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Litecoin Introduction

Charles Lee created Litecoin in 2011, and it is now the 2nd or 3rd largest digital currency after Bitcoin.  For those already using Bitcoin, Litecoin has a few surprises for you. The main desktop application is an enhancement of Bitcoin-QT Client, and you can download it from Litecoin’s website—you can also use it as a digital wallet. 

Litecoin is different from Bitcoin in some ways. To begin with, the cap for Bitcoin is 21 million coins while the cap for Litecoin is 84 million. 

Litecoin has begun with a mining reward of 50 coins for every block just like Bitcoin. However, the award for Litecoin halves every 840,000 blocks which is larger than the set 210,000 for Bitcoin. 

The Litecoin transaction fee is slightly higher than that of Bitcoin, but again, one Litecoin is worth 0.019BTC. 

Where on earth can you get Litecoin? If you are not a miner, you have to purchase Litecoin from one of the few;

•    BitBargain UK

•    Bittylicious

•    Bitfinex

•    BTC-e

•    BTER

•    Kraken

•    Cryptsy

•    Vircurex

•    CoinMKT

Litecoin is still very far from matching Bitcoin’s standards and getting merchants to accept this digital currency is not easy. 

The algorithm that Litecoin uses as “proof of work” is entirely different from the one that Bitcoin does. Bitcoin uses SHA256 hashing algorithm, and Litecoin uses Scrypt algorithm. In simple terms, the Litecoin system only favors systems with a very high RAM (which is very costly), and it is a kind of “Memory Hard Problem.” Apart from that, transactions are conducted just as in Bitcoin. 

The Litecoin mining process is very much similar to the Bitcoin mining process. Same with other crypto-mining, in Litecoin mining there are mining pools that increase rewards for miners. 

Whether you plan to solo mine or join a pool of miners, use cgminer—it is the best mining software. 

Just like cryptocurrency in general, Litecoin is not for everyone. Charles Lee in an interview said that most will use Bitcoin for expensive purchases and Litecoin for micro transactions.

What is a crypto currency wallet? It is a software program for storing public and private keys and interacts with different blockchain to allow users to send and receive online currency and also monitor their balance. 

Although there are so many people that use digital currency wallets today, there is still a lot of confusion on how they work. As opposed to traditional wallets, online wallets do not store currency. These currencies are neither stored anywhere nor do they exist in any physical form. It is only the records of transactions that exist and are stored on blockchain. 

When someone sends you cryptocurrency, they are signing off ownership of those coins to the address of your wallet. The private key in your wallet has to match the public address the currency is assigned to if you want to spend the coins and unlock funds. If the private and public keys match, your digital wallet balance will increase while the sender’s balance will decrease. So do not expect a real exchange of actual coins. The proof of the transaction is its record on blockchain and the change in balance in the wallet. 

Various types of wallets offer different ways to access and store your online currency. There are three distinct categories of wallets; paper, hardware, and software. Software wallets are online, mobile or desktop. 

How secure your wallet is, depends on its type (hardware, online, desktop, mobile, paper) and your service provider. It is riskier to store currency on a web server compared to offline since offline wallets cannot be hacked.  However, regardless of the wallet you are using, you should be careful because if you lose your private keys, you lose your money as well. In another case, you can be scammed. 

1.    Backup your wallet. Only store small amounts online and keep the rest in a highly secured environment.

2.    Update your software regularly (both on your mobile and computer).

3.    Add extra security layers. 

Multi-currency Wallets

Bitcoin is the most popular cryptocurrency, but many others (altcoins) have come a long way. If you would like to have a variety of digital currencies, you can do so without having a different wallet for each one. There are multi-currency wallets that allow you to have several currencies in the same wallet.

Some transactions require you to pay a fee while others don’t. Alternatively, you can set your fee. Either way, the fees are usually too small. 

Wallets are pseudonymous. Your wallet is tied to your identity, but your identity is not public. However, your wallet address can trace back to your identity.

There are many options for you. But you need to know how you are going to use it first before making a decision.

The following are examples of great wallets that you may want to try out.

•    Bread wallet—it is available on Google Play and the Appstore.

•    Mycelium—this one offers you total control over your bitcoins.

