The Beginners Guide Of Litecoin

The Beginners Guide Of Litecoin. Explained!

The Beginners Guide Of Litecoin. Explained!

Digital money or cryptocurrency is a huge deal since it came on the market in 2008. Bitcoin was the first and the king of all cryptocurrencies from then. It was tarted market value at $0.05 and reached the highest price of all time high $19,783 in 2017 and right now it has a market value of around $4000. Surely bitcoin had so many ups and downs but it made a big impact on the digital world. Litecoin is one of them. So, here is the Beginners Guide Of Litecoin. Expert Explained!

Developers and companies are having high hopes on cryptocurrencies. That is how we have see nearly 1600+ different cryptocurrency today. Now one thing we can guess already that all those cryptocurrencies will not have great success in the future. Maybe some of those will not even last for years.

Guide About Litecoin

Now bitcoin with its price range and history is little risky to buy these days. And as we know, all those 1600+ cryptocurrencies not gonna have a great future. So where are you going to invest your money right now?

Well, that is why I am here to let you know details about the beginner’s guide of litecoin.  So tech guys in this article I am going to explain everything about Litecoin. Now if you are a beginner at Litecoin I recommend you to read this post as a research guide.

In this guide, you will get to know all of the things about litecoin. So this is basically The beginner’s Guide Of Litecoin.

Guide Of Litecoin
The beginners Guide Of Litecoin.

Now among all those cryptocurrencies, Litecoin belongs to the successful side with a bright future. With a starting value of $0.03. It came a long way without any big price drop. Its current market value is $38 per coin with a good balance of ups and downs. Which means after investing your money if you notice that the price is going low, all you have to do is wait with patience and you will see the improvement of value. Now lets read more The Beginners Guide Of Litecoin.

The beginning of Litecoin:

A computer scientist, Former Engineering Director of Coinbase and Google employee Charlie Lee released litecoin via an open source client on Github on 7th October 2011, later the litecoin network went live on 13th October 2011. One important thing about litecoin is, it is not a hard fork nor soft fork of bitcoin. To classify as a soft or hard fork it should share some of the related chains from the genesis block. Litecoin has a completely different chain right from the beginning. That is why it is considered as a source code fork. The total amount of litecoin will be 84 million.

Why Litecoin?

Litecoin is able to transfer funds in minutes at any location, any distance also without using high-priced wire transfer. The transaction speed of litecoin is about 2.5 minutes where bitcoin takes almost 10. Litecoin blockchain technology is one of the best in all digital currencies. Like every single transaction that happens in their currency network.All the information about that transaction is recorded in a block. All those blocks are attached to the blockchain. But the users always remain anonymous.

It is fast and got a huge amount of volume but another nice thing about litecoin is its algorithm. Unlike bitcoin’s SHA-256 hashing algorithm, litecoin uses a scrypt hashing algorithm. Both algorithms are powerful but SHA-256 is old and more complex for miners. Litecoin’s scrypt hashing algorithm is easier for miners.

How to get Litecoin:

If you want to get litecoin, it is normal that you have to buy it or mine it or convert your existing cryptocurrencies into litecoin. If you are looking forward to buying litecoin, you gotta make a plan on how to make the payment. Meeting face to face with hard cash is the most secure way. You can also use your credit/debit card and buy litecoin.

You can check it out to buy Litecoin here

Mining Litecoin:

If you think you have enough time and other resources to mine lite coin, surely you can give it a try. Now what is mining and what are the resources? as a beginners guide of litecoin, I am going to explain everything to you.

Mining is the process where your network plus your system get used in order to complete other transactions. How many transactions your system can get is totally depends on its own power. The more powerful your system is the more transaction data you going to receive. After those transactions, you end up getting a small reward percentage from there. That is how mining works.

Litecoin mining
Litecoin mining

Mining is always competitive and to stay ahead in mining games you always need a powerful computer. To make your computer powerful you going to need some gears, and assemble all those together. After noticing that both CPU and GPU are being used heavily to mine litecoin, its head decided to do things in a different way.

ASIC a scrypt mining system was developed then. If you buy any of those you have to remember, you can only mine scrypt algorithm with those things.

You also going to need to move those things where electricity price is cheap. You can use mining calculator and see the result if your current electricity cost and your system can give you any profit. Always do your own research before spending cash on these things.

Where to store your Litecoins?

There are so many websites out there who say they going to give you a secure wallet. But do not always trust all of them, before using any wallet check the site’s reputation, the security level, two-step verification, advanced encryption, etc.

Choose a site who updates its system and makes improvements frequently. Check if the customer support is good enough and experienced enough. And always read the reviews about the users. Reading reviews will give you the best ideas about anything.

Storage Of Litecoin
Storage Of Litecoin

 

The second and best storage is an offline wallet. You download a system and use it offline. It is the most secure way. You can think like this, the offline wallet is like your bank and online wallet is like your pocket. You always keep the big amount in the bank and the daily necessary amount in your pocket. That is how you know if the online site disappears someday, it cannot take all your money.

Future of Litecoin?

Thank you for staying with me for this long in this The Beginners Guide Of Litecoin. Now the question is, Is the future bright enough for litecoin? Let me know about the question.

Future of Litecoin
The beginners Guide Of Litecoin.

Litecoin is not widely accepted as bitcoin but soon it will grow larger. It was in the top 5 cryptocurrencies in 2017 and still holding the number 7 position. There are other faster cryptocurrencies out there but they way litecoin came from the beginning, this is something you can use your time and patience.

With enough passion and patience, things are not difficult. And always do your own research before taking any big steps.  You can also check Top Cryptocurrency List.

Written by Raihan Kabir
Hi, I am Raihan Kabir. I love Cryptocurrency and Blockchain technology, that's why I read and research all about new articles on the cryptocurrency sphere. So my passion is to share my knowledge with everyone who love Bitcoin

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