Litecoin

6 min read

What is a Litecoin

Litecoin was created in its early days as the lowest value version of bitcoin, just as bitcoins is gold Litecoin is silver. In essence they are practically the same as Bitcoin, but with some details like

-That bitcoin has a ceiling of 21 million coins that may exist while Litecoin has a ceiling of 84 million

– The mining time per block in bitcoin is 10 minutes while in Litecoin it is 2.5 minutes

The transaction times of Litecoin are faster than those of Bitcoin, being so similar to bitcoin they have started to use it as a test platform for Bitcoin some new technology that they are not very sure how it will work first they apply it to Litecoin as they are sure how it reacts and then apply it to Bitcoin.

Measured by market capitalization, Litecoin is the third-largest cryptocurrency after bitcoin and XRP. Litecoin, like its contemporaries, functions in one sense as an online payment system. Like PayPal or a bank’s online network, users can use it to transfer currency to one another. But instead of using U.S. dollars, Litecoin conducts transactions in units of Litecoin. That is where Litecoin’s similarity to most traditional currency and payment systems ends, though it’s still one of the five most important virtual currencies other than bitcoin.

How to mine Litecoin

If we wonder how mining Litecoin is like most cryptocurrencies that use POW (Proof Of Work), what varies are the methods used to mine it, here we present the 3 methods you can use to mine Litecoin

-this method is for mining alone with which you have to have a large amount of resources to be able to start mining alone otherwise the profits will never be seen and for this we must do: create a Litecoin wallet.

We choose the hardware. Compare the hardware options available to mine Litecoin; For example, will you set up a platform with multiple GPUs or invest in an ASIC miner? Remember to consider the cost of energy and adequate ventilation when organizing your installation.

Software installation. If you are using an ASIC miner, your hardware most likely came with pre-installed mining software. If you’re mining with a graphics card, you’ll need to download and install free mining software, so be sure to research your options and download only from trusted websites.

-The following method is how to mine using a mining pool is practically the same as above, the only thing is that before starting to mine we must Choose a mining pool. Compare the rewards, fees, minimum payouts and other features offered by a range of Litecoin mining pools. You may even want to sample a couple of pools before deciding on one for the long term. Please note that some pools will require you to use recommended software

Start mining. Make sure your LTC rewards are moved to a private wallet as soon as possible. Recalculate the cost of mining regularly to ensure that your operation remains cost-effective.

-Another method of mining is cloud mining, here it varies a bit since we must also look for a mining pool but first we must choose a cloud mining company. Do your research to find out what services are available and what benefits they offer. Remember that cloud mining scams are a very real risk, so it’s essential to make sure you’re dealing with a reputable provider.

Select a mining package. Take a look at the mining contracts on offer from your chosen company. How much do they cost? How long do they run for? What mining equipment will be used? What sort of payout can you expect? Is it possible to customize a package that better suits your requirements?

Then we select a mining pool and we can start mining from the cloud.

How to buy Litecoin

Litecoin can be bought or sold in many markets or on its own page, one of these markets is Litecoin and to buy it is quite easy.

All you need to do is enter here and select how much you want to buy by entering the amount in euros you want to buy in this cryptocurrency, then select LTC that is found in a large number of other cryptocurrencies that you can also buy on our page and then you click the buy button.

Doing this will take you to another page where you will fill in some data that is to link your wallet where the cryptos will be deposited then you will have to enter your Tag payment, telephone and email.

Followed by this you will have to select the payment method which you can select whether to pay in cryptocurrencies, credit / debit card or with a bank transfer, you have to solve a captcha and press the button to continue and that’s it.