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    Litecoin Beginner's Guide: Where to start & FAQ!

    November 19, 2017

    Litecoin Beginner's Guide: Where to start & FAQ!

    Beginner's Guide: Where to start & FAQ!

    Posted: 06 Jun 2017 09:52 AM PDT

    Welcome to /r/Litecoin!

    Whether you're new to cryptocurrency and have no clue what a 'litecoin' is, or a seasoned investor in cryptocurrencies, the resources below will answer all your questions. If you still have questions, feel free to ask below in the comments!

     

    What is Litecoin?

    Litecoin (LTC or Ł) is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license. Litecoin is one of the largest, oldest, and most used cryptocurrencies in the world. Similar to Bitcoin, Litecoin uses blockchain technology to process transactions.

    So what's the difference? To process a block, Litecoin takes 2.5 minutes rather than Bitcoins 10 minutes. This allows for faster processing times. Litecoin also has the capability to produce a total of 84 million units, compared to Bitcoins 21 million. In addition, Litecoin uses scrypt in its proof-of-work algorithm, a sequential memory-hard function requiring asymptotically more memory than an algorithm which is not memory-hard.

    Still confused? Take a look at this video!

     

    Where can I buy Litecoin?

    There are many websites and applications where you can buy and sell Litecoin, but make sure the exchange you are using is trusted and secure. Here are some exchanges that are trusted in the cryptocurrency community:

    Exchange
    Coinbase
    Kraken
    Cryptsy
    247Exchange
    Bittrex
    Quadrigacx

     

    Where can I securely store Litecoin?

    Litecoin (and other cryptocurrencies) is stored in a digital wallet. When storing Litecoin, you want to make sure you trust the place you store them. This is why it is best to store them yourself through the electrum wallet. It is highly suggested to not store your Litecoin in an exchange (such as Coinbase, Poloniex, Bittrex, etc.) because you don't control the private keys. If the exchange ever goes offline, or becomes insolvent, your Litecoin essentially disappear.

    Some other options are:

    Wallet
    Electrum Lightweight Wallet
    Official Core Wallet
    LiteVault Secure Web Wallet
    Paper Wallet Generator

     

    If you're a fan of mobile devices, then Loafwallet is the wallet for you. Developed by a Litecoin community member, /u/losh11, this mobile wallet works great!

     

    Hardware wallets are another great option, in fact, they are said to be the most secure way to store cryptocurrencies. Below is a list of the litecoin flexible hardware wallets.

    Wallet
    Ledger
    Trezor
    Keepkey

     

    Where can I spend Litecoin?

    Litecoin is now the sixth-largest true cryptocurrency by market capitalization. Websites are rapidly adopting Litecoin as a method of payment, if you would like to explore websites that accept Litecoin, head over to /r/AcceptingLTC.

    Here are several of our favorite merchants accepting Litecoin:

    Merchant
    EGifter
    Cheap Air
    Bitfly
    All Things Luxury
    AFK Apparel

    Many more!

     

    Where can I discuss Litecoin?

    The Litecoin community is extremely kind and robust. There are many forums and places where you can discuss Litecoin with others who are interested in the currency. Here are the main ones:

    Platform
    Reddit
    Litecoin Markets Subreddit
    Discord
    Official Forum
    IRC

     

    Litecoin Statistics

    Definition Statistic
    Total LTC 52,793,307
    Blocks count 1,271,808
    Block size 32.574 KBytes
    Reward per block 25 LTC
    First block 2011-10-08

    More statistics here

     

    Additional Resources and Help

    If you have more questions, or are genuinely interested in learning more about Litecoin then be sure to check out the Litecoin Wiki. If you have a specific question that you can't seem to find the answer too, ask below and someone will help you out!

    submitted by /u/Sparkswont
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    My proposal for a standardized Litecoin logo!

    Posted: 19 Nov 2017 09:43 AM PST

    Hey fellow Litecoiners! I've been a long-time hodler/supporter of Litecoin, and this year has been one helluva ride for cryptos. I'm in the process of starting a business and have been looking into accepting LTC on my webstore.

    However, upon trying to Google a standardized "Litecoin Accepted Here" logo to place on my site, I wasn't able to find one... despite Litecoin being around for 6 years! In fact, I couldn't find any standardized Litecoin logo at all (with Google results showing me a hodge-podge of options, using different font styles and whatnot).

