Lite Coin. Overview and Basic Principles.
This article will describe in detail the Lite coin cryptocurrencies. You will learn a lot of interesting things, and also remember a lot that you forgot.
Lite coin in simple words
Cryptocurrency Litecoin is an alternative payment unit created according to the principles of cryptography and is a fork of Bitcoin. It has the properties of a typical digital asset:
- Information data about the transactions that have taken place are distributed according to the principles of the blockchain;
- The system is decentralized. It functions without the intervention of the governing body or administration;
- Currency is not backed by GDP, securities or metals;
- It functions and is stored only in a virtual environment, has no material form;
- Has high volatility indicators. Currency exchange rate climbed 740% from early 2021 to peak in May;
- Can be mined through mining;
- Can be exchanged for fiat currencies.
Lite coun team
Charlie Lee created Litecoin while working at Google. At Google, Charlie has worked on several well-known projects such as Google Play, Chrome OS, and YouTube. Lee left Google in 2013 to pursue Coinbase full-time. Coinbase is now one of the largest cryptocurrency exchanges in the world. However, Charlie has already left her and devoted himself entirely to Litecoin.
Lite coin value. Litoshi
Most expensive assets are usually divided into fractional parts. It get their own name for convenience – the principle is the same as that of traditional monetary units. So, not every investor can and wants to acquire a whole btc and spend $ 45,000. Rather, he will spend the constituent parts of this asset. Litoshi is the smallest part of one Litecoin coin. Each Litecoin is measured in litoshi. The appearance of the Litoshi unit is due to the growth of the cryptocurrency rate. One Litecoin is divisible by 100 million units, and the smallest fraction is 0, 00000001 LTC. It is worth highlighting the intermediate units of measurement – microlite, millilit, litsent and others.
Let’s take a closer look at how many Litoshi are in Lite coin:
1 Litoshi – 0.00000001 LTC.
10 Litoshi – 0.00000010 LTC.
100 Litoshi – 0.00000100 LTC – 1 LTC (micro-litcoin, yulite, microlite).
1,000 Litoshi – 0.00001000 LTC.
10,000 Litoshi – 0.00010000 LTC.
100,000 Litoshi – 0.00100000 LTC – 1 mLTC (milli-litcoin, milliliter, milliliter).
1,000,000 Litoshi – 0.01000000 LTC – 1 cLTC (cento-litcoin, litcent).
10,000,000 Litoshi – 0.10000000 LTC.
100,000,000 Litoshi – 1.00000000 LTC.
Lite coin usd
Each can always find the current rate of this coin on my blog at the bottom of each page. If you want to see the dynamics of this coin and find out other analytics, you can use this site.
Invest Lite coin
You can invest Lite coin in many ways. The first method: buying a coin on the exchange with further resale and getting a profit. Second way is the investment platforms. These are sites that offer profit after a certain period of time.
You can find the current platforms for earning lite coins here.
Litecoin cryptocurrency is very easy to buy:
- In the exchanger. You can exchange currency at 365 CASH. Full review of the 365 CASH online exchanger at this link;
- On the cryptocurrency exchange;
- Other users. Current proposals for the implementation of cryptocurrencies can be found on the websites of BTC Trade, BitFlip, etc.
List of Lite coin wallets
There are four ways to store Litecoin. The range of wallets is as follows:
- Online wallets – on websites or built into browsers. Not very reliable, but convenient option;
- Desktop – heavy software that is installed on a computer and operates offline. It’s almost impossible to hack it;
- Paper – a coupon with a randomly generated key and code. It is not the most convenient option;
- Hardware wallets are a small storage device, something like a USB stick. The most expensive, but also the most reliable option.
Popular Lite coin wallets
There are a large number of cryptocurrency wallets. The best of them are:
- Exodus is a desktop and mobile version with a user-friendly interface that is understandable even for a beginner. Of the pros – free installation.
