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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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Bitcoin News

Bitcoin, Litecoin Transactions Now Available on WhatsApp

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The popular instant messaging platform now allows its users to transfer Bitcoin and Litecoin via a new bot, ahead of Facebook that also eyes WhatsApp audience for the use of its stablecoin

The area of crypto transactions is getting wider as the ‘crypto winter’ remains in the past. Now, more platforms offer to conduct crypto transactions for you – and they are not only exchanges or crypto wallets. Even though, some market players started targeting popular messaging platforms for introducing crypto payments, now another company is joining this club.

On Sunday, Zulu Republic tweeted that they had launched a special bot for WhatsApp users to send and receive such currencies as Bitcoin (BTC) and Litecoin (LTC) using a new Lite.Im bot.

Earning crypto on WhatsApp

To send or receive crypto through the new WhatsApp bot, you just need to install it and check on-screen prompts. The bot also enables users to earn some crypto by referring friends and ensuring they install it as well.

At the moment the bot has two language options – Spanish and English. Apart from BTC and ETH, it allows sending and receiving the native token of Zulu Republic – ZTX.

Crypto payments in other messaging apps

Crypto startups are doing their best to make crypto adoption deeper and with a wider coverage. Some companies are going even further and are introducing crypto transactions via regular SMS. This option is much easier to use for those who are not good with gadgets.

In February, it was reported that a crypto wallet Wuabit was also planning to start performing operations with crypto on WhatsApp, Viber, Telegram and SMS too.

Earlier this year, the Lite.Im bot was also launched for Facebook Messenger, Telegram and again – SMS.

Zulu Republic believes that messaging platforms are crucial for spreading crypto adoption as wide as possible.

Mobile crypto transactions in such third-world regions as Africa and Asia are letting numerous unbanked people have access to the global financial system, online payments and providing them with bigger opportunities.

Competing with future Facebook’s crypto

It is now common knowledge that the social media heavyweight Facebook is busy developing its own stablecoin. A special blockchain division and a recently founded startup in Switzerland are doing the job.

In the light of this, all bots and wallets that offer crypto transactions on platforms that belong to Facebook (Messenger, WhatsApp, Instagram) may be viewed as rivals to Mark Zuckerberg’s company and get relevant measures applied against them.

Photo by Rachit Tank on Unsplash

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Bitcoin News

Following Litecoin’s Halving, The LTC Hash Rate Crashing 70% To Its Yearly Low

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Litecoin, one of the most popular cryptocurrencies aside from Bitcoin, is noting a recent severe crash in its hash, almost reaching the 2017 levels.

This decline comes just months following the 2019 Litecoin halving event. It raises the question among the community if Litecoin’s network can be jeopardized more easily if the hash rate continues to drop.

Litecoin Hash Rate Plunging

Litecoin’s hash rate is declining violently over the past six months. The all-time high was reached during the recent July 2019, approximately 523 TH/s. Ever since then, it has been decreasing continuously, and a few days ago, it noted its lowest value for 2019 at 149 TH/s. These numbers represent a total plunge of over 70% in just four months.

ltc_hashrate-min

Litecoin Hash Rate. Source: Bitinfocharts

The hash rate is an essential part of the cryptocurrency mechanism. It shows the amount of hash calculated each second over the network. It’s safe to assume that when more miners are mining Litecoin, it would mean more calculations performed per second, resulting in an increasing hash rate. Generally, if it’s declining, it means that fewer people are interested in mining that cryptocurrency, which usually happens if there’s less profitability.

The hash rate is also strongly correlated to the safety and security of the network. When it’s lower, this usually means that it could be more vulnerable to a 51-percent attack.

Simply put, such an attack can occur if a single entity takes control over the hash rate, leading to a disruption in the network. If executed properly, the perpetrator can prevent transactions from being confirmed, exclude miners, reverse transactions, and facilitate double-spending. Back in January 2019, Ethereum Classic reportedly experienced a 51% attack on its network, having 54,200 ETC transferred out of Coinbase.

What Could Be Behind The LTC Hash Decline

Arguably the most plausible reason for the decreasing hash rate could be connected to how miners view and calculate the potential of join forces in the mining efforts. Litecoin noted its block halving in early August, slashing the rewards for miners in half – from 25 LTC per block to 12.5 LTC per block.

At first, miners didn’t seem to be backing off from Litecoin after their rewards were cut in half; however, the declining hash rate may indicate that this is no longer the case.

Interestingly enough, Bitcoin is pre-programmed in a similar way, and its halving is happening in 2020. It may appear as the more attractive cryptocurrency for miners now, so it’s interesting to see how things will play out after the long-anticipated event next year.

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Ethereum News

Top 10 Market Cap Shakeup: Litecoin (LTC) and Ethereum (ETH) See Massive Gains

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Ethereum (ETH), Litecoin (LTC)–On an afternoon when cryptocurrency traders in spite of everything had some certain information to applaud, the markets answered with a wave of inexperienced and a few shakeups within the most sensible cash by means of marketplace capitalization.

Litecoin (LTC) led the best way with a thirty % jump at the day, taking the cost of LTC to over $43 as of writing. While the coin has lengthy been considered because the “silver” to Bitcoin’s gold, Charlie Lee’s advent controlled to leapfrog EOS to grow to be the fourth greatest cryptocurrency by means of marketplace capitalization. In addition to being a mainstay available in the market, with transaction speeds and costs that fortify upon the ones of Bitcoin, Litecoin may be sitting in the actual of oversold. In December 2017, amidst the bull run that took cryptocurrency to a close to one thousand billion greenback marketplace capitalization, Litecoin was once hovering top at over $350 in line with coin. In the unload that adopted, LTC bore one of the vital worst worth declines of any cryptocurrency, with maximum traders now taking a look to the coin as being undervalued.

