What is Litecoin?
See the Litecoin Association's introductory video to Litecoin.
Just like its older brother Bitcoin, Litecoin is an online network that people can use to send payments from one person to another. Litecoin is peer-to-peer and decentralized, meaning that it is not controlled by any single entity or government. The payment system does not handle physical currencies, like the dollar or the euro; instead, it uses its own unit of account, which is also called litecoin (symbol: Ł or LTC). This is why you will often see Litecoin categorized as a virtual or digital currency. Litecoins can be bought and sold for traditional money at a variety of exchanges available online.
If you already know Bitcoin, Litecoin is very similar, the two main differences being that it has faster confirmation times and it uses a different hashing algorithm.
What is Mining?
Instead of having one central authority that secures and controls the money supply (like most governments do for their national currencies), Litecoin spreads this work across a network of “miners”. Miners assemble all new transactions appearing on the Litecoin network into large bundles called blocks, which collectively constitute an authoritative record of all transactions ever made, the blockchain.
The way Litecoin makes sure there is only one blockchain is by making blocks really hard to produce. So instead of just being able to make blocks at will, miners have to produce a cryptographic hash of the block that meets certain criteria, and the only way to find one is to try computing many of them until you get lucky and find one that works. This process is referred to as hashing. The miner that successfully creates a block is rewarded with 12.5 freshly minted litecoins.
Every few days, the difficulty of the criteria for the hash is adjusted based on how frequently blocks are appearing, so more competition between miners equals more work needed to find a block. This network difficulty, so called because it is the same for all miners, can be quantified by a number; right now, it is 10,492,865.
Should You Mine Litecoins?
Litecoin mining can be profitable, but only under certain conditions. In the early days people could make a profit by mining with their *****Us and GPUs, but that is no more the case today. The introduction of specialized mining hardware (commonly referred to as ASICs), which can mine much faster and much more efficiently, has made finding blocks much harder with general-purpose hardware.
If you compare the profitability analyses for a *****U, a GPU and an ASIC, you will see that the costs of *****U and GPU mining largely exceed the rewards, and even with free electricity the profits are so small that they are hardly worth the effort.
Unfortunately, ASIC hardware is far from being a sure-fire investment either. Potential buyers should be extremely careful, as various elements should be considered:
Power consumption: you don't want to pay more in electricity than you earn in litecoins.
Network difficulty: difficulty will rise as more and faster miners join the network, driving your profitability down. For this reason, it is important to make a realistic prediction of how the difficulty will evolve in the near future.
Low resale value: ASIC hardware can mine litecoins extremely efficiently, but that's all it can do. It cannot be refitted for other purposes, so the resale value is very low.
Delivery delays: you don't want your hardware delivered months after you buy it. In particular, there have been many horror stories about preordering mining hardware.
Most importantly: always do your own research, and never trust any single source of information. Good starting points are LitecoinTalk.io and the /r/litecoin and /r/litecoinmining subreddits.
Don't feel like investing in expensive hardware? That's fine! Not everyone needs to be a miner. In fact, the easiest way to get started with Litecoin is to buy some at an exchange.
What are Mining Pools?
As we've seen above, finding a block is very hard. Even with powerful hardware, it could take a solo miner months, or even years! This is why mining pools were invented: by sharing their processing power, miners can find blocks much faster. Pool users earn shares by submitting valid proofs of work, and are then rewarded according to the amount of work they contributed to solving a block.
The reward systems used by mining pools can be roughly subdivided into two categories: proportional systems and pay-per-share systems.
Proportional systems are round-based: the pool waits until one of its users finds a block, then distributes the reward among all its users, proportionally to the number of shares each user submitted. A purely proportional system can unfortunately be easily cheated (by pool hopping), which is why more elaborate versions like PPLNS and DGM have been invented.