•    Exodus—still new and only available on the desktop.

•    Copay—it provides a multi-signature feature and you people/partners can fund.

•    Jaxx—for people looking for a multi-currency wallet.

•    Armory

•    Trezor

•    Ledger Nano

•    Green Address

•    Blockchain (dot) Info

Many people like to refer to Litecoin as the “silver to Bitcoin’s gold.” By market cap, it is ranked as the third largest digital currency after Bitcoin, with Ripple taking the second place. 

Litecoin was founded to act as a Bitcoin alternative to make up for its perceived shortcomings—it was developed to be “lightweight” and be more plentiful than Bitcoin. Moreover, its proof-of-work algorithm is Scrypt which was incorporated to make it immune to ASIC mining. However, a few companies have voiced their plan to launch Scrypt ASIC miners soon. 

Processing blocks on Litecoin’s network is fast, a maximum of 84 million coins can be produced, as opposed to Bitcoin where the maximum is 21 million. 

What you should know before buying Litecoin;

•    Litecoin captured the attention of more speculators in November 2013 after Bitcoin’s price surged, but since then prices have been dropping in parallel. The prices of these two digital currencies are likely to move towards the same direction, even if Litecoin’s value is much lower compared to Bitcoin’s. 

•    Veteran Bitcoin investors should find it easier adapting to Litecoin as opposed to amateurs who might have a hard time because the infrastructure is not as established as in Bitcoin. 

•    You can alternatively gain Litecoins by using standard computing equipment to mine them.

•    Research extensively before you invest and risk only the amount that you can afford to lose. 

If after your research you have decided to invest in the Litecoin market, you need to be aware of several potential issues and pitfalls.

Buying Bitcoins is straightforward, not so with Litecoins. This, of course, is not surprising because Litecoin infrastructure is less developed. Buying Litecoins with Bitcoins is one of the simplest ways of purchasing Litecoins.; it is also the fastest and the cheapest. 

If you have Bitcoins, you buy Litecoins with them easily on several exchanges;

•    BTC-e

•    Kraken

•    Cryptsy

•    And several others that you can find on the Litecoin Wiki

Currently, exchanges are not willing to deal in Litecoin which is one of its biggest issues right now.  Most of them allow BTC/LTC conversions only. Bitfinex, BTC-E, Kraken, and Crypto-Trade sell Litecoins for dollars, rubles, and euros but again, their availability will depend on where you are. 

Purchase Litecoins for fiat on the following exchanges;

•    BTC-e

•    Bitfinex

•    Kraken

•    BitBargain UK

•    Bittylicious UK

Even buying Litecoins through money wire transfer via an exchange is not so straightforward, since it can be strenuous. For example, Coinbase and BTC China do not deal with Litecoin yet they are major Bitcoin exchanges. And also, the transaction is not as fast. 

To make it easier, purchase Bitcoin locally and save yourself the trouble of wiring money abroad to convert it to Litecoin.

Although several exchanges have online Litecoin wallets, they are rarely helpful. Many investors prefer to have secure cold offline wallets. Luckily, Litecoin has a built-in encryption feature that can help you keep your wallet safe in a few clicks. 

There are not many Litecoin wallets for you to choose from as Bitcoin. The two primary ones are Litecoin-Qt and Electrum. Carefully read the fine print when selecting a wallet since most of them charge for almost everything including storage.  

Litecoin has been making headlines. As Bitcoin and Ethereum prices declined amidst panic concerning Bitcoin’s future, Litecoin surged. It went from $40 to $55 in June. This quick increase in price has attracted the attention of investors, and they are now re-examining Litecoin. Its main weakness is that it is quite similar to bitcoin, but this might help it grow in value. 

History has led us to believe that Bitcoin is powerful enough to control the rest of the online currency market. Bitcoin’s price sunk following a 28% rally after people hoped the “Bitcoin Civil War” was coming to a stop. Shortly after, Ethereum price went streaking down following Bitcoin’s. However, even when other cryptocurrencies followed Bitcoin, Litecoin appeared to be immune to that siren call. In other cases, Litecoin price continued to rise when Bitcoin’s remained stagnant. 

