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Litecoin: 10 Things You Did Not Know

Litecoin (LTC) is a cryptocurrency. It is also an open source and decentralized software project 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 their 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.

History

Litecoin is designed to transfer funds in a secure way.

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Litecoin was created by the MIT graduate and the former Google engineer Charlie Lee. It was released on GitHub as a fork of the Bitcoin Core client on 7 October 2011, and its network went live on 13 October 2011. 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).

S-crypt Algorithm

Litecoin is designed to transfer funds in a secure way.

Pixabay/geralt

Litecoin operates with a Scrypt algorithm. Miners have to solve a mathematical problem 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 huge amount of high-speed RAM.

Litecoin Wallets

Litecoin is designed to transfer funds in a secure way.

Pixabay/Artturi_Mantysaari

Litecoin wallets help you to store and secure your Litecoin. 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) along with Litecoin (LTC). TREZOR Wallet provides advanced security and supports Dogecoin (DOGE) and Namecoin (NMC) along with LTC. Exodus wallet has a very interactive user interface, available on Mac, Linux, and Windows and it also supports Bitcoin (BTC) and Ethereum (ETH) along with LTC. Jaxx Wallet is a multi-currency wallet that supports Bitcoin Cash (BCH) and Dawn (EOS) along with LTC, available on iOS, Android, Windows, Linux, Mac OS X, and Google Chrome extension.

Litecoin Mining

Litecoin is designed to transfer funds in a secure way.

Pixabay/LauraTara

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. There are three types of Litecoin mining viz., 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 Market

Litecoin is designed to transfer funds in a secure way.

Pixabay/Litecoin Market

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 is 59,509,717 . 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.

Litecoin Mining Hardware And Software

Litecoin is designed to transfer funds in a secure way.

Pixabay/rebcenter-moscow

Both Litecoin mining hardware and software play an important role to boost mathematical equations solving power. Mining hardware 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. 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

Litecoin is designed to transfer funds in a secure way.

Pixabay/Bru-nO

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 Litecoin into the wallet. You can either purchase Litecoin wallet separately or purchase it from the respective exchange.

Where To Spend Litecoin

Litecoin is designed to transfer funds in a secure way.

Pixabay/mohamed_hassan

Most businesses are accepting 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.

Mining Profitability

Litecoin is designed to transfer funds in a secure way.

Pixabay/Alexsander-777

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 determine the potential mining profitability. Some of the Litecoin mining calculators are CryptoCompare, CoinWarz, LitecoinPool, and HashGains.

Litecoin Shortcomings

Litecoin is designed to transfer funds in a secure way.

Pixabay/EivindPedersen

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. 

[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. ]
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Shabnam Dhar is a Copy Editor for OWLT Market.

  1. Jaxx supports more than just mobile platforms – it also supports Windows, MacOS/OSX, and Linux – please update your article!

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