How to Get Began with Litecoin?
Te this brief guide wij’ll go through the steps required for getting began with the popular cryptocurrency Litecoin (LTC): how to obtain it, store it, and send it.
Litecoin is an early clone (or fork) of Bitcoin. Charlie Lee, the author of Litecoin, wasgoed a Google engineer and until recently a programmer for Coinbase. He created Litecoin ter 2011 when he determined to look “under the hood” of Bitcoin and learn what the blockchain is all about. He realized that it wasgoed fairly effortless to make something better than Bitcoin offers even today, and thus determined to reduce the time required to mine a block from Ten minutes to Two.Five minutes, and enhanced the theoretical maximum supply of LTC to 84 million (from Bitcoin’s theoretical maximum of 21 million).
The mining algorithm wasgoed also switched to one which requires more RAM. Until recently, this made it stiffer to mine on ASIC machines – computers designed to perform just this one function very well, thus providing an unfair advantage to all who can obtain them.
When Coinbase added Litecoin spil an entry currency to its offers, LTC’s popularity exploded, turning it into a viable long term threat to both Bitcoin and Bitcoin Contant.
How to get Litecoin?
Bitfalls: Voeling us if you’d like to buy some. No verification is needed, and transaction size has no upper limit (within reason). Wij accept ongezouten canap transfer te EUR or USD, or meteen payments to our HRK account, or even PayPal (kicking off at a maximum of $100 vanaf day). After the purchase, wij send the receipt, and the LTC will arrive straight to the address you provided when accepting the trade. Wij never hold your money, unless there’s some technical difficulties or when you buy our portfolio management service.
Coinbase – one of the very first and oldest of cryptocurrency exchanges, presently supports purchasing BTC, Eth and LTC directly with your credit or debit card. Requires a fairly rigorous KYC and verification process. Has relatively high fees but the best user practice – easiest to use. After buying LTC on Coinbase, store it somewhere safe (see below).
Bitstamp is similar to Coinbase, but supports more deposit methods and more currencies. Their fees can also be rather expensive. Bitstamp is effortless to use and it’s effortless and cheap to withdraw from the toneelpodium to one’s own address. They also have a rigorous verification process.
Any other exchange. Most exchanges don’t support coming in the market with LTC and will instead need you to inject by buying Eth or BTC. This entry crypto is then sent to an exchange like Bittrex, Bitstamp, Binance, etc. where you can further trade it for LTC.
After getting some LTC, it’s significant to securely store it. Recall: a cryptocurrency you keep ter your exchange is never safe. It’s only secure if the private key of your wallet is te your possession and your possession alone.
There are several ways to securely store Litecoin.
Spil described te this postbode, a paper wallet is actually a indeed good option. Generate an address on one of the secure sites like https://liteaddress.org, print your “wallet” and hide it. The public part of the address (marked by the green SHARE word) can be used te public. That part is used when you want to check balance or send money TO the wallet.
Send your LTC from an exchange TO this green / left code. If you bought some from us, this part will be treated for you – just send us the left code with your order (the part kicking off with LczA…).
After having sent it to this address, your LTC is spil safe spil the crimson part of the paper wallet is – keep that code secret, and your LTC is safe. After printing, wipe the opstopping from your pc if you saved it somewhere.
The safest option is certainly a hardware wallet. Wij undoubtedly recommend reading the article to learn about the advantages it offers.
Here’s how to set the Ledger Nano S up to receive Litecoin.
If you toevluchthaven’t done so already, activate your Nano S by connecting it to the laptop via the USB port. If this is the very first time it wasgoed plugged te, it’ll slobber out 24 words which you vereiste write onto the paper that comes with the Ledger and store them securely. This is your Recovery Phrase, and is used to restore funds if you lose your Ledger or it gets stolen.