Looking at the two cryptocurrencies from a technological point of view, Litecoin has the upper hand because of two reasons; its mining ease and transaction speed. Litecoin takes only 2.5 minutes to produce blocks for its blockchain while Bitcoin takes 10 minutes. Because of Litecoin’s ability to perform transactions faster, investors focusing on utility will prefer it over Bitcoin. 

Litecoin’s algorithm is very simple compared to Bitcoin—mining Litecoin takes less time and effort. With time this may change, but until then, investors will always run to Litecoin when Bitcoin’s scaling issues frustrate them. 

Another big score for Litecoin is its cohesive community. The Bitcoin community is always frustrated, with so much chaos over the upcoming “fork.” Bitcoin’s community could not come to a consensus, but the Litecoin community found common ground. This will attract investors that want stability because Bitcoin’s divided community might end up tearing it apart. 

All the above factors give Litecoin an advantage over Bitcoin. However, investors must not decide that Litecoin is the best, by considering these factors alone. Because then, they will be missing one major point; Bitcoin still possesses the first-mover advantage. It is almost ten years old and had enough time to attract investors and take control over the market—an advantage that Litecoin does not have since it was only launched around six years ago. 

Smart investors know that “a healthy investing portfolio is a balanced portfolio.” Based on that logic, it is wise to invest in several cryptocurrencies. Some investors will not agree with this because they always believe that only one online currency will triumph. However, with more cryptocurrencies in the market, and a majority of them offering fantastic utilities, it is very likely that most of them will still be there in the future.

Analysts think shortly, several cryptocurrencies will be operating in the global economy. Therefore, when an investor is evaluating Litecoin, they should focus on the characteristics that set it up to become a success in the global economy. Also, they should analyze and see if those features will help it survive its rivalry with Bitcoin. Of course, it does not have to be stronger than Bitcoin, but it should stay relevant in Bitcoin’s world.

5 Bitcoin Rivals That Are Rapidly on the Rise

Bitcoin prices peaked at an all-time high of over $11,800 Sunday in one of the most dramatic value surges of any asset in living memory.

Today’s prevailing digital currency was worth just $12 in 2013, and has at times been dismissed as an internet fad favored by nefarious wheelers and dealers trying to circumvent taxes or the law.

Like it, love it, or confused by it, bitcoin and other cryptocurrencies have become impossible to ignore. Chicago’s two main exchanges, the Chicago Mercantile Exchange and the Chicago Board Options Exchange have announced plans to launch bitcoin futures contracts, and the U.S. Commodity Futures Trading Commission has already given them the green light. Nasdaq may be jumping into the bitcoin futures race as early as second quarter next year, Bloomberg reports. Bitcoin advocates are hoping the exchanges can help stabilize the highly volatile currency.

 

Cryptocurrencies provide a digital alternative to government-issued fiat currencies and can be used in online marketplaces to buy everything from a cupcakes to plane tickets to cyber pets. While bitcoin remains both inconveniently slow (transactions can take upwards of 10 minutes) and risky (buyers cannot set a price until the day of the transaction, leading to wide fluctuations), some say it’s already safer than certain foreign currencies, such as Venezuela’s bolívar.

That’s because Bitcoin is protected from fraud and counterfeit by technology called blockchain — an encrypted ledger system that records transactions accepted by consensus of asset managers. The Atlantic‘s Derek Thompson summarized bitcoin as a “frankly terrible currency built on top of a potential transformative technology,” one that could have the power to change our conventional understanding of money.

 

Others are more concerned by possible financial risks than potential benefits. Investing pioneer and Vanguard Group Inc. founder Jack Bogle reportedly advised avoiding bitcoin and “like the plague,” joining other investors in similar criticism. “There is nothing to support Bitcoin except the hope that you will sell it to someone for more than you paid for it,” Bogle said, according to Bloomberg.

Ethereum (ETH)

Like bitcoin, ether “tokens” are underwritten by a blockchain network, in this case called Ethereum. Pioneered by a former Bitcoin Monthly writer, Ethereum was launched in 2014 with an aim to pursue further decentralization. It differs from bitcoin primarily in application: Ethereum is an open, decentralized software platform where ether is used to pay for transaction fees and services. As of Monday, it was trading at a rate of more than $472 with a market cap of about $45.5 billion.