    So after some experimentation, I ended up re-designing the existing Litecoin logos, into what I hope to become a standardized Litecoin logo for everyone to use! Without further adieu, my interpretation:

    Design philosophy:

    • Since Lightning Network is just around the corner, I've changed the slash in the Ł to look a bit sleeker (perhaps reminiscent of a lightning bolt). The visual difference is clear, but the change is subtle enough to still be recognizable as the Litecoin logo.
    • Both the Ł-circle and the "Litecoin" word must be independently recognizable. While the Ł-circle was already recognizable by itself, I haven't found any previous designs for the word "Litecoin" that's unique to Litecoin. So for the word "Litecoin", I picked a fitting font style with enough slant, made some tweaks to letter spacing, and lastly added a small visual marker to the "E".
    • Color-independency: While logos with a lot of shades/colors look fancy, they tend to lose their identity in monotone environments (imagine the Batman logo beaming into the sky). As a result, I've chosen for my logo to be defined by only its shape. Meaning it can be used in black&white, or be etched in metal/wood and still be recognizable. As you can see from the different variations, the colors can all be changed on-the-fly, but the logo shape remains consistent throughout.

    I've published this work with CC0 (Creative Commons Zero), so you are free to use the logo or any of its variations, anywhere and however you feel like (even for commercial purposes). Feedback is welcome! Long live Litecoin!!!

    submitted by /u/Jeteahlanno
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    Holy friggen hell, transactions are fast...like Usain Bolt fast. This is how it should be.

    Posted: 18 Nov 2017 08:56 PM PST

    Moved around a bit of litecoin and had absolutely friggen no clue just how damn quickly and smoothly things moved.

    I️ have only dipped my toe in the pond, but after actually using the coin I️ really, really want to dive in head first.

    submitted by /u/cttouch
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    My first LTC transaction | Bought my dream PC

    Posted: 18 Nov 2017 11:20 PM PST

    How to send Litecoin from Coinbase to LoafWallet.

    Posted: 19 Nov 2017 06:19 AM PST

    Can it be sent through the Coinbase app? Or do I need to visit the website on a computer?

    submitted by /u/Khaijer
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    So excited to be here

    Posted: 19 Nov 2017 03:44 AM PST

    Feel like the smart money's in litecoin at the moment. What price do we see this going to next month/year? Also if someone could give me pointers as to how to get started with the lightning network that would be great.

    submitted by /u/brassboy
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    Litecoin is massively undervalued, here is why!

    Posted: 18 Nov 2017 02:04 PM PST

    • Litecoin is the second oldest and most robust cryptos. Age is very important in cryptos, like in banks. It proves reliability.
    • Litecoin is faster than BTC, and BCH, thus if speed is a factor as BCH folks claim, LTC wins over BCH.
    • Litecoin has 4x capacity of BTC.
    • Litecoin has very low fees.
    • Litecoin is nimble in development. It implements new and well tested tech readily.
    • Litecoin will be part of the second layer LN revolution together with BTC.
    • Litecoin is pretty well known and accepted next to BTC, and ETH in most places, if more than BTC is accepted.

    Thus, its valuation should be roughly at least between 1/4 (because more coins are released) of BTC and 1/4 of BCH. So somewhere between $2000 and $300. If we consider ETH too in the picture, ETH has some smarts that give it value, but there are 2x more coins in ETH. So in comparison to ETH, LTC should be valued at up to $600. Now if we take the three valuations, the average would be around $960. Even if we are calculating ultra-conservatively and discount that number by 50%, we're still looking at $480.

    submitted by /u/binarygold
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    Litecoin Vs Bitcoin Cash

    Posted: 19 Nov 2017 03:02 AM PST

    I am a bit of a noob (been in the space for about six months), my biggest holding by far (50%) is LTC. I think that it has more utility / versatility than Bitcoin, as both a means of exchange, and a store of value. However, What is the difference between Litecoin, and Bitcoin Cash? To me they seem to be more or less the same thing, a quicker, better version of Bitcoin. Are these two direct competitors?

    submitted by /u/LJWJ
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    Having problems with paypal right now, if only eBay accepts litecoin!

    Posted: 19 Nov 2017 11:20 AM PST

    Ironically I'm trying to buy a litecoin decal off eBay and paypal's acting up.

    submitted by /u/SilverGryphon
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    Litecoin Volatility

    Posted: 19 Nov 2017 11:19 AM PST

    It seems like the volatility of litecoin is way less than most other coins... Can someone explain to me why this might be?

    submitted by /u/cannedshrimp
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    Selling Things for Litecoin?

    Posted: 18 Nov 2017 09:55 PM PST

    Is there a site like ebay or Amazon where you can sell stuff, but accept Litecoins as payment?

