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

    April 08, 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 Instructions

     

    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 Website and i giving to you as a gift - free no registrations, no ads, SSL secured

    Posted: 08 Apr 2018 01:31 AM PDT

    I posted something about my wallet not working and someone tried to scam me. Watch out guys.

    Posted: 08 Apr 2018 11:03 AM PDT

    LTC HODLouken Teeshirt! https://teespring.com/hodlouken

    Posted: 08 Apr 2018 08:06 AM PDT

    I just received my first #Litecoin @Lightning Network payment of 0.00000010 $LTC or 10 litoshis or $ 0.0000116. Micropayments here we come!

    Posted: 07 Apr 2018 07:42 PM PDT

    Switchain has tradepairs for LTC and also compares rates to other instant exchanges to make sure you get the best deal

    Posted: 08 Apr 2018 10:44 AM PDT

    Uh oh Bitcoin Cash...

    Posted: 08 Apr 2018 11:45 AM PDT

    Roger Ver had his account suspended on Twitter.

    Charlie's tweet was pretty good about this whole thing...

    https://twitter.com/SatoshiLite/status/982879415532011520

    submitted by /u/I_am_Jax_account
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    Crypto Taxes

    Posted: 08 Apr 2018 09:15 AM PDT

    So has anyone filed their crypto taxes yet for this year? If so I had a question about the 1099-K that coinbase is sending out. I realized that my past 30 day volume on GDAX was a little shocking (I trade a little here and there) and I was wondering how big of a headache it was for you guys last year to file your taxes. I have all of my .csv's and imported them to Bitcoin.tax. Could anyone chime in on how their experience went, I am starting to regret trading on gdax. lol. Also this is for next years taxes not for 2017s

    submitted by /u/Justanotherradarguy
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    How to see your portfolio stats, top 50 crypto currencies individually stats or total market cap stats - into hidden notifications on your phone

    Posted: 08 Apr 2018 10:58 AM PDT

    Demo screenshots: https://imgur.com/a/mUiPQ

     

    CMC Alert app - Pin notifications to your mobile with: - Portfolio stats - ‎Top 50 crypto coins individually stats - ‎Total Coin Market Cap stats

     

    Problem: Every time when there are big fluctuations in the Coin Market Cap, most of the coins are going UP or DOWN in the same way. Be informed and act accordingly (for example, when it goes DOWN: you can move into other stable currencies or withdraw; etc.). See fluctuations of some currencies too

     

    Recommendation: I recommend you the CMC Alert app, it uses the official Web API from coinmarketcap.com. Why should you use it:

    • It's a hidden notification, only way to see it is if you drag your notification tab down, you don't even know it's there

    • It's a lot faster than going on coinmarketcap.com.

    • Can Set Alarms and Aggressive Alarm mode(optional) - perfect when you want to be awake during nights

    • It's free and requires no permissions so it's safe.

    • Can view prices in BTC/USD/EURO.

    • View notifications for top 50 crypto currencies too

    • ‎View notifications of your portfolio stats

     

    Google Play link: https://play.google.com/store/apps/details?id=com.companyname.CMCAlert .

    Aptoide store link: http://sorin-simuleac.store.aptoide.com/app/market/com.CMCAlert.app/1/35766785/CMC+Alert

     

    It helps me everyday, why not try it yourself! It's also free. Cheers :)

    submitted by /u/SosoMD
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    Loafwallet KeyStore Error(phrase)

    Posted: 08 Apr 2018 06:46 AM PDT

    My loafwallet app doesn't seem to be working anymore, it said i had to put in my phrase but when I actually go and do that it says: "Failed to load KeyStore(phrase)". I have tried uninstalling the app and restarting my phone but nothing changes.

    submitted by /u/kapiteinkiller
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    Noon lvl help in txid info

    Posted: 08 Apr 2018 08:22 AM PDT

    I sent 1 LTC from my Binance account to an address. Binance provides the txid of the transfer but I want to know what is the address that the LTC has been sent from. How can I do know that using the txid?

    submitted by /u/Radioactivemah
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    Enabled payment by Litecoin in my store: https://WatchBand.Co (Bands for Apple Watch)!

    Posted: 08 Apr 2018 12:44 AM PDT

    Hello Hodlers! Anyone in the market for 3rd-party watch straps for your Apple Watch? Check https://watchband.co and use coupon LITECOIN to get a 20% discount.

