How to start investing in Litecoin (or Bitcoin, Ethereum, and other Cryptocurrencies)

A beginner’s guide to trading Litecoin

Hi All!

 

I’m writing today as Litecoin surged past $200 and all the way up to $400 per coin. After seeing great returns of my own, and answering questions for many of my friends who aren’t sure where to begin, I thought it’d be helpful to pass along one of the best resources for beginners I’ve found!

The following is a great guide to Litecoin sourced by u/Sparkswont!
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:

Coinbase USD/Euro/GBP

Binance USD & Many Alt Coins

Bittrex USD & Many Altcoins

Quadrigacx CAD

Bithump KRW

OKCoin Euro/Yen/USD

OKex CNY l

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:

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.

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!

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Author: Katt Wagner

Brand Ambassador, Social Media Marketing, Artist and Promotions Manager, Oh, and President of a Real Estate ISA company called The Right Agency. Future Licensee.

2 thoughts on “How to start investing in Litecoin (or Bitcoin, Ethereum, and other Cryptocurrencies)”

    1. The most helpful thing for me was subscribing to different reddit communities! Not only are the discussions filled with great advice, but the subscribers do a great job of finding and posting relevant news and information. At the end of the day, it’s up to you how much research you need to do to feel comfortable in trading- as much as I believe Litecoin and others are guaranteed to grow, my best advice is always to only invest what you can afford to lose!

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