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

    March 01, 2018

    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
    Quadrigacx CAD
    Coinsquare CAD
    Bithump KRW
    OKCoin Euro/Yen/USD
    OKex CNY
    Btcmarkets.net AUD
    Bitso MXN
    Binance No fiat/Many altcoins
    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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    I made a LED Litecoin display sign

    Posted: 01 Mar 2018 05:25 AM PST

    Bought My First Litecoin its gold must be rare

    Posted: 01 Mar 2018 02:47 AM PST

    Bought my first full Litecoin, excited!

    Posted: 01 Mar 2018 11:01 AM PST

    Hi Guys, Just bought my first full Litecoin. Only recently got into Cryptocurrency and find it fascinating and Litecoin always standed out so it's the first one I put a bit more of an investment into. Looking forward to see how things pan out 😊

    submitted by /u/HOLM3Z-IRL
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    Hope this clears up the air!

    Posted: 28 Feb 2018 05:37 PM PST

    Tyler Winklevoss: Litecoin is a testnet.

    Posted: 01 Mar 2018 07:36 AM PST

    February was a good month for litecoin. Lets make March even better!

    Posted: 01 Mar 2018 05:57 AM PST

    The UK's new 10 pence coin looks a little bit familiar

    Posted: 01 Mar 2018 09:13 AM PST

    Litecoin was the top performing crypto in the month of February

    Posted: 01 Mar 2018 10:14 AM PST

    live i think

    Posted: 01 Mar 2018 10:12 AM PST

    Is Shapeshift Still The King of The Instant Exchanges?

    Posted: 01 Mar 2018 01:30 AM PST

    I developed TellaWallet - a simple web-based Litecoin wallet

    Posted: 01 Mar 2018 08:31 AM PST

    @MLPFrank: Nice views of the Gherkin in snowy London. Talking #Litecoin

    Posted: 01 Mar 2018 11:13 AM PST

    Litecoin Hangout (Late Night Live) Wednesday, February 28, 2018

    Posted: 01 Mar 2018 11:10 AM PST

    Cool litecoin purchased online

    Posted: 01 Mar 2018 08:23 AM PST

    Not quite a poll, but I need your honest opinion - how do you feel about wearing crypto apparel

    Posted: 01 Mar 2018 11:23 AM PST

    I get that we are all loyal to our coin and sporting our coin logos have the same effect as hockey/football/basketball team jerseys. Now my question is: as a 40-something fogey, would wearing a logo of said coin (no blatant names like Bitcoin or I hodl crypto) make me look like a pretentious bastard? Or worse, make me a walking target?

    Been looking for a subtle litecoin logo hoodie that isn't cheap ironed on decals or has something witty but I am stumped by my dilemma

    submitted by /u/Cryptokiryu
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    List of big POS software companies to contact

    Posted: 01 Mar 2018 11:12 AM PST

    Square Could Launch Full-Scale Cryptocurrency Exchange?

    Posted: 28 Feb 2018 05:24 PM PST

    My keyboard got an upgrade ��������

    Posted: 01 Mar 2018 09:29 AM PST

    Arise Chikun! Our clothing line now accepts LTC thanks to coinbase commerce!

    Posted: 01 Mar 2018 06:38 AM PST

    I want to accept litecoin and bitcoin at my food truck during Sxsw! Ideas on how to do it safely?

    Posted: 01 Mar 2018 12:31 AM PST

    the way to get retail/online adoption using existing equipment (easy/cheap== can be done by businesses)

    Posted: 01 Mar 2018 11:06 AM PST

    AI powered crypto news aggregator.

    Posted: 01 Mar 2018 09:42 AM PST

    Hello guys! I am going to launch an AI powered service to help traders get instant info from cryptocurrency data feed. The link is: https://cointop.io . I am going to accept LTC for payments. Are there any Litecoin payment gateways? I'll be very happy to hear your feedback.

    submitted by /u/MountainScript
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    Not sure if right sub but...

    Posted: 01 Mar 2018 09:01 AM PST

    What's your favorite portfolio app? I'm sick of Blockfolio

    submitted by /u/TamaleDeville
    [link] [comments]
    Read more
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