You can find a full review of the wallet at this link on my blog;
- Ledger Nano S is a hardware model from a French manufacturer. Its cost is $ 1000 (maybe less or more, depending on the store), but it justifies its price. Because it is universal, it is suitable for most currencies;
- Jaxx is an online wallet that is fast and convenient. There is a smartphone application – with it, the balance and the course are tracked anywhere.
Almost all currency exchange resources allow you to convert dollars to Litecoin and vice versa. Also, almost all cryptocurrency exchanges work with the popular coin. Thanks to the review of courses on cryptocurrency resources, you can make the most profitable deal. Consider the cryptocurrency exchanges that offer to exchange Litecoin:
- BINANCE is the world’s # 1 exchange in terms of trading volume. The commission for buying Litecoin is only 0.1%, which is why the exchange constantly attracts new customers. The exchange is currently a fast-growing service that has its own BNB cryptocurrency. The exchange is capable of processing up to 1.4 million orders per minute.
- EXMO is a popular platform with a large number of trading pairs. It exchanges Litecoin cryptocurrency for many other coins. To get started, you need to go through a short registration and accept the terms of the exchange. Verification is not required, but the procedure opens up additional opportunities. The balance is replenished through bank cards, payment systems and transfers. Cryptocurrency top-ups are available without commissions.
- HYOBI. The exchange has five years of experience with cryptocurrencies, including Litecoin. The exchange ranks third in the world in terms of total trading volume. The total amount of user assets on this platform is $ 10 billion. There is a compensation system and a protective system for investors, and the exchange service has been translated into 13 languages.
Lite coin price
Litecoin appeared back in 2013 and has come a long way. Today, two peaks in the price of this coin can be identified. The first peak is December 2017. The price per coin rose to $ 350. The second peak was in 2021. The price for Litecoin was about the same. Namely, about $ 350. For 2021, the coin is in a stable condition. At the beginning of the year, the cost was $ 150. The coin value today (September 2021) is $ 160.
In my opinion, this coin has good growth prospects. At the moment it is in my investment portfolio. I hope for its further growth and increase in capitalization.
The main similarities between Litecoin and Bitcoin
All cryptocurrencies are similar in technical parameters, and at the same time have a number of distinctive features. This also applies to the comparative characteristics of BTC and LTC. Let’s look at the similarities:
- Both systems are decentralized – they have no administration or governing body;
- The emission of coins is limited – above you can see how many LTC and BTC coins are in total;
- They work on the principles of blockchain technology, lightcoin and bitcoin are anonymous: they do not require personal information during work;
- They do not have the status of an official means of payment;
- Divided into constituent units (see the section “How many litoshi are in 1 litecoin”).
LTC advantages over Bitcoin
Litecoin has its own advantages over its “big brother”:
- Quantity. The number of coins that can be created is limited to 84,000,000 LTC. For comparison, the older brother has a limit of 21 million BTC;
- Complexity. The difficulty of creating blocks is recalculated every 3.5 days, which is faster than Bitcoin.
- New blocks. A block is created every 2.5 minutes, which is 4 times less than that of Bitcoin. This allows for faster confirmation of transactions;
- Reward. Initially, the reward for the created block was 50 LTC. This reward will be reduced by 2 times every 840,000 blocks and on 25 August 2015 it was reduced to 25 LTC;
- Generation. Mining Litecoins on graphics devices (video cards) is less efficient than mining Bitcoins. If graphics devices are 20 times more efficient than a processor when generating Bitcoin. Then in the case of Litecoin this difference is 2 times less and amounts to 10 times;
Disadvantages of Litecoin
And about the disadvantages:
- The cost of litecoin is an order of magnitude lower than BTC or ETH;
- Mining may not pay off;
- Strongly depends on the market situation and often changes its course, is not as stable as the MTC;
- The main disadvantage is industrial mining – it leaves no room for competition;
- Like any other cryptocurrency, it can be hacked and stolen by hackers.
Mining – the process of forming a new block in the blockchain system. Mining is essential for the cryptocurrency architecture to continue to exist.
