Week 1 – Jan 2018
Week 2 – Jan 2018
Week 3 – Jan 2018
Week 4 – Jan 2018
Week 1 – Jan 2018
Week 2 – Jan 2018
Week 3 – Jan 2018
Week 4 – Jan 2018
Litecoin is one of the first alt coins (a term given to all cryptocurrencies besides Bitcoin) and it was created by Charles Lee, a former employee of Google, back in 2011 as a fork of Bitcoin (a variation of the protocol) in order to facilitate a faster, lighter network.
It has taken the general idea behind Bitcoin, but with a few changes.
1-The block time is much faster – 2.5 minutes versus 10 minutes for Bitcoin.
2-The mining algorithm (scrypt, instead of SHA-256) blocks the use of powerful ASIC miners like the ones we have in Bitcoin.
3-The total number of Litecoins available is 84 million as opposed to Bitcoin’s 21 million.
For some time Litecoin was the biggest alt coin but since the rise of Ripple, Dash and Ethereum, it was pushed out of the top and for a long time now it is being overlooked and subsequently undervalued. Which is good news for first time buyers.
However recently Litecoin started booming again, mainly due to the fact they adopted the Segwit soft fork implementations and the super-fast Lightning Network solution. In February this year The Litecoin Foundation announced LitePay and LitePal – two major payment solutions that will catapult Litecoin to new highs in the cryptosphere. According to the press release, LitePay takes Litecoin out of the cyber realm and places it squarely in real life by allowing businesses to accept payment in Litecoin from anywhere on earth. Transactions will be super-fast and allow customers to pay for products and services in dollars with no transaction charges. A Litecoin wallet will also be available for all major mobile and desktop browsers and instant withdrawals from VISA compatible ATMs and spend with any VISA merchant will be possible.
This makes it an attractive “buy” for anyone looking to diversify their crypto portfolio.
First things first.
Before you buy, make sure you have a place to store it. An offline (cold storage) wallet is advisable but if that is too much expense right now, you can do with a free online wallet for a start.
My top choices for wallets are:
For first time buyers, I would say that the most popular website is Coinbase which is available in the United States, Canada, Europe, UK, Singapore, and Australia. The fees will come out to around 4% per purchase (some foreign currency fees might apply too depending on your region). I have been using this service for years.
BitPanda is based in Austria and is a crypto brokerage service. You can buy using a credit card from most European countries.
Paybis is a relatively new service and so far I’m seeing good feedback on it but I have not used it myself. It is a Latvian-based company and they work with a variety of payment processors such as Payza, Payeer, PErfect Money and even Paypal on some occasions so it is worth checking its availability in your region. Their fees are between 8-10% so not the lowest on the market but with its good deal of usability this may be a good website for you.
Coinbase is the easiest way to buy litecoins with a bank account or transfer.
Coinbase, like is is for credit cards, is available in the United States, Canada, Europe, UK, Singapore, and Australia. Americans can use ACH transfer (5-7 days wait), and Europeans can use SEPA transfer (1-3 days wait). The fees will come out to 1.49% per purchase.
BitPanda is based in Austria and is a crypto brokerage service. You can buy using SEPA transfer from most European countries. You can also use SOFORT, NETELLER, or GiroPay.
Paybis is also accepting bank transfers but this is usually a slow service so not the most preferred method in my experience.
There are Bitcoin ATMs that support Litecoin but these are hard to get by so this will not be your easiest option.
If you already have bitcoins then it is VERY simple to convert some of your BTC to litecoins.
You just need to find an exchange with the LTC/BTC pair, which is most exchanges since LTC/BTC is a very popular pair to trade.
Binance is now one of the largest if not the largest cryptocurrency exchange in the world. You can use the LTC/BTC and you can also have a knock-off the fees on Binance if you buy and hold their own coin BNB which is also a great way to diversify your holdings and benefit of a larger, more versatile portfolio.
Changelly is probably the fastest way to convert BTC to Litecoin. You just enter the amount of LTC you want to buy, and give them a LTC address. Then they will tell you how much BTC to send to their address. Once your BTC is sent, you will have LTC delivered to your wallet very shortly after.
Shapeshift is basically the same as Changelly, and was actually the first company to come up with the concept of an exchange that does not hold your own funds. Their fees are often steep and I don’t use it very much. It is integrated in Jaxx wallet so if you get that one, you don’t need to go to Shapeshift website, you can use it in-app.
BitPanda, mentioned above, also accepts Skrill payments for LTC. The fees will vary and are simply included in your buy price.
We will aim to answer many of the most common questions relating to buying Litecoin with Ethereum.
The issue in all crypto markets is liquidity. As the space gets bigger, the liquidity also gets better. But as of now, the only VERY liquid cryptocurrency is Bitcoin. So exchanging two altcoins between each other is often harder than if BTC was involved on one side of the trade.
Litecoin can take long to buy because the legacy banking system is very slow. If you are buying with another cryptocurrency, you will see how fast it is to buy!
Bank transfer in the USA, for example, take about 5 days to complete. So any purchase of Litecoin made with a US bank transfer will take a minimum of 5 days.
Yes, you can sell LTC on most of the exchanges mentioned above. The fees, speed, and privacy is the same in most cases.
