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    Monday, February 19, 2018

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

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


    Beginner's Guide: Where to start & FAQ!

    Posted: 03 Dec 2017 05:58 PM PST

    New Flair Rule

    We've been overwhelmed with newcomer posts. In light of this, we created a bot that will PM people without flairs various pertinent information to read through when they post. In order to stop receiving these, simply add a flair to your name. Thanks!

    Scam Warning

    Hey guys. There have been numerous scammers lately who have been private messaging redditors. Their goal is for you to send Litecoins to their address. So far, they've followed the same writing template. It looks something like this: https://imgur.com/0UZczuz

    If someone is telling you to send to a Litecoin address they are providing, DON'T. They're trying to steal your Litecoins. If you're not sure, read the wealth of knowledge below or comment below and I will eventually get to you.

    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 & Many Altcoins
    Quadrigacx CAD
    Coinsquare CAD
    Bithump KRW
    OKCoin Euro/Yen/USD
    OKex CNY
    Btcmarkets.net AUD
    Bitso MXN
    Zebpay INR

     

    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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    Told myself no one will start accepting Litecoin if I don't start using them. Just got these bad boys today

    Posted: 18 Feb 2018 10:51 PM PST

    All LTC Believer..Lets take a minute...

    Posted: 19 Feb 2018 05:55 AM PST

    it's time for our daily prayer! Our Satoshi, who art in Heaven. Bitcoin be the name. Your miners come. Your blockchain be done, in Altcoins as it is in Ethereum. Give us our Lambos and daily bull runs and forgive us our Fud, as we forgive thos who panic sell against us. And lead us not into Fomo but deliver us from Fiat. For Crypto is the Kingdom and the Power. Forever and Ever. Amen

    submitted by /u/Yintao
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    Saw this guy while watching the olympics today

    Posted: 18 Feb 2018 05:05 PM PST

    Started to accept Litecoin

    Posted: 19 Feb 2018 01:56 AM PST

    Hi all

    Started to accept Litecoin in my wordpress/woocommerce webshop. I like it. Very fast payment. Works great.

    Who's next?!

    submitted by /u/roelieooo
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    Launch of LitePay payment system is scheduled for February 26 - Target Veb

    Posted: 19 Feb 2018 04:19 AM PST

    Who’s pumped for Litepay?

    Posted: 19 Feb 2018 10:29 AM PST

    A directory of places that accept Litecoin

    Posted: 19 Feb 2018 04:36 AM PST

    Is there such a thing?

    submitted by /u/Wmsi
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    Litecoin Price is Surging and Leading the Cryptocurrency Price Recovery

    Posted: 19 Feb 2018 04:46 AM PST

    Beginner Litepay question

    Posted: 19 Feb 2018 09:20 AM PST

    Litepay will allow users to spend their LTC easier. However if Litepay becomes widely adopted and a massive hit, wont the price of LTC rise? Why would people spend their LTC if that's the case? Sorry if this comes out as a stupid question.

    submitted by /u/SC2_StorM
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    I'm getting a personalized Litecoin license plate for my 2017 Infiniti Q60 Red Sport and could use some opinions...

    Posted: 19 Feb 2018 11:48 AM PST

    I live in Arizona. I'm thinking I'm going to get the Arizona Science Center plate, which has space for 7 characters. I want to spell out or represent Litecoin in the most readable/recognizable way, with the 7 character limitation. My goal is help create some mindshare for Litecoin if I can.

    Which one would be the best choice?

    1. LTC
    2. Litcoin
    3. Ltecoin
    4. LTC FTW
    5. Other (not literally you knuckleheads!) ;-)

    Also, here is a link to the various custom plates AZ allows.

    https://servicearizona.com/webapp/vehicle/plates/startChoice.do

    Aaaaaaand GO!

    Edit: The link takes you to a radio button page. Choose "View available plate styles" and click Continue. Edit2: Added LTC FTW on u/deathstroke7193's suggestion

    submitted by /u/Litecoin_all_day_18
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    Would offline payments be possible with LTC, a la Android Pay?

    Posted: 19 Feb 2018 11:32 AM PST

    Right now you can use your Android Pay-associated credit card to initiate a limited number of transactions while you're offline / have no signal. I believe they enable this by creating a handful of one-time tokens that are stored on the device. I'm not sure if there's a spending limit for offline purchases.

