Step 1. Ensure your rekentuig is free from malware (viruses, bots, trojans etc.)
- This step is critical – it helps prevent someone from attempting to steal your private keys and access your coins. Use a program such spil Microsoft Security Essentials to scan your entire rekentuig before proceeding.
- You have to be certain that your rekentuig hasn’t bot comprised before continuing.
- If you have any doubts and you want a 100% secure environment then go after my Live Linux guide before going to step Two.
Many people ask mij if they can open their wallet (Litecoin-Qt or Bitcoin-Qt client etc) within Linux Live Ubuntu without having to download the entire blockchain each time. So here is a how-to guide for setting up your wallet ter a secure environment without having to wait for the blockchain to download.
Very first off, if you already have a copy of the blockchain, copy it to a folder called ‘litecoin‘ on a Hard Drive or USB stick. See my guide on how to copy the blockchain which shows how to do this. Note, it does not have to be up-to-date. If you’re commencing from scrape, then you can just create a folder called ‘litecoin‘ on a hard disk or USB storage device.
Litecoin is an alternative cryptocurrency to Bitcoin and the 2nd largest (by market cap) of all the altstem coins . If you’re totally fresh to the cryptocurrency world then please take a look What is Bitcoin? very first.
Bitcoin is open source, which means it can be used and modified by anyone to create other cryptocurrencies. Many other cryptocurrencies have since bot launched with Litecoin being one of them.
Litecoin wasgoed created by Charles Lee ter 2011. Charles describes Litecoin spil being “more abundant &, lightweight and spil the silver to Bitcoin’s gold”. Technically Litecoin is very similar to Bitcoin but has several key differences, see below.
- Litecoin can confirm transactions swifter than Bitcoin, this makes it attractive to merchants and recipients spil there is less time to wait for payments.
- Litecoin can treat a higher volume of transactions due to the quicker block time.
- Swifter block times also reduces the risk of double-spending.
- Mining is accessible to more people because Litecoin uses a different Proof Of Work hashing algorithm. Bitcoin uses SHA-256 whilst Litecoin uses Scrypt. SHA-256 favours raw processing power, whilst Scrypt favours memory – this basically means that custom-made made ASIC and FPGA hardware, which is now used for Bitcoin mining, has no advantage for Litecoin mining. This permits mining to be performed with powerful graphic cards rather than super expensive custom-built made hardware.
The most common wallet available for Litecoin is Litecoin-Qt. Built for Linux, Windows, and Mac OS X. It is based on Bitcoin’s Bitcoin-Qt wallet.
Buying and Selling Litecoin
There are numerous cryptocurrency exchanges where you can purchase Litecoins. I have written a guide explaining how to go about buying Litecoin with one exchange – Please see my postbode on How to buy Litecoins for more informatie.
After purchasing Litecoins you can loosely budge them to your wallet and back and/or to other exchanges to trade them.
After sending coins te your Litecoin-Qt client you should leave your client open until there is one confirmation.
When you send coins, your client will send an initial broadcast to peers. If the transaction does not receive a confirmation your client will send subsequent re-broadcasts. The subsequent re-broadcasts will toebijten within an hour of the initial broadcast and proceed indefinitely until the transaction gets a confirmation. Without leaving your client open, thesis re-broadcasts will not occur.
If other knots have just embarked up (e.g. no blockchain yet) or have flushed your transaction due to it not receiving a confirmation after an extended period of time, only the re-broadcast will get the transaction back into that knot’s memory pool.
Once a transaction has at least one confirmation tho’, there is no further need to leave your client open. There are some corner cases where that’s not true (e.g. a block reorg occurs and that transaction confirmation no longer is valid, etc.) but te almost every example once a transaction has a confirmation it then no longer needs to be re-broadcast.