Still researching the online ways to get rich? Always paying attention on what’s new on cryptocurrency market? Nothing bad with the new, but we are showing you, now, that you could also try on the not so new solutions. Maybe you haven’t paid much attention to a cryptocurrency, called Litecoin, or LTC.
And no, it’s not new, It was created in 2011 under MIT license, but it can surely improve your earnings in a strong way this year.
Who is Litecoin
LTC is an opensource alternative to Bitcoin. It appeared right after Bitcoin, Ethereum and Ripple. Practically, LTC and the other three are just like the musketeers on the cryptocurrency market, thus shaping a powerful rectangle for online business and mining.
Not only the profitability is equal to that of Bitcoin, but also the investment safety level.
Unlike Bitcoin, Litecoin grants faster confirmations for transactions. The time for a block generation is 2,5 minutes, as compared to 10 minutes for Bitcoin.
It is a peer-to-peer cryptocurrency, created on a similar protocol to Bitcoin. However, LTC uses a scrypt algorithm, the proof-of-work mining algorithm, thus requiring an intensive computer memory. Due to the fast generation of new blocks, the system can process several transactions at once. Thus Litecoin’s blockchains (transaction history) are wider.
Payments are made towards addresses based on digital signature, and are represented by 33 mixed letter-figure series. Of course, always starting with an L.
How to make money with LTC
Market Value. You’ll find yourself on an LTC market with a maximum supply of 84.000.000 LTC. Whereas, the circulating supply amounts to 64.123.209 LTC. The price of one Litecoin grows around 70$ these days, and it started in 2011, around 4$. I am pretty sure you already started calculating the amount to which this market rises, as well as the profit that you could have already made since 2011. But it is never to late to start. As, we all know. Dealing with cryprocurrency still makes people rich.
Also, please find out that it operates with several subunits. We talk about Litoshi (= 0,00000001 LTC), microcoin (0,00000 LTC) and millicoin (0,001 LTC).
Mining or Purchase. LTC is a decentralised currency. Thus there is not a single central point or a sole administrator. So, you have the option to acquire Litecoin by mining it on cloud services. Then, there is also the option of purchasing LTC from specialized exchange platforms, and keep them physically in your own poket, or in cold wallets (hardware) or hot wallets (digital). However we are interested here about the ways for you to become a first rank player on LTC market, meaning to get into full mining activity.
What you need for mining
Litecoin is really easy to mine, because you need only the PC and the internet. No special professional hardware required, like with other cryptocurrency. This is the most secure manner for you to acquire LTC and to resale it. The cloud mining systems are world-wide spread, and go beyond any governmental impositions. If you start mining for LTC, you will become a miner, a part of this continously spreading community. Plus you will embark on a directly active role, that further increases the value of your investment.
There are numerous mining portals for you to choose from, and become a miner. However they all work similarly and your participation is the same. As miner you are the one to process and verify all the transactions, the platform will only grant you their computig power and safety systems. Your job is to focus on supervising markets and choose a pool where to mine on. Thus you contribute to the mining community and you are rewarded Litecoins.
How mining brings you money
The mining activity will bring you LTC rewards from the cloud system. These are rewards from completing blocks of transactions, that you have to verify first. You are being successful if you discover solutions to a complex digit number. Your success is also depending on the total mining power on the network.
You are practically getting paid for having an auditor activity. The verification process for each cryptocurrency transaction eliminates the „double-spending’ issue.
What is this double-spending you might ask? This situation appears when an LTC owner spends the same coin twice, as there is a risk of making a copy of the digital token, thus using it in two places. One covered, one fake cryptocurrency. So you hunt counterfit cryptocurrency and get rewarded for this.
Once you have verified one block (1 megabyte of information) you are eligible to receive LTC. You will not automatically receive LTC. You will earn it only if you are the first miner to get to the right answer for this numeric problem (which is the proof-of-work).
It is somehow a matter of luck but also of numbers. The more blocks you verify, the more chances to be the first miner to solve the issue and to receive Litecoin.That’s why it pays off to enter the Litecoin game, as its blocks are faster generated (every 2,5 minutes), as we already mentioned before.
And don’t worry. The numeric problem to solve is actually just a guesswork. You don’t have to play tricky games. You just have to find the correct digit number (the hash). So a lot of guessworking, until it matches.
Will LTC increase its value furthermore?
It has a lot of potential to appreciate on the market, with time. And this is due to the fact that the amount of coins issued is limited. So the success of Litecoin is dependent of the awarness of people and the success in gaining credibility and captivating the attention of a wider number of people to invest in it. And it is currently growing
This is, in fact, a good part of the whole deal. You yourself can directly and actively participate to its success. By investing in it and become a promoter.
Uses for Litecoin
Besides its long-term/ short-term investment value, Litecoine started to be of interest for the retail/trade market. It is so far used as an exchange currency on this market, in very few places, but nevertheless it is. Let’s not forget that, generally, the cryptocurrency have just started to be used as such, but they are continously increasing in popularity. Again, as we said before, you can become an active player, that continuously increases Litecoin value.