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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.
(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!
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!
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:
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:
|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.
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.
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:
|Litecoin Markets Subreddit|
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!
I would love any engineers, especially u/coblee if at all possible, to chime in here as I am not an engineer and, after my research, I had decided to buy a lot of my portfolio weight in Litecoin because it seemed to have everything BTC had (and maybe more) and it was undervalued based on that "fundamental" analysis (from an investing perspective).
Furthermore, after that time of my initial investments, I had begun (and still am) learning some C++, Python and back-end language stuff with the goal of someday maybe contributing or helping to contribute a commit on the Litecoin Github. During that process, I sought out friends, youtubers and other people online who could help me look over and compare the code of BTC vs. LTC and, while I am not an expert so I cannot verify the accuracy of anyone's claims, everyone seemed to say the codebases were very similar with a few parameters changed and the hashing algorithm being script-heavy vs. sha-256 heavy.
My point is that when u/coblee says things like "invest in one BTC" before you buy any "shitcoins" (which he clearly did not mean Litecoin), everyone either got mad or cheered him on but no one stopped to interrogate the situation further in an intelligent way so I want to do that. I don't post too frequently here but I do lurk a lot, I do own and mine Litecoin and I would love it if anyone with adequate knowledge and software experience could help me understand u/coblee's Tweet a little better in as "laymen" terms as possible; but I will understand the more basic verbiage of coding (functions, classes, certain module packages) if 100% laymen's terms is not possible. Thanks.
Why is he telling people to buy at least 1 bitcoin and then buy Litecoin and other coins.... also I know he didn’t meant to call Litecoin a shitcoin...but he kind of did....
Buying 1 whole bitcoin is not something that is possible for most people..... with the same amount of money they can buy something like over 100 Litecoin...
I don’t get how his tweets is helping Litecoin... I mean it would be better if he just didn’t say anything!
I find it odd how articles like this pop up constantly and how people enter /r/litecoin and post links to hackneyed blogs with the name of their favored crypto in the URL and then make false claims similar to the following :
The problem here is that these are the articles you find when you Google litecoin. Complete nonsense written by people with a lack of understanding of the fundamentals of crypto and decentralization.
Sorry for asking this out of the blue, without any other information, but where can someone follow the progress being done on implementing Schnorr? Thanks.
Hi, I'm from Belgium and I'd like to know what happens If I accept Litecoin as a payment method. My main question is about taxes, am I taxed when I sell the litecoin or when I receive it ? I should probably consult an accountant, but I wanted to ask you the question first because I know some of you already accept it and I'd like to know how it works in your country.
So I'm a teenager in high school, and this summer I was working as an intern with a pretty f*cking good hourly pay. So needless to say by the end of the summer I'm going to have a good sum of money to invest with. And I've decided to put at LEAST 75% of the money I made this summer into crypto. I'm considering pouring it all into Litecoin, but first things first I don't know WHERE to buy the Litecoin, much less where to STORE it.
Can anyone help me out (treat me like a TOTAL newbie to crypto, I'm cool with that)?