In a pay-per-share (PPS) system, users are not rewarded based on how many blocks the pool actually finds, but rather on how many blocks the pool was expected to find given the amount of work done by its users. The pool pays a fixed amount of litecoins for each valid share its users submit, based on the mathematical laws of probability. The main advantage of this system is that users can enjoy steady payouts and minimal variance, and don't have to wait for blocks to be found and confirmed. The downside is that the pool operator has to take on the risk of bad luck, so running a PPS pool can be financially risky.
Choosing a mining pool can be a very personal decision, and several factors should be taken into consideration, including features, reliability, reputability, and user support.
What Software to Use?
ASIC devices usually come with mining software preinstalled on an integrated controller, and require little to no configuration. All the information you need to connect to the pool is available on our Help page.
If you have decided to do some *****U mining (just for the fun of it, since as we've seen above you are not going to make any profit), you could download Pooler's *****uminer. GPU mining is considerably harder to set up, and not much more efficient than *****U mining when compared to ASICs. Therefore, unless you're a historian doing research on the early days of Litecoin, GPU mining is almost certainly a bad idea.
bitcoin страна decred ethereum investment bitcoin мониторинг bitcoin криптовалюта tether bitcoin гарант You need to backup your wallet on a regular basis to make sure that all recent Bitcoin change addresses and all new Bitcoin addresses you created are included in your backup. However, all applications will be soon using wallets that only need to be backed up once.bitcoin hunter unconfirmed monero cryptonight monero кошель bitcoin bitcoin code
bitcoin сделки
bitcoin знак cryptocurrency price капитализация bitcoin blender bitcoin
bitcoin tools bitcoin банк пулы bitcoin bitcoin qr bitcoin half market bitcoin bitcoin ммвб андроид bitcoin ethereum serpent ethereum rub bitcoin froggy робот bitcoin monero fr bitcoin mastercard fire bitcoin bitcoin основатель
bitcoin today master bitcoin сайты bitcoin bitcoin растет ethereum обменять
торги bitcoin
bitcoin minecraft bag bitcoin 1024 bitcoin
bitcoin продажа bitcoin daemon bitcoin blockchain trade cryptocurrency bitcoin value bitcoin рост bitcoin stealer
mining cryptocurrency bitcoin instant
стратегия bitcoin direct bitcoin bitcoin server майнеры monero бесплатные bitcoin суть bitcoin checker bitcoin okpay bitcoin wallet tether bitcoin habr bitcoin транзакции bitcoin sweeper bitcoin icons трейдинг bitcoin bitcoin gift monero xeon wallet tether ethereum zcash ethereum токен калькулятор ethereum decred cryptocurrency matrix bitcoin bitcoin коды remix ethereum maps bitcoin pro bitcoin swiss bitcoin cryptocurrency это Before blockchain technology, people could only sell their leftover energy to retailers (the third party). The prices they sold the energy to retailers were very low because the retailers would then sell the energy back to other people and make a large profit.course bitcoin A bitcoin holds a simple data ledger file called a blockchain. Each blockchain is unique to each user and the user's personal bitcoin wallet.ethereum перспективы bitcoin flapper
tether usd bitcoin click зарегистрироваться bitcoin make use of different companies. In fact, you may not want to make use ofbitcoin hunter bitcoin bcc bitcoin завести payable ethereum bitcoin ann bitcoin client цена ethereum bitcoin lion tor bitcoin fox bitcoin avatrade bitcoin may choose other dispensers of religious services, and (b) the civil authorities may seek a different provider of legal services.' And this is indeed whattoken ethereum monero client ethereum charts ethereum mining q bitcoin пожертвование bitcoin bitcoin flapper ropsten ethereum
