What is Litecoin and how did it evolve
Depending on the peer-to-peer technology, Litecoin was created two years after Bitcoin by former Google engineer Charlie Lee in 2011. The coin ranks 9th among all cryptocurrencies by market cap. Litecoin is inspired by Bitcoin (BTC) and shares the same principle of technical realization. Its creation and transfer are based on an open-source encryption protocol and are not managed by any central authority. At the moment, Litecoin can be converted into fiat currency and most electronic currencies such Bitcoin through, primarily, online trading platforms. Compared with Bitcoin, Litecoin comes with faster transaction confirmation, higher network capacity, and improved efficiency. Litecoin now has a complete industrial chain and sufficient liquidity, which proves that it is a mature, safe, and stable commercial financial system.
How Litecoin Network works
Litecoin has many similar features to mainstream cryptocurrencies. So, if you know how Bitcoin works, you’re likely to have an easy time understanding Litecoin. In terms of the technical principle, like Bitcoin, Litecoin also adopts a decentralized structure and is not controlled by any central authority. Moreover, the issuance, trade, payment, and transfer of coins are all based on an open-source encryption algorithm, which is also modeled after the design of Bitcoin. However, Litecoin improved the existing flaws of Bitcoin, such as slow confirmation, low supply cap, the emergence of massive pools due to the PoW mechanism, etc. Litecoin is designed to change Bitcoin. In contrast, Litecoin has three distinct differences. Firstly, the Litecoin network can process one block every 2.5 minutes (rather than 10 minutes), thus providing faster transaction confirmation. Secondly, the Litecoin network is expected to produce 84 million coins, which is four times the amount of money issued by the Bitcoin network. Last but not the least, in its PoW algorithm, Litecoin used the Scrypt algorithm first proposed by Colin Percival, which makes it easier to mine Litecoin on regular PCs compared to Bitcoin mining.
How to get Litecoin
Like other popular cryptocurrencies, Litecoin can be bought on crypto exchanges in two ways. The first option is to buy Litecoin with other cryptocurrencies, such as BTC, ETH, USDT, etc., and the second option is to buy Litecoin with fiat currencies, such as dollars and euros, on an appropriate exchange.
Litecoin purchase on exchanges involves the following steps.
Step 1, you should get a Litecoin wallet, which is a prerequisite for trading such cryptocurrencies. Most websites or exchanges will provide the download link of a crypto wallet for buyers when they get registered.
Step 2, you will need to search for exchanges that support Litecoin, such as Coinbase.
Step 3, after setting up a crypto wallet and an account on one of the exchanges that support Litecoin, you can start trading Litecoin. You should bear in mind that the purchased Litecoin should be withdrawn into your wallet, be it a hot wallet or a cold wallet.
You can get Litecoin from GUP mining
Apart from this, you can also get the PoW-based Litecoin through mining. Litecoin adopts the Scrypt algorithm for mining and supports ASIC miners. Common Litecoin ASIC miners include AntMiner L3+ and L3++, Innosilicon A4, A4+, and A6, FusionSilicon X6, etc. Due to the high purchase and maintenance costs of mining machines, many crypto investors choose to get Litecoin through mining pools or cloud mining services. Right now, the market abounds with cloud mining platforms. Yet, the service quality and endorsement of these platforms greatly differ.
How to track your Litecoin transactions?
We usually depend on the blockchain to track Litecoin transactions, wallet addresses, balances, and block contents. Using a Litecoin block explorer, you can view, browse, and read this information. Block explorers are a must-have tool since they may assist you in a variety of ways during your cryptocurrency journey. The Litecoin block explorer serves as a search engine for data on the blockchain. You can look up past and current LTC transactions, wallet address balances, block summaries, and more. Blocks are data containers that store information such as the number of LTC transactions confirmed in a certain period, the number of Litecoin rewards given to miners, timestamps, and so on.
One of the following block explorers can help you find your Litecoin transaction: Litecoin Explorer or BlockCypher. To find your transaction, type your transaction ID, or TXID (available in your order overview), or your wallet address into the search bar.
How to predict Litecoin price
Some groups that represent mathematical and statistical factors to forecast the long-term success of investments have a positive outlook for Litecoin in the coming years.
As everybody sees that Litecoin ended at roughly $121 in 2020. From then on, it will keep dropping from $140 to $91 or even lower for the majority of the next three years. But many groups hold an optimistic picture of Litecoin price in 2024, with the asset returning to around $100 in the second half of the year. Some experts believe that Litecoin price correction will take place around this time, with the price of LTC dropping to roughly $250 in 2025. The price of LTC and its market capitalization is also affected by regional fluctuations. In Singapore, for example, a new shopping center has placed a Bitcoin and Litecoin ATM.
What apps are best for mining Litecoin?
Litecoin mining software is a set of specialized tools that mine cryptocurrency using your computer's processing capacity. You will earn a monetary incentive in the form of digital currency in exchange for your mining operation. With the correct equipment, a little knowledge, and patience, anyone can mine Litecoin. You may use free Litecoin mining software to start your crypto mining business. Start mining with one of the finest Litecoin mining pools software:
MultiMiner is a mining software that allows you to keep track of, configure, and control any MultiMiner rig on the network. This Litecoin mining software keeps track of all of your customizations up to that point on a separate, dedicated network. Pros: When mining is profitable, it sends out a notification alert. It allows you to keep track of, configure, and control any MultiMiner rig on your network. Cons: Advanced users have fewer customization possibilities. For Linux and macOS, you'll need additional applications.
Hashshiny is cloud mining software that makes it simple to locate successful mining pools. It makes use of the most up-to-date ASIC and GPU mining rigs. Within the application, it also provides a real-time mining hash rate. Pros: This Litecoin mining application assists you in determining which pools to mine. The backup of the database is done automatically. You have complete control over the mining process. PayPal and cryptocurrency wallets are among the payment options available. Cons: Mining costs are higher than those of other mining firms. Platforms supported: Android and iOS smartphones. Bitcoin, Ethereum, Dogecoin, Litecoin, and other cryptocurrencies are support
NiceHash is a Litecoin mining program that makes it simple to mine and exchange cryptocurrency. NiceHash's hash rate is competitive when compared to other Litecoin mining tools. Pros: You can manage all of your Litecoin mining efforts remotely with this application. This Litecoin miner app makes it simple to check your mining status. It allows you to manage your profile more easily. NiceHash has a calculator for calculating profitability. Cons: Transfer costs for Litecoin are greater than for other popular mining tools.
OXBTC provides cloud mining and hosting mining services since 2014, supporting Chinese, English, and Korean languages. It has served over 900,000 users in 50+ countries with professional and safe services. There are Bitcoin, Etherum, and IPFS mining hashrate available on this platform.
- Low maintenance fees
- Cheap cloud mining prices
- Profitable contracts are available
- Bitcoin deposits
- Possibility to sell hash power
- Limited payment methods are available (Bitcoin, Litecoin, Ether)
- The service owners don’t reveal any information about themselves publicly.
As a platform that focuses on providing specialized cloud services, OXBTC mainly offers spots in secure and stable mining farms, the real-time monitoring of hashing power, affordable electricity fee, and the repair and maintenance of mining machines. Users of OXBTC services can choose to purchase or rent mining rigs. With OXBTC, you will not need to show up in person for any problem that may occur during the operation of mining machines. Instead, you can view the operation and maintenance of your mining machines on a smartphone.