Yes, litecoin, like Bitcoin, is divisible to many decimal places so you can buy 0.1 LTC, 0.001 LTC, etc.
Anyone is free to buy litecoins, as long as you find an exchange that supports your country. Most cryptocurrency wallets do not require ID to sign up so you can always make a wallet and get paid in litecoin, too.
If you have cheap electricity, it might be worth it to mine litecoins. If you have solar power or just want to mine for fun then it could be worth it. Otherwise, it’s probably better just to buy.
Mining is constantly changing and small changes in Litecoin price or electricity can greatly affect your profitability.
For speed, credit card will likely be fastest. For larger amounts, bank transfer is best. For privacy, it’s best to buy bitcoins with cash and then trade for litecoins using Changelly or Shapeshift.
I started my own paperly online Newspaper where I collect all the top Crypto reports and articles that shape up the current market so make sure you subscribe to it and receive your daily doze of all things Crypto directly into your inbox.
Check it out here: https://paper.li/e-1517017825#/
🔑A MUST HAVE !!!
Yes, this week Bitcoin surpassed the market cap of one of the biggest US exports, that of McDonald’s – the fast food chain in the world.
In other news, there is a new, obscure and very dubious looking hard fork coming in December called Super Bitcoin.
These and other news in my latest Bitcoin Simplified Webisode here:
If you are new to Bitcoin, you will find it hard to get your hands on some at first so here is a list of the most popular websites to buy Bitcoin.
🚩 Get $10 worth of Bitcoin on your first $100 purchase from Coinbase with this link:
🚩 Mining Bitcoin : My preferred service is provided by Genesis, whom I have been mining with for the past 2 years. Use the code 28Xwzx and get a discount every time you purchase hashpower to mine Bitcoin or Ethereum, Monero, Lite, Dash and more at:
🚩🚩Discount code : 28Xwzx (apply at purchase)
🏆 Best quick exchanger : http://bit.ly/2wB4g1D
🌐To Buy Bitcoin (also Ethereum, Lite, Dash) try these:
►BitPanda (BTC, ETH, DASH) http://bit.ly/2qIwK2N
►Coinbase (BTC, ETH, LITE) http://bit.ly/2meNAEf
►Luno (BTC) https://www.luno.com
►💎Useful wallets with internal exchange features:
►Coinomi : https://coinomi.com (android mobile app)
►Exodus : https://www.exodus.io/ (desktop app)
►Jaxx : https://jaxx.io/ (chrome ext; desktop app; mobile app)
Customers in UK and Europe – Bitpanda : http://bit.ly/2qIwK2N
Most preferred with cheapest rates: localbitcoins.com
Italy seems to like this website: http://www.coinbravo.com/
Zebpay : https://www.zebpay.com
for more, please post a comment so I can add it to this list, thank you!
🔑 A MUST HAVE !!!
►Ledger Nano S – Safest Hardware Wallet
Bitcoin has seen a precedent this year, with not one, but three hard forks to be completed before the end of 2017. If someone told me this a year ago, I would laugh at their face. Not so funny now though, is it?
We first had a hard fork in August, when the somewhat aggressive UASF BIP 148 threw the community into a commotion of FUD-fuelled speculation. That was seemingly resolved with the NY agreement and followed by a surprise last-minute hard-fork known as Bitcoin Cash. Now we are facing some further complications with Segwit2x adoption and a possible hard fork in November related to this.
But this time, let’s talk about another surprise hard-fork that came to light very recently and is due just in 5 days (October 25 -2017)
The Fork that no one is talking about.
From my conversation with Martin Kuvandzhiev (core developer at Bitcoin Gold), I think I found the answer to this question:
There is NO MARKETING.
None at all.
Easy to go unnoticed in the sea of heavily advertised ICOs and hyped up coins if there is zero capital and human workforce involved in marketing and publicity, don’t you agree.
They are still doing well, methinks, we are talking about Bitcoin fork after all, and there’s a million people out there anticipating the coming chain split and the potential of earning some extra “coins for free” which is what a hard fork is most known for these days…
I spent almost an hour chatting to Martin, trying to understand the potential of the Bitcoin Gold project and judge the possible future ahead.
And of course, as any investor or holder or Bitcoin, I am also excited at the opportunity to get some extra profit from something that doesn’t involve any specific effort on my part.
But as a Bitcoin supporter, I also feel that the more forks we see, the more diluted the main coin becomes and it reflects on its value. On the other hand, as we see now, the combined value of the main coin and the forks is often higher than the value of the coin prior to the fork, so it seems like a win-win scenario for many.
Overall, I found Martin to be very open and honest about the project with no attempt to hype anything, the key point that he managed to lay across is the fact that Bitcoin Gold is NOT trying to compete with Bitcoin, nor any other coin for that matter and that at the moment it is still a project mainly driven by ideology and passion. Quite the opposite of what many are speculating on Reddit. There were many claims of this project being a scam but Martin emphasized the decentralized nature of this project and the lack of controlling entity.
What is your take on Bitcoin Gold and are you excited to grab hold of those coins, would you BUY, HODL or SELL when you receive those tokens?
Here is my interview with Martin Kuvandzhiev where we addressed all concerns surrounding this fork. I specifically asked him about the rumors of pre-mined coins, replay protection, distribution and wallets, exchanges and much more.