique 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 want 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 powerful. 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 will have extra questions, or are truly desirous about finding out extra about Litecoin then make sure to learn this series. If you will have a particular query that you’ll’t appear to uncover the answer too, ask underneath and somebody will let you out!

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