Litecoin (LTC) is a cryptocurrency. It is also an open source and decentralized peer-to-peer network backed by cryptographic math to secure transactions. It is garnering a lot of attention from merchants and investors across the globe due to its fast transactions process. The financial system will use the dozens of digital currencies and its network, and Litecoin could be one of them due to its emerging features.
Mentioned below are 10 things about Litecoin and you must know them before stepping into its world.
Litecoin was created by MIT graduate and former Google engineer Charlie Lee. It was launched on GitHub as a soft fork of Bitcoin on October 7, 2011, and its network went live on October 13, 2018. The aim was to complement Bitcoin’s network, not to compete with Bitcoin. In November 2013, the market capitalization of Litecoin was around $1 billion. It was one of the top-5 digital currencies in May 2017 for adopting Segregated Witness (SegWit).
Litecoin works with a proof-of-work hashing algorithm Scrypt which enables miners to solve the Scrypt hash function in order to add a new block and they will be rewarded in return. The algorithm includes SHA-256 and its calculations are well-organized. It is known as a ‘memory hard problem’ because it supports a large amount of high-speed RAM.
Litecoin wallets help you store and secure your cryptocurrency. Ledger Nano S wallet provides a secure way to store and manage more than 700 coins and ERC20 tokens, supporting a few major cryptocurrencies like Bitcoin Cash (BTC) and Dash (DASH). TREZOR Wallet provides advanced security and supports Dogecoin (DOGE) and Namecoin (NMC). Exodus’s wallet has a very interactive user interface, available on Mac, Linux and Windows, and it also supports Bitcoin (BTC) and Ethereum (ETH). Jaxx’s Wallet is a multi-currency wallet that supports Bitcoin Cash (BCH) and Dawn (EOS), available on iOS, Android and Google Chrome.
Litecoin mining helps to secure network, verify transactions and generate new Litecoins which are given as a reward to miners. It depends on Litecoin wallets, hardware, software, operating system and pool. Some of the Litecoin minings are Solo mining, Mining pool and Cloud mining. Solo mining has no helping hands. Mining pool gives a chance to a group of miners to solve complex algorithms by sharing processing power and dividing profits accordingly. Cloud mining uses a remote data center and shares processing power without utilizing hardware and software.
Litecoin is one of the top 10 digital currencies by the market capitalization. At the time of writing, the market cap of Litecoin is $1,495,560,687 USD, the trading volume is $448,434,862 and the circulating supply is59,509,717 LTC. According to Statista, Litecoin price has soared its all-time high with $237.57 USD in December 2017. In January 2018, it was around $163.53 USD and it is around $32.01 USD in November 2018.
Mining Hardware And Software
Both mining software and hardware play an important role to boost the block solving power. Mining software includes Antminer L3++, Bittech L1 and Innosilicon A4. Antminer L3++ uses Scrypt, offers a 580 MHz/s and has 942 watts of power usage. Bittech L1 mines Scrypt, offers 2,300,000,000 Hash/per second rate and has 2600W of power usage. Optimized LTC mining ASIC Innosilicon A4 provides 4Mhs per chip performance and offers 1.5W/MHs. Some of the Litecoin mining software are SGMiner, CGminer, CPU Miner, CUDA Miner, GUIMiner-scrypt, BFGMiner, MultiMiner, ScryptMiner GUI and Reaper.
How To Buy Litecoin
You need to have a Litecoin wallet in order to store and secure your Litecoin before purchasing it. Then, you have to look out for an exchange that sells Litecoin. Creating an account is a must in the respective exchange. You need to deposit fiat so that you can receive the Litecoins into the wallet. You can either purchase Litecoin wallet separately or purchase it from the respective exchange.
Where To Spend Litecoin
Most businesses are accepting the Litecoin as a payment method. Some of the top-most businesses are IT Service Ellenet, Sean’s Outpost, eGifter, KnCMiner, Benz And Beamer, VPN, Bitcoin Shop and Steam. It is also used on China’s Top Online Shopping Marketplace like Tabao Age.
Litecoin mining profitability depends upon a few factors like mining difficulty, hardware efficiency, the hash power of your hardware, electricity costs and the price of Litecoin. You can use Litecoin mining calculators to estimate the potential mining profitability. Some of the Litecoin mining calculators are CryptoCompare, CoinWarz, LitecoinPool and HashGains.
Your Litecoin wallet cannot be retrieved if it is lost once. Taking the back up of the file and following the safety measures are the better ways to cop-up with the bad situation in the long-run. Most countries don’t support Litecoin as a payment method because it is not designed to support taxation. If Bitcoin makes its transaction process speedy, then Litecoin can fall short to it.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]