    During checkout, you should see an option to pay through Litecoin (through Coinbase Commerce). Please let me know if you run into issues. Thank you.

    submitted by /u/redditor_at_work
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    I have found the weakness in crypto!

    Posted: 08 Apr 2018 10:26 AM PDT

    It lies in the minds of men, no doubt we are the weakest link in the blockchain! Crypto was meant to be an alternative to fiat, to get away from government control of the money supply..yet we allow the government to come in a centralize our exchanges and to regulate something that was never meant to be regulated...it's all backwards. We have been domesticated to the point where we are handing this powerful system over to the exact people it was created to get away from..it's a sad time for crypto as a whole. Will we ever wake up? Doubtful

    submitted by /u/BitmainAR
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    Tell me your average buy in price and expectations. [Focused Discussion]

    Posted: 08 Apr 2018 10:10 AM PDT

    I know price isn't everything but I am interested in it and so are you. With that being said my average price for LTC is around 120 usd. I feel like I am hella late to the party.. and it seems like this downtrend is never ending! What prices did you guys here on reddit buy in at? I'd like to know thanks! Also no gloating if you got in at 4 dollars that's mean.

    submitted by /u/Mentz88
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    Last minute tax help: crypto to crypto trades 2017

    Posted: 08 Apr 2018 01:35 AM PDT

    Open Letter to the Litecoin Community

    Posted: 07 Apr 2018 11:08 AM PDT

    I used to be an active member on this board. I created a new username to remain pseudonymous, one of the original intents of Bitcoin technology. I took a few months off of social media and spent time reading about the technology to create own opinions rather than relying on others to tell me what's correct. . My favorites are "Bitcoin and Cryptocurrency Technologies" which has accompanying lectures on Coursera and "The Book of Satoshi", which goes over the e-mails and forum posts of Satoshi. In "The Book of Satoshi", you read the words of the original contributers, such as Hal Finney, Gavin Anderson, Mike Hearn, Jeff Garzik, Greg Maxwell and Theymos.

    I was a long time investor of Litecoin, pre-Segwit and truly believed Litecoin is the Silver to Bitcoin's gold. I bought merch to the Litecoin Foundation. I've made a lot of money from Litecoin, but I no longer can support it.

    I'll go over some strong beliefs I had and why my views changed after research:

    It's dangerous to increase blocksize: A hardfork has only been done without Satoshi and could cause security exploits. It will also make it harder to run a full node due to broadband restrictions thus centralizing the network more. It also is just a temporary solution and there are better methods (Segwit and LN).

    The blocksize limit was implemented in Satoshi's last personal release. It was added in 2010 to prevent people from taking advantage of low fees and spamming blocks to store data. He Even gave a way to easily implement a block size increase. So my first point is moot.

    Now, let's ask ourselves, what is the purpose of a full node? Does it add security to the blockchain? I think we can all agree security comes from miner's proof of work contributions and the total amount of hashpower. Do they help prevent double spending? No, they confirm whether or not they're following consensus and check for double spending, but outside of people with significant economic value at stake, running a full node is not needed. For those people, they usually wait for a certain number of confirmations to release the goods anyways. It's a good way to use bitcoin fully trustless, but not needed for most users.

    Increasing the blocksize is only a temporary solution if you assume technology is not going to get better over time. Otherwise, Satoshi wouldn't have included a way to schedule in routine upgrades.

    Miner fees are a necessary part of the blockchain and they incentivize miners to keep the network going

    Ask yourself, why? The rewards are still high, we're still in the bootstrapping phase, and the rewards are still high. We're in the ASIC phase for most blockchains. Difficulty has overall shown an increasing trend. ASICs have no resale value what-so-ever, so why would miners want to destroy the network? Any time a 51% majority was close, miners switch to other pools to keep it regulated.

    Segwit creates adds a 4x effective block size increase (through weighting) and LN, Atomic Swaps, and RSK will save us all

    While Segwit may have fixed the malleability bug, it created complexity in an already working system. In something that should work in a decentralized, trustless, environment, we now have to rely on complex technologies to solve the scaling issue. Instead of a size, we now use block weight using "virtual bites". The technology behind Segwit is very confusing.