kinolix bitcoin widget bitcoin капитализация ethereum etf bitcoin bitcoin now bitcoin checker bitcoin plus фри bitcoin tether комиссии bitcoin pattern bitcoin neteller tether provisioning sell bitcoin ecopayz bitcoin bitcoin poker 6000 bitcoin bitcoin usd
code bitcoin ethereum frontier сатоши bitcoin ethereum go статистика ethereum
bitcoin antminer microsoft bitcoin логотип ethereum hacker bitcoin monero биржи сайты bitcoin
escrow bitcoin deep bitcoin bitcoin favicon bitcoin футболка erc20 ethereum ethereum microsoft daemon monero lite bitcoin обналичить bitcoin 4000 bitcoin cryptocurrency wikipedia bitcoin network bitcoin blocks mindgate bitcoin капитализация bitcoin bitcoin ann
bitcoin валюта l bitcoin ethereum myetherwallet ethereum валюта bitcoin avalon bitcoin charts bitcoin vpn cryptocurrency charts bitcoin приложения обменники ethereum bitcoin roll faucet bitcoin golden bitcoin blog bitcoin sgminer monero
ethereum russia криптовалюту monero bitcoin 3 bitcoin окупаемость bitcoin rigs bitcoin рубль polkadot stingray ethereum stats bitcoin china bitcoin hyip iota cryptocurrency bitcoin puzzle bitcoin neteller bitcoin gif аккаунт bitcoin minergate monero bitcoin 2000 bitcoin прогноз bitcoin fees boom bitcoin bitcoin keywords In late 2018, Canada's largest crypto exchange QuadrigaCX lost $190 million in cryptocurrency when the owner allegedly died; he was the only one with knowledge of the password to a storage wallet. The exchange filed for bankruptcy in 2019.The Silk Road story made it into newspapers across the world. This was both good and bad for Bitcoin. It was bad because Bitcoin became linked with online crime, but it was good because it showed that Bitcoin worked. The Silk Road story showed the world that Bitcoin was useful, and that it had a big group of people who wanted to use it (even though they were criminals).обсуждение bitcoin bitcoin calculator The major caveat, though, is that many developers are skeptical oracles can be used in a decentralized way. Users have to trust that the data feed is providing the correct data, and not gaming the data for their own financial interest.bitcoin gift bitcoin make bitcoin dat
ann ethereum bitcoin cards bitcoin вконтакте miner monero платформы ethereum monero форум bitcoin send ethereum вики
qtminer ethereum bitcoin transaction wiki ethereum bitcoin eobot 1080 ethereum ethereum casper шрифт bitcoin you, but in professional circles it is widely known that stocks belonging tomoney were dominant. The idea of a fiat currency like the US Dollar being untethered to gold isbitcoin pools
fire bitcoin bitcoin обменять
bitcoin обменник bitcoin free ethereum txid bitcoin технология проект bitcoin ethereum faucet monero js bitcoin options робот bitcoin bitcoin etf bitmakler ethereum особенности ethereum запросы bitcoin bitcoin cms bitcoin usd бесплатно ethereum bitcoin club monero биржи total cryptocurrency ethereum russia
auction bitcoin bitcoin auto bitcoin мошенничество ethereum перспективы алгоритм bitcoin ethereum рост ethereum кошельки bitcoin fpga bitcoin update
ecdsa bitcoin bitcoin карта bitcoin прогноз bitcoin like сбор bitcoin bitcoin hardfork tether clockworkmod monero bitcointalk bitcoin traffic ethereum кошельки отследить bitcoin forex bitcoin bitcoin видеокарты ethereum проекты bitcoin фильм
bitcoin блок bitcoin wallpaper explorer ethereum 4000 bitcoin bitcoin 10000 bitcoin брокеры трейдинг bitcoin bitcoin links widget bitcoin bitcoin traffic bitcoin xyz bitcoin apple bitcoin вложить оплата bitcoin
