[Litecoin Prediction] What is Litecoin?
We are trying our best to take one cryptocurrency at a time and then discuss about it in detail.Most of the cryptocurrency experts are very optimistic about the future of Litecoin.Incase you are new to our blog then please do read our last article on iota. and Binance.We will be starting from scratch so that anyone and everyone can get benefited.Let's begin.
[What is Litecoin?]
Litecoin can be defined as a peer-to-peer internet currency or cryptocurrency that enables instant and very minimal cost payment to anyone in the world. Litecoin is an open source and fully decentralized cryptocurrency which came into limelight after it's price surged by more than 1000 percent within an year.Many people think that Litecoin was made to compete with Bitcoin but in fact the story is quite different.It was made with a view to complement the mother of cryptocurrency 'Bitcoin'.
Above screenshot from CoinMarketCap gives a clear picture of current position of Litecoin in the cryptocurrency world.
Above graph is scary isn't it?See the kind of ups and downs Litecoin has achieved.Litecoin was constant from June '13 till March '17 and suddenly the surge made all the difference.I term this cryptocurrency as a sleeping tiger.Trust me guys this cryptocurrency has lots of potential to disrupt the market.
[Who created Litecoin?]
Before we talk about this guy Let me ask you a simple question.Guess? Ok...Guys tell me How would you rate yourself on a scale of 1 to 10 and 10 being best for cryptocurrency knowledge?I will wait for your answer in comment section :)
The guy in the picture is creator,Litecoin.His name is Charlie Lee .He is an ex-google employee.He loves not only blogging but tweeting as well.I hope you too will love his popular tweets.
Litecoin is popularly described as silver to Bitcoin's gold and is considered one of the most stable cryptocurrency.
Charlie Lee decision to sell off his holding in Litecoin and donate a portion of it to charity was take as positive by some and vice versa.A group says that now the Litecoin can grow without Charlee interference where as other group take it as detrimental decision.
Unlike founders of tech giant ,Charlie Lee was lambasted for endorsing his own product and it says a lot about cryptocurrency world where things are not taken for granted.If you are gonna ask me about my view on Charlie Lee decision then I can assure you that he had done a great job indeed.He made Litecoin truly decentralized as after selling his holdings no one other than the people,who are the buyers of this currency,have control on this currency.
Over an epigrammatic span of time Litecoin community has been developed .Incase you are interested to know more about Litecoin community you can check the below links.
- The LiteCoin Cryptocurrency Forum
- The LiteCoin Cryptocurrency Telegram
- The LiteCoin Cryptocurrency Reddit
[LiteCoin VS Bitcoin]
- Bitcoin is world's first and mother of cryptocurrency whereas Litecoin started it's journey as silver to Bitcoin's gold in October 2011.
- Bitcoin takes 10 minutes for creation as compared to LiteCoin which takes only 2.5 minutes.
- LiteCoin transaction limit is 84 million and Bitcoin transaction limit is 21 million.The difference in the transaction limit clearly shows that the availability of Bitcoin in market will always will be less than LiteCoin.
- LiteCoin is more secured as compared to Bitcoin because of it's faster processing speed which makes LiteCoin less vulnerable to double-spending attack.
- As compared to Bitcoin,Litecoin is harder to mine because it uses script hashing whereas Bitcoin uses SHA-256.In SHA-256 mining can be accelerated by using parallel processor but that is not the case with LiteCoin.
[Should I invest in Litecoin or Bitcoin in 2018?]
This is one of the most important question I have been asked through sms,mails,calls and other social media platforms.Since the query for questions regarding investment in cryptocurrency has been tremendous so I have written a separate article on it.
Coming back to above question,I will tell my opinion and you can beg to differ from it.If I have $2000 then I will be investing around $1400 into Bitcoin and $600 in LiteCoin.I still believes Bitcoin is not only the mother of cryptocurrency but also the backbone of entire cryptocurrency world.In coming days if Bitcoin is going to crash or is not able to bounce back then I will not be so optimistic about the future of other cryptocurrency.I still believe in investing in number of cryptocurrency with a proper strategy in place for short and long term investment.Suppose If I come up with my favorite list of cryptocurrency to invest in 2018 and my list consists of 10 coins. What will be my ratio of investing in Bitcoin vs Altcoin?Any Guess?.Trust me guys majority of my investment will always be in Bitcoin.I strongly recommend Bitcoin.Even though their can be multiple new altcoin which have better features and better prospects but it will take lot of time to capture market from Bitcoin.It's a well known fact that Bitcoin market dominance will decrease due to increase in number of altcoin but still It's BITCOIN.
