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:
- Litecoin QT ( for Mac OS X, Windows, Android, Linux/GNU, and Blackberry)
- 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.
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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.
TokenPay (TPAY), Litecoin, and Verge (XVG) alliance about to transpire
Ever since the cryptocurrency sphere was met with the news of the partnership between Litecoin Foundation, TokenPay, and Verge (XVG), the idea of them coming together has been among the most controversial news to ever surface in the cryptocurrency world.
The collaboration managed to even draw the attention of one of the most renowned crypto-influencer and bitcoin campaigner, Tone Vays. In his usual style, Tone took to Twitter handle on hearing the news, tweeting and expressing his disapproval while criticizing the creators of the three cryptocurrencies for allowing such a move to occur.
In retaliation to the attacks from Tone, Charlie Lee, the MD, and founder of Litecoin (LTC) posted his clarification on Reddit on the 17th July in regards to the partnership. Litecoin’s CEO started by explaining the dissimilarities between Litecoin as a currency and Litecoin as a company.
In his remarks, he said that Litecoin as a blockchain and crypto network is a decentralized network, whereas Litecoin Foundation as a company is a centralized non-profit institution whose goal is to ensure Litecoin (LTC) is developed, adopted, and used. Charlie also mentioned that Litecoin’s cryptocurrency and blockchain technologies did not require his direct services at the moment hence his concentration on Litecoin Foundation.
Charlie Lee made his remarks known saying:
“If Litecoin Foundation (LF) is exposed to not doing a good job, nothing should prevent another organisation to step in and do a better job. This is…
Here’s Why This Coin Still Has Wings (WINGS)
WINGS, a decentralized crowdfunding platform based on the Ethereum blockchain, has had a great run over the past two months. Culminating in a peak of US $.23 just a few days ago, the currency behind the product has more than doubled since it’s lows of early September.
Despite the slight downturn WINGS is currently experiencing, this crypto-favorite may not be done running up the green candles on your favorite exchange just yet. A small drop like we had today was actually expected and could be considered healthy by long-term investors. These dips are also appreciated by those of us waiting to get in on a project we feel has real potential. WINGS has shown us that potential and is now presenting a great buying opportunity for speculators and traders looking for the next wave of support to lift this coin into the stratosphere.
What is WINGS?
WINGS was created to nurture project proposals via the Decentralized Autonomous Organization (DAO) model. Using blockchain networks and smart contracts, the platform allows the WINGS community to promote proposals with the greatest chance of positive returns. WINGS, in essence, is a decentralized forecasting ecosystem, where token holders are given an incentive to make choices concerning projects on the platform.
The DAO is a popular concept for crypto-projects that want to remain entirely on the web. Using the peer-to-peer technology of blockchain and smart contracts to enforce the rules of participation is…
4 Things That Will Make An Altcoin Successful
Since the crypto craze began, there have been hundreds of altcoins that have emerged and attempted to take over the world of crypto with their advanced and innovative ideas. While these days there are well over 2,000 individual coins, there have been many more to emerge and disappear, all within the last 10 years.
Clearly, having an idea and launching the coin itself is not enough. While it is by no means easy to do so, there are additional measures and rules that you, as an altcoin creator, need to consider if you want your coin to remain relevant. Clearly, not every idea can succeed, and after 10 years, it is quite difficult to present something new. However, cryptos are still a new technology, which is why there are still many unexplored possibilities that may allow you to reach success.
Secrets to altcoin success
1. Capturing the attention
As mentioned earlier, there is not a lot of things that are simple when it comes to creating altcoins. However, while your plan and idea make sense to you, no matter how complex they end up being, this will not be the case with potential investors. Many of them might give up on getting involved if they do not understand what the coin is all about, or if the road ahead seems too complicated and unclear.
This is why having an idea is not enough. What you need to…
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