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Litecoin is Modified but a Better Bitcoin, Here is Why

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Bitcoin came as a fantasy and it was something never touched by the finance monarchists, simply made by people for people. An autonomous option to exchange money around the world in a fast and cheap way. Now the giants from the corporate field see Bitcoin as something futuristic in the global payment market.

However, even with all this fame, Bitcoin has a few issues. For instance, The first one takes 10 minutes to generate a block. Besides this, bitcoin’s total supply limit is 21 million. It’s clear that there are few flaws. Still, they deliver imperfection in apparent perfect digital currency.

Litecoin is also known as the better edition of bitcoin. It was launched three years after Bitcoin came to existence. The genius who invented the Litecoin is an ex-Googler Charles Lee, who made a twist in Bitcoin’s open source code. That’s why Litecoin is a better real-time currency.

Litecoin Vs. Bitcoin

As is known Litecoin is a decentralized peer-to-peer cryptocurrency as Bitcoin. Not being controlled and operated by someone or something. Because of its user-centric benefits, it has become fast and the second traded cryptocurrency, keeping its place even these days. In fact, many call bitcoin as gold and litecoin as silver.

Users noted the transaction confirmation time for Litecoin is like four times faster than Bitcoin. Besides this, miners prefer mining Litecoin because of less block generation time 2.5 minutes.

Moreover, Litecoin uses an S-Crypt algorithm having a sequential memory a function made by Colin Percival. This function has a huge advantage compared to Bitcoin’s SHA256 algorithm. With huge advantages when we talk about cost-effective mining and speed techniques. So, an individual miner can opt to mine Litecoin over Bitcoin, an option that will save him time and money.

How to Mine Litecoin?

When it comes to mining, it’s not too different to mine a Litecoin than a Bitcoin. Still, mining Bitcoin in the past time became expensive. Mostly when the new ASIC machines came and begun solving blocks fast and low electricity consumption. However, the ASICs its quite expensive adding more headaches to miners’ investment.

For this kind of moments, scrypt mining is the best option for miners and can be made with a GPU machine or a CPU. There are also some specific ASIC miners made for Scrypt coins. However, because of their low-performance rate they dropped. It’s known that scrypt is a memory eater method. But cryptocurrencies can still be mined home on a PC with a powerful graphics card. Note that laptops with integrated graphics cards are no option for mining Litecoin.

How to set a Litecoin Wallet?

Before you begin mining Litecoin, you need something very important to store them, a wallet is the best option to keep it secured. Besides storing miners, money can be used for transferring Litecoin. The downloading process of a wallet is as downloading a MAC or Windows application. There are many open-source and independent Litecoin wallet software available as:

  1. Litecoin QT ( for Mac OS X, Windows, Android, Linux/GNU, and Blackberry)
  2. Electrum Litecoin

What Hardware to choose?

If you don’t feel rich enough, you have a chance of using special mining hardware to mine Litecoin. So, you’ll rely on your CPU or CPU+GPU. Still, it’s better to try much more expensive GPU machines, they have better features for calculating than the CPU machines.

Litecoin’s mining software

After passing all the above steps, you’ll need software to begin mining Litecoin. The most accessible ones on the market are CGMINER and CPU MINER. To boost your block solving power you can use them both.

To trade or hold?

After a day of mining Litecoin, your earnings can be either held or sold in the trading market at a good price. The price of Litecoin has a slight decline compared to last year. But it’s close to reaching the Bitcoin price soon. That it is why is good to watch the technical aspects and fundamentals of Litecoin price before you move on to sell in the market. But you can be a believer and keep them. You can choose to exchange Litecoin on the internet or any other way that will sell them.

For real-time trade alerts and a daily breakdown of the crypto markets, sign up for Elite membership!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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