    I was on the LN bandwagon for a long time. Now that it's actually being used on mainnet, I am very disappointed in how it works. I remember watching a ton of videos on how easily it works and how simple it will be in practice. In reality (correct me if I'm wrong), you have to set up your own LN node and can only send LN payments to others with a LN node. People can use your node to route payments and you'll receive payments for allowing it. If one goes offline (or gets disconnected), the channel is closed. If you want to keep it going, you can hire a watchtower service and pay them to watch your funds. If you're afraid the watchtower service will go offline, you can hire another watchtower to watch the watchtower, etc. How does that *NOT** sound like a bank?* That's not a solution, that's centralization masked in a decentralized environment.

    Also, not only do merchants have to be comfortable using bitcoin/litecoin, they NOW have to be comfortable using LN, which is way more complex. If you were a business owner, which would you go for right now? People are interested in blockchain NOW; we can't wait 5 years until LN is ready.

    Atomic Swaps. I was super excited about this. I could treat BTC like a savings account and treat LTC like a checking account. How great would that be? Once again, why? Why does one have to be like gold and why does one have to be like silver? Why can't Bitcoin/Litecoin be a better form of money? This also makes Litecoin PERMANENTLY dependent on Bitcoin. Why not just cut the middle man and go for Bitcoin then. In reality, most people here don't care about the technology and want to make money. They see a growth opportunity for Litecoin and thus continue the same arguments to prevent cognitive dissonance. At least that's what I did.

    In his book "The Internet of Money", Andreas Antonopolous talks a ton about bringing money to places that can't afford the banking system. You can't do that with high fees. You can't do that with overly complex, always in beta, 2nd layer solutions. Samson Mow even stated that eventually Blockstream is going to start charging for their services (especially with their upcoming satellite). How long until we're paying miner fees, LN fees, AND Blockstream fees?

    It's really hard to find the truth in /r/Bitcoin and Bitcointalk.org because Theymos is known for his censorship. I also don't like the idea of Blockstream having a monopoly over the core devs. Greg Maxwell stated Core Devs have a clause in their contract that they can leave the company if they feel anything they are doing is hurtful to the protocol. Not only is it hard to leave a position when you're financially dependent on them, you have to admit Bitcoin has become reliant on Blockstream.

    I've watched every episode of "Magical Crypto Friends" and it perfectly sums up their childish mentality. I found the first episode decently informative, but the latter episodes devolved into memes and bashing Bitcoin Cash.

    People are quick to defend /u/coblee when he does something wrong stating "He's not a CEO, he's a developer"; "Why does his opinion even matter?", but as soon as he says something positive, everyone jumps to praise him. The final straw for me was the Litepay/Litepal fiasco. Regardless whether or not they were legit operations, Both Charlie and Xinxi were quick to support it; even investing $50K in Litepay through the Litecoin Foundation WITHOUT DOING ANY DUE DILIGENCE. Then turn around and blamed the community for not doing their own due diligence. Considering I donated money to them, that was a direct slap in the face. It read "Hey the money you donated doesn't matter to us, we're going to throw money at a company without researching them cause they have a fancy website". While Charlie is not a CEO, he's a member of a non-profit Litecoin Foundation.

    Charlie may have incentive to keep Litecoin going, but he has no incentive to tell you the truth. I encourage everyone to take a step back and do their own research. Don't listen to the thought leaders. Stay off Twitter/Facebook/Reddit for a couple months and form your own opinions. Stop trying to get likes or upvotes and see if you believe in the direction is going. I'm guessing this will get censored for "spreading FUD" and that's when you know you're in an echo chamber, like /r/bitcoin.

    submitted by /u/Cathain_Eolas
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    For Litecoin (LTC), Judgement Day Is April 13th

    Posted: 08 Apr 2018 01:56 AM PDT

    The Future Of Litecoin (LTC) -- After Bitcoin (BTC) Lightning Network

    Posted: 07 Apr 2018 02:05 PM PDT

    Crypto Lending Platform

    Posted: 07 Apr 2018 01:49 PM PDT

    Is there a crypto lending platform available today?

    Like for example lets say you have 10000$ worth of Litecoin and want to leverage it to get a 1000$ loan without selling the litecoins you have?

    submitted by /u/BobbyLitecoin
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