Bitcoin came as a fantasy and was something never touched by the monarchists of finance, simply made by people for people. An autonomous option to exchange money all over the world quickly and inexpensively. Now the giants of the corporate sector see Bitcoin as something futuristic in the global payments market.
However, even with all this fame, Bitcoin has some problems. For example, the first takes 10 minutes to generate a block. In addition to this, the total bitcoin supply limit is 21 million. It is clear that there are some flaws. However, they provide imperfection in apparent perfect digital currency.
Litecoin is also known as the best bitcoin edition. It was launched three years after the arrival of Bitcoin. The genius who invented the Litecoin is a former Googler Charles Lee, who made a breakthrough in Bitcoin's open source code. That's why Litecoin is a better currency in real time.
Litecoin vs. Bitcoin
As is known, Litecoin is a decentralized peer-to-peer cryptocurrency like Bitcoin. Do not be controlled and managed by someone or something. Because of its advantages focused on the user, it became fast and the second cryptocurrency exchanged, keeping its place even in these days. In fact, many call bitcoin gold and litecoin as silver.
Users have noted that the transaction confirmation time for Litecoin is four times faster than Bitcoin. In addition to this, miners prefer Litecoin mining due to the shorter 2.5-minute block generation time.
In addition, Litecoin uses an S-Crypt algorithm that has a sequential memory a function made by Colin Percival. This feature has a huge advantage over the Bitcoin SHA256 algorithm. With huge advantages when we talk about extraction techniques and economic speeds. Thus, a single miner can choose to extract Litecoin on Bitcoin, an option that will save him time and money.
How is Litecoin consumed?
When it comes to mines, it is not very different from extracting Litecoin rather than Bitcoin. However, Bitcoin mining in the past has become expensive. Especially when the new ASIC machines arrived and they began to solve blocks quickly and with low electricity consumption. However, ASICs are quite expensive and add additional headaches to miners' investments.
For this kind of moments, scrypt mining is the best option for miners and can be done with a GPU machine or a CPU. There are also some specific ASIC miners for Scrypt coins. However, due to their low level of performance, they fell. It is known that scrypt is a method of eating memory. But cryptocurrencies can still be extracted at home on a PC with a powerful graphics card. Note that laptops with integrated graphics cards are not a Litecoin mining option.
How to set up a Litecoin wallet?
Before starting the Litecoin extraction, you need something very important to keep them, a wallet is the best option to keep it safe. In addition to storing miners, money can be used to transfer Litecoin. The process of downloading a portfolio is like downloading a MAC or Windows application. There are many open-source and independent software for Litecoin portfolio available as:
- Litecoin QT (for Mac OS X, Windows, Android, Linux / GNU and Blackberry)
- Electrum Litecoin
Which Hardware to choose?
If you do not feel rich enough, you have the option of using special mining hardware to extract Litecoin. So, you rely on your CPU or CPU + GPU. However, it is better to try much more expensive GPU machines, they have better computational characteristics than CPU machines.
The Litecoin mining software
After passing all the previous steps, you will need the software to start extracting Litecoin. CGMINER and CPU MINER are the most accessible on the market. To increase the power of block resolution you can use both.
Trade or keep?
After a day of Litecoin extraction, your earnings can be held or sold in the commercial market at a good price. The price of Litecoin has slightly decreased compared to last year. But it will soon reach the price of Bitcoin. This is why it is good to look at the technical aspects and the fundamentals of the Litecoin price before going on sale on the market. But you can be a believer and keep them. You can choose to exchange Litecoin on the internet or in 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 in-depth research before investing in any cryptocurrency and read our full disclaimer.