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

    December 04, 2017

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

    Beginner's Guide: Where to start & FAQ!

    Posted: 03 Dec 2017 05:58 PM PST

    Welcome to /r/Litecoin!

    (Re-post of u/Sparkswont cuz it was archived)

    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 USD/Euro/GBP
    Bittrex USD
    Quadrigacx CAD
    Bithump KRW
    OKCoin CNY

     

    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 Foundation Dev, /u/losh11, this mobile wallet works great! And remember to always make sure to write down your seedkeys.

     

    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 in the top ten of all cryptocurrencies by market capitalization. Websites are rapidly adopting Litecoin as a method of payment as well. If you yourself want to accept LTC as a business, you can refer to these merchant manuals. Alternatively, if you would like to explore websites that accept Litecoin, head over to /r/AcceptingLTC.

    Here are also several of our favorite merchants accepting Litecoin.

     

    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

     

    Additional Resources and Help

    If you have more questions, or are genuinely interested in learning more about Litecoin then be sure to read this series. 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/ecurrencyhodler
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    Can we please stop Confirmation Bias? Instead of "MAGA", can we make this sub "Great Again"?

    Posted: 04 Dec 2017 04:21 AM PST

    A majority of the content on this sub lies along the lines of a) "Please justify why I should purchase LTC" b) "Is this a good investment?" c) "OMGZ! I bought a full Litecoin" d) "OMG we are so undervalued" e) Links to websites that clearly did not perform their due diligence

    ** On the latter, it would actually be interesting to pull up academic articles - or technical articles (not TA bullshit; you know, the really flawed extrapolative bullshit you see on /r/litecoinmarkets) - that is able to pin the "actual" fundamentals of what makes LTC competitive in the crypto sphere. For those familiar with "Security Analysis" (really dry shit by Benjamin Graham), is there crypto currency literature that is as systematic? I know its comparing "Apples to Oranges", because crypto currency cannot be treated the same way as a security. But that said, there must be some form of systematic analysis that can be applied to crypto currencies - let alone LTC - besides looking into adoption/growth rates. **

    If you're posting this on a sub that is clearly tailored towards LTC enthusiasts - let alone LTC speculators -, no shit, you're most likely going to hear information that is consistent with what you are wanting to hear.

    This is not adding value but instead reinforcing a "cult" like mindset.

    TLDR - "The quality of the content on this sub is going down as the user base is going up"

    submitted by /u/thechonnington
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    Litecoin is #5 on Fortune' s "Bitcoin Rivals on the Rise"

    Posted: 04 Dec 2017 07:09 AM PST

    I'll be honest, I have no idea what I'm doing. But I spent 200 on bitcoin, 100 on ETH, and also bought one litecoin in the last 3 days. I'm most excited about the litecoin.

    Posted: 04 Dec 2017 12:16 AM PST

    It may be because it's the only full coin I own, or it may be because of the enthusiastic support of this coin that you all exude, but either way I'm just happy to be on this journey with you.

    But like I said, idk what I'm doing: I just have the coinbase app on my phone, should I be trusting it? Is this a careless way to go about investing 400$? Love to hear your thoughts.

    submitted by /u/NDoilworker
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    Do people actually use the currency in addition to owning it?

    Posted: 04 Dec 2017 11:23 AM PST

    I'm a newb, admittedly, but from my short time in the market, it seems like people just want to own the currency and aren't actually using it. I'm in the US if that makes a difference. Is it traded for goods and services elsewhere?

    submitted by /u/MiguelGustaBama
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    Surprise! Cryptocurrency just a marketing stunt to promote mayonnaise.

    Posted: 04 Dec 2017 09:56 AM PST

    Unilever stock in tail spin. Puke video deleted!

    submitted by /u/b30
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    Shuffled some things around, so now my split looks like this.

    Posted: 04 Dec 2017 09:29 AM PST

    Buy LTC with low fees on GDAX

    Posted: 04 Dec 2017 07:49 AM PST

    What are some good podcasts to listen to about LTC and cryptocurrency in general?

    Posted: 04 Dec 2017 02:33 AM PST

    Northern Europe’s largest blockchain, bitcoin & cryptocurrency conference in Tallinn, Estonia.

    Posted: 04 Dec 2017 02:46 AM PST

    Coinbase pool party

    Posted: 03 Dec 2017 01:03 PM PST

    SEC Cyber Unit begins freezing ICO assets

    Posted: 04 Dec 2017 07:33 AM PST

    BitcoinSexToys now accepts Litecoin! Find something sensual for Christmas with 10% off code Litecoin

    Posted: 04 Dec 2017 11:21 AM PST

    The more that billionaires, federal reserve punks, and goldman sachs overlords rail against cryptos, the better I feel about owning cryptos.