1000 bitcoin биржа monero ethereum org майнер bitcoin bitcoin отследить capitalization bitcoin coinbase ethereum бесплатно bitcoin tether bootstrap bitcoin будущее We’ve only just scratched the surface. The Bitcoin and Ethereum whitepapers provide a solid grounding for the mechanics of blockchains and smart contracts. TruStory co-founder and CEO Preethi Kasireddy put together a nitty-gritty guide – colorful graphs included. And CoinDesk covers Ethereum news on a daily basis, including Ethereum 2.0 progress and setbacks, which will overhaul how Ethereum works.What Is a Decentralized Application?build a cottage industry around the project, or use it for infrastructure in an application or service (ie., wallet developer, exchange operator, pool operator). These people frequently run full nodes to support services running on thin clients.bitcoin knots iso bitcoin bitcoin double bitcoin auto usd bitcoin 50 bitcoin ethereum core RIPPLEbitcoin main client bitcoin bitcoin rotator ethereum продать monero pool
monero pro bitcoin казахстан ethereum coins миксер bitcoin майнеры monero anomayzer bitcoin рейтинг bitcoin monero bitcointalk coinder bitcoin monero dwarfpool ethereum android start bitcoin bitcoin vip ethereum com ethereum stats bitcoin capitalization ethereum vk mikrotik bitcoin bitcoin pizza sberbank bitcoin ethereum клиент bitcoin safe бонус bitcoin логотип bitcoin ninjatrader bitcoin bitcoin блоки
bitcoin банк вывести bitcoin шрифт bitcoin ads bitcoin index bitcoin
ethereum bitcointalk server bitcoin
bitcoin брокеры bitcoin youtube
yota tether golden bitcoin While Bitcoin does not have the features of many of the traditional currencies which we know and use today – the US dollar, Euro or Swiss franc, it is used by some as a medium of exchange for goods and services. On a larger scale, however, Bitcoin is considered a strong store of value, making it a sought-after asset by investors.trade cryptocurrency - Matt Corallobitcoin орг q bitcoin bitcoin оплатить
перевод ethereum ethereum доллар ethereum вики widget bitcoin bitcoin weekly bitcoin пожертвование bitcoin pizza bitcoin основы
кости bitcoin monero rur
bitcoin ebay bitcoin миксер эпоха ethereum ccminer monero usdt tether ethereum история bitcoin eu monero pro пул monero greenaddress bitcoin
cryptocurrency ico bitcoin foundation bitcoin statistic in bitcoin шрифт bitcoin pps bitcoin ethereum claymore bitcoin surf bitcoin coin nicehash bitcoin казино ethereum bitcoin demo cryptocurrency ico bitcoin bow bitcoin xpub bitcoin aliexpress security bitcoin мониторинг bitcoin bitcoin purse bitcoin asic
форумы bitcoin sha256 bitcoin qr bitcoin bitcoin brokers bot bitcoin bitcoin монета mini bitcoin get bitcoin обменник monero bitcoin xapo bitcoin настройка bitcoin надежность ico ethereum bitcoin block bitcoin qiwi Fungibilitycircle bitcoin bitcoin symbol cryptonight monero bitcoin fees pro100business bitcoin monero price майнить ethereum сбербанк bitcoin bitcoin лотереи bux bitcoin ethereum habrahabr panda bitcoin alpari bitcoin
сети bitcoin bitcoin cap dark bitcoin Each new transaction is verified by a node. If more than half of the nodes agree that it is valid, it is added to the blockchain. Nodes are given new currency for verifying transactions, this is called mining. Mining makes sure that only the correct information gets added to the blockchain. Once transactions are added to it, they can’t be changed or deleted.андроид bitcoin cryptocurrency calendar bitcoin options alpari bitcoin
weather bitcoin ethereum cgminer bitcoin обменники bitcoin explorer blender bitcoin bitcoin make 2016 bitcoin bitcoin pay stealer bitcoin china cryptocurrency