[Is it worth to do LiteCoin Mining?]
I would like to answer this question by segregating my answer.If you are an experience miner then it's rare that you are gonna ask me this question.Isn't it?For you guys remember just a basic rule -Do LiteCoin mining only if you are having confidence and calculation in place that you will definitely get positive cash flow out of it else it's of no use for you.
For beginner's-I would recommend you to do mining if you are capable of buying the hardware and other essential things needed.Remember the beginners you have to go through a learning phase and we all call it learning curve.Once you are done with it you may then make some money out of it.I have written a detailed article on cryptocurrency to help you guys.It's a completely new domain and no one can be hundred percent sure in predicting LiteCoin or other altcoin future.
I am going to share with you a general rule for mining any cryptocurrency including Bitcoin.Initially it's easy to mine any cryptocurrency but slowly and gradually it becomes tough.You need to not only keep updating yourself but also your hardware,software and other essential tools.To be a good miner definitely you need to invest a good amount in buying a professional miner.The computer which we use for personal use can also be used for mining but with passes of time it can't stand out in market.You need to be competitive to achieve your break even and move to positive cash flow.
[Best LiteCoin Mining Pool]
I will recommend Hash Gain Mining Services and to be honest their service for LiteCoin mining is really impressive.I go with the basic plan They are very economical and you will come across a great support team.I am attaching screenshot for your better understanding of Hash Gain Services.
So LiteCoin Mining Calculator helps you to estimate the total cost involved in mining LiteCoin.As you can clearly see in the above pics,Net Profit=Gross Mining Returns-Maintenance and Support Cost.
[How to do LiteCoin Mining?]
Joining a mining pool is the best way to do LiteCoin mining till date. Incase, you have huge budget you can do mining yourself.I will recommend you to join LiteCoin mining pool where a team works together and share the rewards accordingly.
To start with LiteCoin mining,You need to download LiteCoin Wallet from the official website.Once you have downloaded the wallet you can start doing transactions.
Software- It is said to be most trusted and secured way to do mining.For this you need to download mining software on your operating system like Windows 32 bit,Linux 32 bit etc.
Cloud Mining-With the passage of time,Cloud mining is getting popular among miners.All you need to do here is to chose a reliable and trustworthy mining partner.Don't forget to do some research and check the reviews before making an opinion.Once done you need to make an account and purchase a plan and your mining partner will provide you with a hash rate.With this hash rate you can mine LiteCoin and slowly and gradually you can start making profit.
[Which is the best LiteCoin wallet?]
Let's start with the hardware wallet.You can use any one of the two i,e Ledger Nano S and Trezor. These hardware wallets are more secured and a prerequisite incase you want to hold Litecoin for long time.These wallet reduces the risk of online fraud and probability of LiteCoin stealing.
Incase you have heard the word 'cryptocurrency wallet ' for the first time then I will recommend you to go through our detailed article on 'Best Cryptocurrency Wallet in 2018'.
As said before you can also download a wallet from Litecoin official website.
[How can I buy LiteCoin Cryptocurrency?]
Their are many ways to buy LiteCoin.I will explain various ways .Depending upon your need and choice you can use any of these methods.
Buying Litecoin through Credit/Debit Card-
CoinBase is the easiest way to buy Litecoin by credit card.CoinBase extends it's service to United States,Canada,Europe,UK,Singapore and Australia.Fee is 3.99% of the purchase.
CoinMama can be used to buy LiteCoin but here is a trick.First you need to buy Bitcoin using coinmama as it always to buy Bitcoin in any currency and then you need to convert Bitcoin into LiteCoin using Binance.
Buying LiteCoin using Cash-
LocalBitcoins is the best way to buy Bitcoin with cash.Once you have bought Bitcoin then It's a cake walk for you.Now you can buy LiteCoin from Bitcoin easily.
Buying LiteCoin using Bitcoin-
Changelly has recently gained a lot of fame for being the fastest way to convert Bitcoin to Litecoin.Changelly has simplified the process.You just need to enter the amount of LiteCoin you want to buy and give changelly an address where you need your LiteCoin.In return changelly will ask you to send Bitcoin to address mention by it.Once you have sent the Bitcoin to the address ,you will received your LiteCoin shortly.
Binance -Binance is one of the largest cryptocurrency exchange in the world.Use LTC/BTC.
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