LTC additionally gained a spice up in valuation because of a well timed announcement that the Litecoin Foundation had entered a partnership with construction company Beam to combine a protocol that may fortify privateness and scalability. The Litecoin Foundation, which has performed an lively function in selling the foreign money–just lately in the course of the combined martial arts manufacturing the Ultimate Fighting Championship and their ring sponsorship–has additionally made a concerted effort to fortify the generation via common experimentation and partnerships. The finish consequence has been a “testing ground” for cryptocurrency, with LTC being the primary coin to put into effect such inventions as Segwit, atomic change and lightning community.

According to the Beam weblog put up pronouncing the partnership with LTC, the brand new protocol seeks to fortify upon the privateness afforded via  LTC transactions,

“We have started exploration towards adding privacy and fungibility to Litecoin by allowing on-chain conversion of regular LTC into a Mimblewimble variant of LTC and vice versa. Upon such conversion, it will be possible to transact with Mimblewimble LTC in complete confidentiality.”

Ethereum additionally noticed a spike in worth at the day, which outpaced that relative to the marketplace and different most sensible ten currencies. Like Litecoin, Ethereum has drifted into oversold territory all over 2018’s undergo cycle, giving ETH traders hope that the newest worth flip is indicative of lasting valuation. While the foreign money was once not able to supplant XRP for the second one place in general marketplace capitalization, it did slender the distance to $400 million. As of writing, the ETH token climbed 13 % over twenty-four hours, bringing the cost of Ethereum to $118 and staving off the vital line being constructed at $100.

XRP and TRON additionally posted vital features at the day, mountain climbing 6 % and five % in worth, respectively. Bitcoin, which fell to its lowest level in 2019 right through the ultimate cryptocurrency sell-off, controlled to climb in worth above $3700. Some analysts are actually calling for the crypto markets to be rebounding from edging right into a systemic oversold territory, with the newest worth run constituting a go back to standard worth ranges.

Cryptocurrency traders have been additionally handled to a rumor that the S.E.C can be approving a Bitcoin ETF sooner or later, a minimum of in step with data derived from a leaked interview with the SEC commissioner Robert Jackson. As prior to now reported by means of EWN, Jackson stated,

“Eventually, do I think someone will satisfy the standards that we’ve laid out there? I hope so, yes, and I think so…Getting the stamp of approval from the deepest and most liquid capital markets in the world is hard, and it should be. Once we make it available to everyday mom and pop investors, we are taking risks that Americans can get hurt.”

With ETF approval, cryptocurrency traders will in spite of everything receiver their long-awaited inflow of institutional cash.

Title symbol courtesy of beatingbetting.co.united kingdom

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Altcoin News

Litecoin (LTC) Soaring in the Crypto Markets, Up 11% in 3 Hrs and Edges out EOS

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The closing 3 hours were an exhilarating time for Litecoin (LTC) within the crypto markets. The virtual asset has controlled to extend in price from round $34 to present ranges of $37.94 in keeping with Coinmarketcap.com. This is a share increment of 11.5% in an overly brief time frame.

LTC edges out EOS from the Number 4 Spot

Checking Coinmarketcap.com as soon as once more, LTC has edged out EOS from the quantity Four spot. Approximately $72 Million in marketplace capitalization separate the 2 virtual property.

Further taking a look on the King of Crypto, the worth of BTC has incessantly risen from ominous ranges noticed best the day past that had been under $3,400. Bitcoin is lately valued at $3,448. Many investors are constructive of an exhilarating Friday for all virtual property within the markets.

LTC edges out EOS. Source, coinmarketcap.com

2 Reasons Why LTC is Exhibiting Impressive Gains

To start with, the Litecoin halving event that has been estimated to happen the eighth of August this 12 months is supposed to lower the mining praise by means of part. Rather than getting 25 LTC for each and every block mined, Litecoin miners will obtain 12.Five LTC. The halving tournament is supposed to occur each 840,000 blocks at the Litecoin community.

The aid in mining rewards normally creates a sense of shortage surrounding any virtual asset. The surrounding hype normally ends up in the virtual asset gaining significantly within the days main as much as the development. In the case of Litcoin, we are exactly 180 days until the following halving on its blockchain.

Secondly, prior to now few days, Charlie Lee has introduced intentions to make LTC fungible by means of including Confidential Transactions. As a end result, the Litecoin Foundation and Beam Privacy have announced a collaboration that can glance into imposing the Mimblewimble protocol at the Litecoin community. The latter era is called after a well-known Harry Potter spell that stops folks from spilling secrets and techniques. In confidential transactions, Mimblewimble hides the transaction quantity being despatched.

Such a characteristic of obfuscating the quantity despatched on a public ledger is bound to reason some pleasure as the possibility of LTC turns into endless if they’re a hit at imposing Mimblewimble. One can best consider how the virtual asset will change into the selection of many that need to transact in crypto but need to stay the worth of the transaction hidden.

What are your ideas on LTC showing such spectacular good points in a brief time frame? Is this a trademark of a basic crypto marketplace restoration or is it distinctive to Litecoin best because of the predicted halving tournament and the implementation of Mimblewimble for Confidential transactions? Please tell us what you assume within the remark segment under.

[Feature image courtesy of Unplash.com]

Disclaimer: This article isn’t supposed to provide monetary recommendation. Any further opinion herein is only the creator’s and does now not constitute the opinion of Ethereum World News or any of its different writers. Please perform your individual analysis prior to making an investment in any of the a lot of cryptocurrencies to be had. Thank you.

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