    Posted: 04 Dec 2017 12:07 PM PST

    Japan has just opened up 4 new exchanges! We should be marketing as best we can to these emerging markets!

    Posted: 03 Dec 2017 11:43 AM PST

    We have a great opportunity to be the premier coin in Japan! And possibly even Korea.

    They've both been opening up more and more exchanges and we're seeing more adoption from these countries. This opportunity is HUGE

    If we can spread Litecoin's vision and it's name across these countries as investors are first starting out, we can gain a ridiculous amount of momentum that will trebuchet us pass the moon and into the stars ✨

    If we have any dedicated Korean and Japanese speakers on this sub we need you to go to their respective discussion boards and spread the word for us :) grass roots it in a way

    Don't be too pushy or too shilly, but speak with passion and show them with hard facts why Litecoin is the crypto to put your hopes on,

    Edit: /u/jrockvskpop : "The four companies approved in this round are recently established exchanges: Tokyo Bitcoin Exchange Co. Ltd, Bit Arg Exchange Tokyo Co. Ltd, FTT Corporation, and Xtheta Corporation."

    TL;DR: We need our Korean and Japanese /r/litecoin peeps to go spread the word on why Litecoin should be #1

    submitted by /u/sodypops
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    Saw this earlier today, thoughts?

    Posted: 04 Dec 2017 11:57 AM PST

    Ether maxed out! Litecoin only major coin without a clogged mempool!

    Posted: 03 Dec 2017 01:58 PM PST

    My one LTC got sad so....

    Posted: 03 Dec 2017 06:44 PM PST

    I got another one, Much more happier.

    submitted by /u/CallmeBigfat
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    There should be a crypto game for those interested but not confident to take the plunge.

    Posted: 04 Dec 2017 12:06 PM PST

    iOS mix between Coinbase and GDAX. You get $100 fake dollars and can make investments/trades. Use a real time ticker for the crypto currencies. Keep fees and such the same so it's close to the real thing. I️ think this would help get some more people on board if they could "play" without risk.

    submitted by /u/Bildo818
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    On Thanksgiving I sold a cutting board in exchange for Litecoin.

    Posted: 03 Dec 2017 04:59 PM PST

    On thanksgiving I created a post on this subreddit explaining that I was a woodworker and frequently made cutting boards in my spare time as gifts for friends/family. I had the idea of asking if any one on here would be interested in buying a cutting board, and paying in LTC. I am happy to announce that I and u/liquidarrogance came to an agreement! As part of our agreement, after I finished making his custom cutting board (34"x20.5"x2") with a juice tough, I would post a picture with his username hand written on it. This was done to ensure I was not trying to scam him or anything. Smart move on his part. We also decided to keep most communication public so as to be as transparent as possible. Below is the link to my proof. After one more coat of oil, this will be ready to be shipped out on Tuesday! I will update the post as the transaction is carried out!

    https://imgur.com/gallery/km5Dx

    Hodling is great, but spedning is better!

    submitted by /u/NH2CO
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    Bank refuses to transfer money to Coinbase as part of their policy to refuse cryptocurrency deals, however debit card works for the transaction but the fees are huge. Alternatives?

    Posted: 04 Dec 2017 08:03 AM PST

    Are there any exchanges that are good for debit card transfers ?

    submitted by /u/sakalol
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    LoafWallet for Android?

    Posted: 04 Dec 2017 11:41 AM PST

    i see on the sidebar that loafwallet is recommended as the ios wallet. Is the android app in the playstore not recommended? i havent used a wallet yet but my first couple coins should be added to coinbase this week.

    submitted by /u/genericscissors
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    I decided to sell my house to invest in Litecoin.

    Posted: 03 Dec 2017 11:37 PM PST

    Am currently coming at you live from my car as I'm getting ready to nap in the backseat. Am sitting on roughly $750,000 that will be pumped into LTC over the coming year or so. I look forward to landing on the moon and staking the first LTC flag for our people.

    submitted by /u/bagelbater
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    Time to steal the moon

    Posted: 03 Dec 2017 01:24 PM PST

    Need some help recovering LTC

    Posted: 04 Dec 2017 09:51 AM PST

    Hi guys, I'm a no0b when it comes to LTC mining and wallets etc. I believe I have a few from years ago, but thought I'd lost them, presumed dead.

    Have just discovered a folder called Litecoin from 2013 with a wallet.dat file in it.

    Is there hope, and where would I begin?!

    submitted by /u/Rhysd007
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    Me investing in LTC while all the whales are selling be like

    Posted: 04 Dec 2017 08:08 AM PST
    Read more
    at

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