Ripple (XRP)

Launched in California by former bitcoin developers in 2012, Ripple is considered by some industry experts to be bitcoin’s logical successor, according to the New York Times. It’s already catching on among banks as a worldwide payment and remittance system. Unlike bitcoin, Ripple is not just a currency but a system through which any currency can be transferred or traded. The Times advised to think of it as a Western Union without the heavy fees. As of Monday, Ripple was trading at a rate of more than $0.25 with a market cap of around $9.82 billion.

 

IOTA (MIOTA)

IOTA, with the tagline “Next Generation Blockchain,” is one of the newest contenders in the increasingly crowded cryptocurrency field. Unlike its rivals, IOTA is not reliant on an underlying blockchain network, but uses an alternative, distributive ledger system called Tangle. Partnered with Microsoft, Fujitsu and several other companies, IOTA considers itself the first marketplace powered by the Internet of Things. As of Monday, it was trading at a rate of $2.43 with a market cap of around $6.75 billion.

Dash (DASH)

Dash ran through a ringer of names before settling its current epithet. There was XCoin (XCO), the original, in January 2014. Then there was the dubious-sounding Darkcoin. Then finally, there was “Digital Cash” and its portmanteau Dash. Dash differs from its competitors with a focus on privacy and anonymizing transactions, and by operating on a two-tired system: coin “miners” are are overseen by “masternodes,” a decentralized, volunteer network that signs the transactions. As of Monday, it was trading at a rate of $777 with a market cap of around $6 billion.

 

Litecoin (LTC)

The brainchild of a former Google employee, Litecoin has been called the silver to bitcoin’s gold, that is, a slightly cheaper, more readily available option. Litecoin was launched in 2011, as a faster alternative to bitcoin, processing a bloc every 2.5 minutesas opposed to every 10, according to Ars Technica. Instead of focusing on hefty transactions, Litecoin targets merchants who need a large volume of small transactions to be processed relatively quickly. As of Monday, it was trading at a rate of $101 with a market cap of around $5.47 billion.

Source:

http://fortune.com/2017/12/04/bitcoin-ethereum-cryptocurrency-blockchain/

Mastering LiteCoin: A Beginner’s Guide To Start Making Money With LiteCoin Audio-book Sample

 

Mastering LiteCoin: A Beginner’s Guide To Start Making Money With LiteCoin

Litecoin was founded to act as a Bitcoin alternative to make up for its perceived shortcomings—it was developed to be “lightweight” and be more plentiful than Bitcoin. Litecoin also has almost zero payment cost and facilitates payments approximately four times faster than Bitcoin.
Table of Contents 
Litecoin Introduction 
1.Cryptocurrency Wallet Guide
2.How to Buy Litecoin
3.Mine Litecoin and Other Altcoins
4.A Better Investment: Bitcoin or Litecoin
5.Litecoin Wallet Clients
6.Bitcoin vs Litecoin
7.Invest In Litecoin
8.SegWit in the Wild
9.Coinbase Users
10. Second Largest Currency
11. Bitcoins in 8 Ways
12. The Purpose of Blockchain
13. Feathercoin
14. ICO
15. Understanding Cryptoeconomics
16. Cryptocurrency: The Ultimate Guide
References

Litecoin Predicted As One Of The Best Investing Options – Bright Future For LTC Investors

As recommended in a lately-published article in Seeking Alpha – Litecoin or known as “the silver to Bitcoin Gold” could be one of the best digital currencies investment asset to look out for.

If you are keeping an eye out for the recent development of digital assets prices, almost everybody noticed how Bitcoin (BTC) surged with no stop against the US Dollar to not reached heights before. As rumors, theories and analysis spread around it is predicted by many that Bitcoin, the first very famous cryptocurrency is near of reachiing mainstream adoption.

But do not be confused that only Bitcoin is a good option to buy into. That shows just how promising digital currencies could be and one more reason why to spread your portfolio.

Following Bitcoin, as a Second-option many point their finger towards Ethereum which with a 3,000 percentage point growth this year climbed its way as the second-largest digital currency in the market. As a factor that hoisted up its fame is that it can run Smart Contracts allowing to create dApps and progress blockchain technology.