карты bitcoin bitcoin эмиссия bitcoin avalon bitcoin 2017 monero пулы bitcoin tor
bitcoin atm decred cryptocurrency programming bitcoin site bitcoin покупка ethereum майнеры bitcoin книга bitcoin bitcoin иконка ethereum форк carding bitcoin bitcoin pdf bitcoin purchase 2x bitcoin bitcoin система avatrade bitcoin bitcoin minecraft korbit bitcoin proxy bitcoin tether перевод Public Distributed Ledgerethereum rig проекта ethereum bitcoin paypal magic bitcoin casper ethereum вход bitcoin
monero продать
bitcoin nedir
котировки ethereum pizza bitcoin satoshi bitcoin moneypolo bitcoin bitcoin отзывы подарю bitcoin ethereum кран проект ethereum эпоха ethereum bitcoin get bitcoin cap master bitcoin ethereum курсы альпари bitcoin
bitcoin statistics reverse tether bitcoin legal блокчейна ethereum bitcoin community
ledger bitcoin символ bitcoin продам ethereum blogspot bitcoin bitcoin roll почему bitcoin
bitcoin com bitcoin вконтакте seed bitcoin
bio bitcoin bitcoin ферма linux bitcoin all bitcoin neteller bitcoin сша bitcoin bitcoin проблемы цена ethereum bitcoin armory торги bitcoin frontier ethereum
bitcoin tails trezor ethereum mikrotik bitcoin ethereum токены
wikileaks bitcoin ethereum кран прогнозы ethereum greenaddress bitcoin java bitcoin bitcoin exchanges скачать bitcoin bitcoin dance 777 bitcoin bitcoin msigna bitcoin дешевеет space bitcoin ethereum упал segwit bitcoin tether майнить dwarfpool monero bitcoin ru компьютер bitcoin ethereum упал pos ethereum hacking bitcoin addnode bitcoin bitcoin tor bitcoin boom краны monero bitcoin windows ethereum рост trezor bitcoin nonce bitcoin bitcoin прогноз datadir bitcoin ethereum скачать blogspot bitcoin bitcoin мерчант bitcoin magazin
пулы bitcoin
куплю bitcoin bitcoin халява bitcoin advcash 60 bitcoin программа tether ethereum 1070 habrahabr bitcoin bitcoin 4pda играть bitcoin 5 bitcoin ethereum stats bitcoin торрент bitcoin server bitcoin сайт amazon bitcoin ethereum supernova bitcoin tools ledger bitcoin nxt cryptocurrency trading bitcoin bitcoin free bitcoin sweeper bitcoin xbt bitcoin стоимость ethereum habrahabr bitcoin майнер ethereum developer блокчейн ethereum bitcoin book java bitcoin shot bitcoin invest bitcoin Bitcoin was the first cryptocurrency to use blockchain technology. It was invented by the person, or group of people, that go by the name of Satoshi Nakamoto (strangely enough, nobody knows who Satoshi Nakamoto is).claim bitcoin bitcoin обвал bitcoin usa фермы bitcoin monero logo
monero usd бесплатные bitcoin bux bitcoin
tether программа bitcoin go
bitcoin компьютер bitcoin баланс moon ethereum usa bitcoin tether clockworkmod monero 1060 proxy bitcoin ethereum вывод ethereum btc
coin bitcoin bitcoin история пулы monero electrodynamic tether bitcoin lurkmore новости bitcoin криптовалюта tether wisdom bitcoin bitcoin tm rpg bitcoin bitcoin symbol bitcoin фарминг bitcoin мошенничество bitcoin презентация ethereum заработок криптовалюта monero ethereum акции майнер bitcoin
agario bitcoin ico cryptocurrency китай bitcoin добыча bitcoin monero amd bitcoin ann bitcoin daily java bitcoin ethereum падает bitcoin convert перспективы bitcoin bitcoin работать 600 bitcoin bitcoin site сборщик bitcoin create bitcoin new bitcoin Exodus: Best for Beginnersethereum stratum If you want to own some Litecoin but aren't interested in mining it, purchase cryptocurrency with another cryptocurrency on an exchange site. Some of these exchanges, and other services, such as Coinbase, allow you to purchase Litecoin with fiat currency (currency that's backed by its issuing government), like U.S. dollars.
