10 things you did not know about Litecoin yet

Litecoin (LTC) is a cryptocurrency. It is also an open source and decentralized peer-to-peer network supported by cryptographic math to protect transactions. Thanks to its rapid transaction process, it is gaining a lot of attention from traders and investors from all over the world. The financial system will use the dozens of digital currencies and its network, and Litecoin could be one of these thanks to its emerging characteristics.

Below are 10 things mentioned on Litecoin and you must know them before entering his world.

History

Litecoin was created by MIT graduate and former Google engineer Charlie Lee. It was launched on GitHub as Bitcoin soft fork on October 7, 2011 and its network was published on October 13, 2018. The goal was to integrate the Bitcoin network, not to compete with Bitcoin. In November 2013, Litecoin's market capitalization was about $ 1 billion. It was one of the top 5 digital currencies in May 2017 for the adoption of Segregated Witness (SegWit).

S-crypt algorithm

Litecoin works with a Scrypt hashing proof-of-work algorithm that allows miners to solve the Scrypt hash function to add a new block and will be rewarded in return. The algorithm includes SHA-256 and its calculations are well organized. It is known as a "hard memory problem" because it supports a large amount of high-speed RAM.

Litecoin wallet

Litecoin wallets help you preserve and protect your cryptocurrency. The Ledger Nano S portfolio offers a secure way to store and manage more than 700 ERC20 tokens and tokens, supporting some major cryptocurrencies like Bitcoin Cash (BTC) and Dash (DASH). TREZOR Wallet provides security and advanced supports Dogecoin (DOGE) and Namecoin (NMC). Exodus' portfolio has a very interactive user interface, available on Mac, Linux and Windows, and also supports Bitcoin (BTC) and Ethereum (ETH). Jaxx & # 39; s Wallet is a multi-currency portfolio that supports Bitcoin Cash (BCH) and Dawn (EOS), available on iOS, Android and Google Chrome.

Litecoin Mining

Litecoin mining helps to protect the network, verify transactions and generate new Litecoin which are given in prize to miners. It depends on the portfolios, hardware, software, operating system and Litecoin pool. Some of Litecoin's mines are Solo mining, Mining pool and Cloud mining. Mining in the mine has no help hands. The data mining pool offers the possibility for 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 using hardware and software.

Litecoin market

Litecoin is one of the top 10 digital currencies by market capitalization. At the time of writing, Litecoin's market capitalization is $ 1,495,560.687 USD, trade volume is $ 448,434.862 and the current supply is59509717 LTC. According to Statist, Litecoin price reached its all-time high with $ 237.57 USD in December 2017. In January 2018 it was approximately $ 163.53 USD and is about $ 32.01 USD in November 2018.

Extraction hardware AND Software

Both mining software and hardware play an important role in increasing the power of block resolution. The extraction software includes Antminer L3 ++, Bittech L1 and Innosilicon A4. Antminer L3 ++ uses Scrypt, offers 580 MHz / s and has an energy consumption of 942 watts. Bittech L1 Scrypt mines, offers 2,300,000,000 hash / second installments and has 2600W of power consumption. Optimized LTC extraction ASIC Innosilicon A4 offers 4Mh per chip performance and offers 1.5 W / MH. Some of the mining software of Litecoin are SGMiner, CGminer, CPU Miner, CUDA Miner, GUIMiner-scrypt, BFGMiner, MultiMiner, ScryptMiner GUI and Reaper.

How to buy Litecoin

It is necessary to have a Litecoin wallet in order to conserve and protect Litecoin prior to purchase. So, you have to look for an exchange that sells Litecoin. Creating an account is a must in the respective exchange. You need to deposit fiat so you can receive Litecoin in your wallet. You can purchase the Litecoin wallet separately or buy it from the respective stock exchange.

Where to spend Litecoin

Most companies accept Litecoin as a payment method. Some of the best companies are the Ellenet IT service, Sean's Outpost, eGifter, KnCMiner, Benz And Beamer, VPN, Bitcoin Shop and Steam. It is also used in China's online shopping market such as Tabao Age.

Mineral profitability

Litecoin's mining profitability depends on certain factors such as mining difficulties, hardware efficiency, hash power of hardware, electricity costs and Litecoin price. You can use Litecoin mining computers to estimate potential mining profitability. Some of the Litecoin mining calculators are CryptoCompare, CoinWarz, LitecoinPool and HashGains.

Deficiencies of Litecoin

Your Litecoin wallet can not be recovered if it is lost once. Taking the backup of the file and following the security measures are the best ways to cope with the negative situation in the long run. Most countries do not support Litecoin as a payment method because it is not designed to support taxation. If Bitcoin makes the transaction process fast, then Litecoin may not be at the height.

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