The Silver in the community – Litecoin, by Geoffrey Caveney writer in Seeking Alpha should be considered as the third in position following the big two. His comment relate with the topic that keeping in mind it is one of the only three (Litcoin, Ethereum, Litecoin) that is being supported to be traded in the could-be most famous exchange platform right now: Coinbase.

“There are at least a half dozen other digital currencies out there that are about as big and well-known as litecoin, including several that have larger total market caps at the moment, so it’s a big deal that only litecoin is supported by Coinbase along with bitcoin and ethereum,” Caveney writes. But Coinbase’s approval is not the only reason to consider buying Litecoin, he adds.

So now for some time, taking over the media and crypto community was the activation of the Bitcoin scaling upgrade known as “Segregated Witness or SegWit“. This subject was around in the crypto world for more than 2 years now and it did get quieter when the SegWit activation was ‘Locked-in’ as it was part of the proposed SegWit2x. But there were those that did not follow this event so a ‘hard-fork’ was chosen and it activated on August 1. It was when Bitcoin Cash (BCH) was created with the Split of Bitcoin Blockchain Network.

But even that it was a code written and meant for the Bitcoin Blockchain, the firs to try it and activate it was Litecoin in May. The best side was that there was no war between the community so no split was needed and everybody was behind 100% the upgrading change.

This as supported by Caveney shows that the following and smaller cryptocurrency is more adaptive to upgrades and improvements being the first one to do it than the Gold-counterpart at which the community had to be parted and the drama continued.

 

Analyzing its Roadmap, you will eventually see how clear Litecoin Future is and for what of an example it should be taken. It is on its way of adding Lightning network [which will improve the scalability of transactions] and investigating anonymous smart contracts.

So while Bitcoin is dominating the crypto space at the moment, Litecoin is also worth paying attention to.

Caveney stated:

“A small slice of litecoin, say half of 1% of your portfolio, is worth considering with the slice of profits you may be taking on your bitcoin right now,”

  • In the last 24 hours Litecoin has increased 3.32 percentage points and it is being traded at the $44.69 level against the US Dollar with a $2,345 billion market cap. (from coinmarketcap)

Source:

http://ethereumworldnews.com/litecoin-predicted-one-best-investing-options-bright-future-ltc-investors/

Bitcoin splits as new currency takes off

A new version of Bitcoin has been mined for the first time in the crypto-currency’s history.

Bitcoin Cash is the result of months of debate and development over how the currency would continue to evolve.

Fears of large swings in the value of Bitcoin have so far not been realised – but some exchanges are still adapting to the new currency.

One expert said the process had gone smoothly so far and pointed out that trade in Bitcoin Cash seemed “robust”.

Bitcoin Cash was developed as a measure to increase the capacity of Bitcoin’s underlying technology, the blockchain – a digital ledger that records every single transaction.

Bigger blocks

Because the old blockchain could only have one megabyte (MB) of data added to it every 10 minutes, transactions have come to be processed at slower rates.

Bitcoin Cash blocks can be as large as 8MB, which its proponents hope will help to solve this problem.

Yesterday, Bitcoin Cash was officially born when block number 478559 – at just under 2MB in size – was mined.

No major issues have so far been detected following the split although a few exchanges and wallets have had minor technical issues with supporting Bitcoin Cash initially, said Dr Garrick Hileman, research fellow at the Cambridge Centre for Alternative Finance.

Thanks to its larger block size, Bitcoin Cash requires more computer storage space from parties wishing to take part in the process of mining.

Mining involves computers being tasked with solving difficult mathematical problems in order to authorise transactions on the blockchain.

Miners receive new bitcoins as a reward for this work – making it lucrative – and it has also been something open to individuals in the past, because the cost of small scale mining equipment has been relatively low.

That could change thanks to Bitcoin Cash.

“Bigger players with access to server farms and big budgets will have no problem running bigger nodes, but smaller operators could be squeezed out,” said Dr Hileman.

“Will companies dominate Bitcoin Cash more than Bitcoin? We’re going to see this in the flesh now, how this will play out.”

Source:

http://www.bbc.com/news/technology-40800270