    I'm selling a camera I never got around to using, and I'm using the money to buy a litecoin miner. And it just seems fitting to sell the camera that's going to get me Litecoins, for Litecoins!

    submitted by /u/Its_Me_Brandumful
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    LiteCoin Wallet Question

    Posted: 19 Nov 2017 04:09 AM PST

    All I know I was not the brightest tool in the shed a few years back. I bought a bunch of Litecoin super cheap! and I only found my private key and public key in a very old email for LiteCoin I wonder if I have thousands of these sitting. I have no clue how to recover this wallet with only private key and public key? Can anyone guide me how? or simply kiss my LiteCoin goodbye

    submitted by /u/imfee
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    Litecoin is probably my favourite out of all the crypto’s, but what are the team doing to push it to the next level in terms of exposure. Whats being done to bring it into the limelight?

    Posted: 19 Nov 2017 02:39 AM PST

    Is Coinbase safe?

    Posted: 19 Nov 2017 09:14 AM PST

    How safe is Coinbase? I'm not sure if I should trust it with my banking information.

    submitted by /u/Jim7190
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    Coinbase limit glitch?

    Posted: 19 Nov 2017 12:13 PM PST

    I made a small purchase for the first time this week, and it says that in at $726 of my $750 limit. Each time I log in it keeps going up by $2. I've checked my linked debit card and the charges aren't on there but it still worries me. Anyone ever have this issue?

    submitted by /u/Ahem_ak_achem_ACHOO
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    What happened in November of 2013? What caused the drop after?

    Posted: 18 Nov 2017 08:32 PM PST

    Shall I trade my BTC for LTC? Or have some of both?

    Posted: 19 Nov 2017 03:19 AM PST

    I feel like I missed out on BTC and it frustrates me I can't afford a whole bitcoin anymore. Now I got some BTC that I bought with my parttime student job, but is not much. So I'm thinking to turn all of it into LTC. Do you think this is a wise move?

    submitted by /u/RampantSaiyan
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    Trade Litecoin without coinbases colossal fees?

    Posted: 19 Nov 2017 10:38 AM PST

    I got tricked into buying litecoins from coinbase. I had to pay 13 Dollars in fees for 6 LTC and I have to pay 3.6 Dollars to trade with them again. I cant get a Verified on Gdax as I dont have a drivers license and they dont accept my Norwegian ID card

    submitted by /u/mangekyou_sharingan
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    Is this correct?

    Posted: 19 Nov 2017 10:20 AM PST

    I'm a newb so excuse my ignorance.

    But I see BTC is going up right now, while ETH and LTC are dipping. Maybe there's no correlation, but is it because people are getting out of ETH and LTC and joining the BTC climb?

    Is this a logical explanation? I find this happens quite often, as well as vice versa: BTC goes down, ETH and LTC go up?

    submitted by /u/darrenwng
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    GDAX Limit sell/buy have fees?

    Posted: 19 Nov 2017 03:50 AM PST

    When I try to use Limit buy (on Gdax ) of LTC and I have enough money to execute an order I get an error "Post Only: Cannot place order at 60 EUR/LTC."

    Why is that ? If I remove "post only" ticker then I can execute the order but I get a fee.

    submitted by /u/iCOLORBLIND
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    Is my GPU mining at the correct speed?

    Posted: 19 Nov 2017 09:33 AM PST

    I have a GTX 1070 mining LiteCoin and I am getting 626 kH/s out of it. Load is at 98% on my GPU. I have read that the 1070 gets a hashrate of about 24 MH/s and I just wanted to make sure I haven't messed something up in the setup. Sorry if this is a stupid question, I'm very new.

    submitted by /u/DUBSTEPonTheCat
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    Finally Lite-coin showing signs of life

    Posted: 19 Nov 2017 09:32 AM PST

    Finally , i see lite-coin is up-trending. what price do you predict by the end of this year.

    submitted by /u/Cryptosole
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    (Warning Shitpost)

    Posted: 19 Nov 2017 09:30 AM PST

    No real rationale begind this opinion other than watching the variation over the last few months... but I predict with recent news that today will end (eastern time) above 85. I may be wrong but I don't think I am. We'll see.

    submitted by /u/aceofspadedz
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    Could Litecoin reach $1000 within 1 year?

    Posted: 19 Nov 2017 08:30 AM PST

    Please help choosing in Trezor or Ledger

    Posted: 19 Nov 2017 08:09 AM PST

    Which one is better and easier? Which one do you have? Which model should I choose?

    submitted by /u/niveshsaharan
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