After having set it up with a Speld, the Litecoin app needs to be installed onto the device. Download the official App Manager which will let you update the device and install fresh wallets. Connect the Ledger to the pc, inject the Speld, run the Ledger Manager app you installed, and install the Litecoin app from the list. If suggested, update the device’s firmware, too.
After having installed the Litecoin app onto the device, install the Litecoin wallet client onto your rekentuig.
Navigate to the Litecoin wallet on the device itself, and open it. Then open the wallet app on the rekentuig. If it asks you about Legacy / Segwit, pick Segwit.
- The application that’s open on the laptop should open the screen presenting the information about your account, including the “Receive” tabulator which lets you see the address to which you send LTC if you want to deposit it onto the Ledger. Use this address to withdraw from an exchange you bought LTC on (again, if you bought from us, wij’ll do this for you).
It’s significant to be aware of common misconceptions about hardware wallets – the money isn’t actually ON the wallets. More informatie here.
Note: At the ogenblik of this writing, Coinbase still hasn’t implemented Segwit so a Litecoin address beginning with an M might bother them (you’ll know because their interface will warn you). To avoid this, instead of generating an L address (Legacy), turn your M address into a Three address with this device – simply come in the M address from your Ledger into this field and click convert.
Then send the money to the 3EPJ. address fearlessly – both lead to the same destination: your Ledger.
Other storage ideas
It’s possible to keep your LTC on an exchange, but it’s very discouraged. There isn’t a single exchange that’s too big to vanish overnight. Overheen 35 have disappeared so far, and one such overnight evasion act wasgoed also Mt. Gox – an exchange which processed overheen 80% of all BTC transactions at its peak.
Another good hardware wallet is Trezor – you might want to look into that if Ledger isn’t available te your area or if you choose a different look, feel, or functionality.
Te regards to sending, Ledger is the simpler option. Instead of Receive, select Send. After injecting the address and the amount, confirm the transaction – once ter the interface, and once on the device itself when asked.
The window will also let you select the transaction speed (swifter is more expensive) and see the estimation of expenses.
Sending from a paper wallet is a little tighter. Spil wij explained te the introduction to sending and receiving Bitcoin, there are two methods to unlock a paper wallet: invoer and sweep.
Invoer means the private key is loaded into the app and the app then uses this private key to sign transactions. Sweep means the app not only geysers the key but also sends the entire amount to a fresh address spil generated by the app, thereby making the old key worthless. The latter is safer but more expensive (requires a transaction to be made) and slower.
There are several wallets which support private key imports, the most popular of which are:
Install either of them onto your operating system / device, scan the QR code of your private key (or by hand type it te), and your funds will be ready for sending. If you performed an invoer instead of a sweep, store the paper somewhere safe afterwards or better yet – demolish it. Here’s the total proces of sending from a paper wallet using Electrum-LTC:
- If this is your very first time running it, choose auto-connect on the very first screen
- The 2nd screen will ask you for the name of the opstopping ter which to store your wallet. Leave it at the default setting, or switch the location if you wish. Reminisce to back up this opstopping straks – losing the verkeersopstopping means losing the wallet.
- Pick “Standard Wallet” on the next screen.
- Pick “Use Public or Private Keys” on the next screen to get to the option to blast your private key. Come in it by scanning the QR code with your webcam, pasting, or by hand typing it te.
After importing the private key, the application will ask you for a password with which to additionally secure your wallet. This is optional but recommended.
Ultimately, you’ll be able to see the imported address’ balance.
To send the LTC, open the “Send” tabulator, come in the destination address and amount, pick an optional description and set the transaction speed, and click Send again. Your LTC is on the way.
Litecoin is a relatively cheap cryptocurrency with a bright future – not because of the technology, but because of the “digital silver” that it’s known spil, complementing Bitcoin spil the “digital gold”. Because of this brand recognition and cheaper and quicker transactions, LTC could gravely menace Bitcoin and Bitcoin Specie ter the long term – maybe not ter monetary value, but undoubtedly spil a means of transacting.