    Would this ever be in the works for Litecoin or its mobile software wallets?

    I was just playing with Loafwallet in a basement and this thought occurred to me.

    submitted by /u/ILN1f8SFL
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    Can I get paid in Litecoin from my employer using Litepay?

    Posted: 19 Feb 2018 11:26 AM PST

    They pay me in dollars and it gets converted into LTC in my wallet.

    submitted by /u/thecupcakeguy
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    Litecoin #PayWithLitecoin

    Posted: 18 Feb 2018 11:03 PM PST

    Is wallet a misnomer?

    Posted: 19 Feb 2018 11:19 AM PST

    I was thinking on the bus one day about how to access my litecoin and I had the thought that the name "wallet" is not accurate. Your lites are not stored in the wallet. It's stored on the blockchain. So really, your wallet acts as a specific ledger decoder to see how much crypto you have. It's a portal to access your crypto. Therefore, is there something that is more accurate to call a wallet to reflect what it does vs. wallet, Maybe blockchain portal, or ledger viewer?

    submitted by /u/BOMinvest
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    Litecoin Cemented Position and Recovery Strength Parallel with the Leading Coins

    Posted: 19 Feb 2018 02:15 AM PST

    The Magical Crypto Friends Show Episode 04: Satoshi Lightning

    Posted: 19 Feb 2018 12:01 PM PST

    Transfers from Loafwallet are being rejected

    Posted: 19 Feb 2018 06:50 AM PST

    I've been trying to transfer my Litecoin from Loafwallet to an exchange since yesterday. The first time I tried there were no confirmations for 12+ hours before the I got the "Transaction Rejected" popup. Second try was rejected in a few seconds.

    Anyone else having this issue, or know of a solution? I was forced to restore my wallet from seed after the first rejection, and I have synced to the blockchain several times. What else should I do?

    submitted by /u/PepperDoesStuff
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    Litecoin - Australian Company Promoting It!

    Posted: 19 Feb 2018 01:12 AM PST

    An Australian juice company created a Bitcoin promotion - which is great. With it they mentioned ethereum and Litecoin! Check out the hype in explaining it.

    Not too shabby to get the average Aussie understanding and adapting it.

    Screenshot - https://gyazo.com/99cd355aa6d0cbcf40543382550127dd

    submitted by /u/Fadeye
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    For those holding litecoin

    Posted: 18 Feb 2018 10:32 PM PST

    Buy stuff with litecoin in front of friends and spread the experience.

    After you pay for the product with litecoin, trade some fiat into more litecoin at the same time. The price won't increase, and it'll be essentially the same as if you paid with fiat (cash).

    Spread, and show everyone you know. This is how we moon.

    submitted by /u/Nastisubaru
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    Is there a way to get my private key from loafwallet

    Posted: 19 Feb 2018 09:42 AM PST

    Sending LTC from Coinbase to Electrum LTC wallet

    Posted: 19 Feb 2018 09:39 AM PST

    Hi everyone! I'm quite a noob so please bear with me :) I bought some LTC from Coinbase and I'd like to send them to my LTC wallet, but it keeps saying that my LTC addesses are invalid. I tried with the QR code and the iOS app but it's not working. What am I doing wrong? P.S. Is it better to send to gdax and from there to my wallet? Thanks!

    submitted by /u/DamonIko
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    How to export private key from ledger nano s wallet? Is it even possible?

    Posted: 19 Feb 2018 09:32 AM PST

    Lets email apple pay processors to 1st integrate then we can use apple pay on the existing POS's to use litecoin via apple pay..

    Posted: 19 Feb 2018 12:32 PM PST

    https://developer.apple.com/apple-pay/ these are the background payment processors for applepay.. if we contact them we can get them to process LTC then all places that accept applepay can also accept LTC. (we would need someone with good technical knowledge to help them integrate like charlie or the net-cents.com CTO, Medhi Mehrtash. for ex. overstock's checkout uses shapeshift (API) behind the sceans to accept any cryptoC and convert it to btc. so lets do our part and find the big guys email addresses and send them requests. Then we need to contact the big stores main offices to let them know that they can easily use LTC. (i would say all cryptocurriences ==customer service/choice)(the store would likely need new POS terminals so this is still a problem unless its through apple pay. it would be pay with LTC and accept with LTC (no fiat but the merchant could convert on his end after accepting).

    submitted by /u/ballgames001
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