In the process of mining cryptocurrency, the miner directs the computing power of his equipment to select the correct hash function for the next block. After which he receives a monetary reward, which is distributed in a given amount.
It is noteworthy that each crypto-system has its own algorithm that sets the tone for all subsequent emission. So, the Litecoin algorithm is called Scrypt.
Litecoin Mining Basics
To start with, you can collect LTC using processors – CPU and GPU. A budget option and a good alternative – in the same Bitcoin, such equipment is already considered insufficiently powerful and useless.
Mining is not much different from working with other cryptocurrencies. You can do it yourself, but many miners are already using pools.
A pool is a server that combines the computing power of the equipment of several participants for efficient mining of coins. After the hash function is selected and the block is solved, the same server distributes the reward among the owners, taking into account the commission fee.
LTC mining stages
In order to start receiving Litecoin, you need to create a wallet for storing coins: it is at this email address that the mined will get to you. You can’t get started without a wallet.
It also doesn’t hurt to choose a way of working:
- ASIC miners are integrated installations designed specifically for the extraction of electronic currencies. For example, Antminer L3 for Litecoin;
- Cloudmining is a dubious but viable option. Here you find a cloud mining service and rent computing power. From the pros – you do not need to buy your own equipment and spend money on its maintenance, you can adjust the amount of required capacity. Of the minuses, many services are unreliable pyramids.
- If you decide to mine on your hardware, it is worth downloading and installing a miner program, for example, GUI Miner.
Farm for mining Lite coin
A typical GPU farm for mining Litecoin or other cryptocurrency includes:
- 4-12 high power video cards.
- Any motherboard, as long as there are enough PCIe slots.
- The power supply unit is of such power that it could provide energy to all video cards and other elements. The efficiency is at least 90%. Example – Chieftec GPS-700 A8 700 W.
- RAM – no special requirements, but a minimum of 4 GB is desirable.
- SSD storage with a capacity of 60 GB or more.
- CPU. High power is not required, you can opt for a medium version such as the Pentium G4560.
It is important to provide additional cooling. Video cards will work very actively, at their maximum capabilities, so their standard coolers will not cope.
ASIC miner Lite coin
GPU mining is slowly becoming a thing of the past in Litekin mining, and most users are confident that, despite the strong resistance of the Scrypt algorithm, ASICs will soon become the only option.
An example of an ASIC for Litecoin is Antminer L3 + from Bitmain. Its hash rate (hash rate) is 504 mh / s, power consumption is 800 watts. Setting up an ASIC is much easier than setting up a GPU farm: just plug it into a power supply and a computer. In terms of compactness, it also surpasses the farm.
Mining with graphics cards
In 2021, the best video cards for mining Litecoin and other cryptocurrencies are:
- Radeon VII (16 GB memory, 4096 bit memory bus, 1750 MHz core, 4096 MHz memory frequency, 300 W power consumption).
- GeForce RTX 2080 Ti (11 GB memory, 352 bit memory bus, 1500 MHz core, 2750 MHz memory frequency, 220 W power consumption).
- RX 5700 XT (8 GB memory, 256 bit memory bus, 1680 MHz core, 1750 MHz memory frequency, 225 W power consumption).
The disadvantage of video cards is that they show much less efficiency than ASICs. To get a normal hash rate, you will need to purchase a large number of devices of the highest power. Economically it will be less profitable than buying an ASIC.
But there are also pluses. Video cards are less noisy, so they can be kept in the apartment. You can switch between different mining algorithms if it suddenly becomes unprofitable to mine Litecoin. And in case of complete uselessness, the cards can be easily sold or used for other purposes.
Mining on your own hardware
A lot has been said in this article about mining on your own equipment. First of all, for this method you will have to spend a lot: an ASIC miner costs from $ 800-1000, an Nvidia and AMD video card. The cost depends on the model – about half the price. But it will not be enough. You also need to choose the right software from the list of mining programs.
Problems can arise with the placement of equipment and payment for maintenance. It produces a lot of heat and noise, and also consumes a large amount of electricity. And it takes up a lot of space.
But you do not depend on anyone and do not risk anything, and the gadget that has become unnecessary can subsequently be sold at the original price. The demand for equipment is so great that there is a shortage in the market.
Cloud mining is considered to be very dangerous. Its main principle is this: you find a service that provides this service. Next, choose the algorithm and the amount of power you need. Then you pay for it and get it on lease for a certain period – most often for at least 1 month.
At the same time, the client does not need to do anything: only withdraw the profit. On some cloud mining services, pools need to be selected and configured manually. But it’s not difficult. The main risk associated with cloud mining is that these services are difficult to verify. Perhaps they have no office, no mining rigs, and all activities are a fragile pyramid. For this reason, inexperienced investors are advised to be careful.
Faucets are sites that pay money for performing certain actions: subscribing to communities on social networks, watching commercials, entering captcha, and the like.
It makes no sense to count on big profits in this area. In addition, there is a minimum withdrawal threshold. In order to get $ 10, you need to watch ads around the clock.
Litecoin faucets are unpopular and rare. If you want to buy Litecoin, be sure to read how and where you can buy litecoin profitably.
The main differences between mining Litecoin and Bitcoin
Litecoin was created as a fork of Bitcoin, but the process of working with blocks of these currencies is different for a number of reasons.
- Blocks. For Lightcon, block formation is the same as for Bitcoin. A distinctive feature is that different hash search functions are used. Litecoin uses Scrypt, while Bitcoin uses SHA-256.
- Mining. In the hash search function, Litecoin has its own peculiarity, which consists in the “serialization” of calculations, which is not the case with Bitcoin. As a result, the script needs more RAM, since the computing power alone is not enough. As a result, the race for hardware in the case of LTC is not as large as that of Bitcoin.
- Addresses. In the case of Litecoin, all transactions are carried out using addresses that are based on the use of a private and public key type. The difference lies in the number of symbols, since Litecoin has 33 of them, and they all begin with the number 3 or the Latin letter L. In Bitcoin, the number of digits can vary between 27 and 34, and they all characteristically begin with either 1 or 3.
- Transaction speed. Experienced miners claim that it takes an order of magnitude longer to create a block in Bitcoin than it takes to create a block in Litecoin. In the first case, it may take about 10 minutes, while for Litecoin this process is a maximum of 2.5 minutes.
- Number of coins. Bitcoin has a total of 21 million coins created, while Litecoin has 84 million.
- Atomic operations in the network. In 2021, the first transactions were carried out between Litecoin and a number of other cryptocurrencies. As a result of which the possibility of carrying out various kinds of operations between different types of blockchain using P2P technology was proved.
Lite coin news
This coin was created a long time ago. It was much earlier than the more popular Ethereum. But it has not reached a significant price. Of course, this does not mean that he has no prospects.
Sensitive to changes in the market, LTC is going through a small crisis with a decrease in price and volume of capitalization. After this period is over, the situation promises to return to normal.
Do not expect the price of the coin to reach the same scale as the Bitcoin. But positive user reviews and a good place in the ratings will allow her to stay on the middle line for a long time and be a convenient tool for investment.
Litecoin made its brightest jump after being listed on the Coinbase exchange, when the value of the coin exceeded investors’ expectations. The connection with Bitcoin has hindered further development. The collapse of “digital gold” was reflected in the Litecoin rate. Fast transactions and the implementation of the SegWit protocol give hope for the further development of Litecoin.
It is not worth waiting for Litecoin to approach its “ancestor”, but the platform is able to compete with Ethereum. Now the cost of ether is stable. The growth in the value of the currency is directly related to the Bitcoin exchange rate. If it grows, Litecoin will also grow.
There are no unambiguous predictions about the future development of Litecoin. Today LTC continues its downward trend and does not give any hints of a reversal. In conclusion, I can say that the volatility of the LTC rate is a good basis for trading, but investing in Litecoin for the long term is still too risky.