Litecoin (LTC): Understanding the Concept, Mining and Trading

Litecoin

Albeit Bitcoin might be taking all the spotlight in the crypto world, there a couple of other cryptocurrencies that are worth knowing, likewise, your investment. Amongst the over one thousand five hundred cryptos there presently are, a few number of them have managed to put up a good fight against Bitcoin in terms of popularity, value, market cap and other categories.

Ethereum, Bitcoin Cash, and Ripple have all come close to Bitcoin and have grown to become the most traded coins in the crypto market. LiteCoin is another cryptocurrency with noting.

According to CryptocurrencyFacts, Litecoin was the second most popular cryptocurrency as of 2015 with one coin having a value of about $1.50 USD. But today, 3 years later, LiteCoin is worth about $118 and has a market cap of $6.66B.

LiteCoin is also built on the decentralized model that majority of all other crypto were built on. But unlike Bitcoin, transaction rates and duration are faster.

Block transactions in the Bitcoin network take about 10 minutes to get completed while LiteCoin transactions happen in the space of 2.5 minutes. None of these are as fast as Ripple though; XRP transactions are completed in 4 seconds!

Demystification: All the above-listed cryptos operate a decentralized and public ledger network that only slows transactions to occur at fixed periods. A new transaction is added to the Bitcoin ledger every 10 minutes. On the Litecoin, 2.5 minutes.

LiteCoin was invented in 2011 (2 years after Bitcoin) by Charlie Lee, a cryptocurrency expert and former employee at Google and Coinbase (one of the largest cryptocurrency wallet and exchange platform in the world).

His experience at Google and role as the director of engineering at Coinbase surely played a role in the creation of a coin with one of the largest market capitalization.

How do I get Litecoin?

Litecoin

There are quite a number of ways to own some Litecoin. One of such ways is to create it, or what people mostly referred to as “mining”. Like Bitcoin and Ripple, there are a finite quantity of Litecoin (LTC).

Litecoin was designed in such a way that there can only be a total of 84 million of it in existence. Lee, as a founder of the coin, has a high number of Litecoin in possession.

However, according to this report, Lee has unloaded (i.e sold) all his Litecoin because he believes it is a conflict of interest to hold Litecoin as the founder and still advocate for it.

In fact, according to him, he has been accused of influencing the price of the coin for his personal gain. Hence the decision to offload the Litecoin he had in his coffers – which, by the way, the quantity remains unknown.

Now let’s talk about mining, keeping, and trading Litecoin.

Litecoin Mining

Unlike Bitcoin, mining Litecoin is more CPU-intensive and more difficult. Due to the CPU-intensiveness of Litecoin mining, graphics cards are used in mining the coin – but they are expensive, rendering mining less profitable.

As a hack, BitcoinMining suggests mining Bitcoin with the Antminer ASICs computers, then trading the mined Bitcoins for Litecoin on crypto exchanges.

However, if you insist on creating your Litecoin, you can use the service of a Litecoin Mining calculator to check profitability before venturing fully into Litecoin mining.

Profitability is calculated by taking factors like hash power of your mining hardware, the efficiency of hardware, electricity cost, the efficiency of hardware and the price of Litecoin into consideration.

We found these resourceful videos below. They show, systematically, the processes involved and equipment required to successfully mine Litecoin on your Windows and Mac personal computers.

P.S: The processes and equipment are capital and time-consuming. This WikiHow tutorial about Litecoin mining is also enlightening.

Buy and Sell Litecoin

Since mining Litecoin doesn’t really pique the interest of many due to cost and memory-intensive processes. People just resort to buying, selling and holding instead.

But before you jump to trading, the best practice is to find the best place (wallet) to store your Litecoin. There are many types of Litecoin wallets though:

Hardware wallets

These are physical USB style wallets that provide the highest level of security for you coin. A physical wallet usually stores multiple cryptos and cost some dollars (depending on the brand) but they are worth the investment.

Ledger Nano S and Trezor are two of the most trusted and popular hardware wallets to store your Litecoin for trading. We attached a video in this post on how to setup and use Ledger Nano S wallet to store Bitcoin. You should check it out.

Desktop Wallets

Desktop wallets are dedicated (software) wallets to be installed on your PC. Exodus is a well-known multi-crypto desktop wallet that supports the storage of Litecoin.

Litecoin Core is another desktop wallet available for Windows, Linux and Mac operating system. Both Exodus and Litecoin Core are free.

Mobile Wallets

Do you trade Litecoin on-the-go and almost every minute? Or you need a more readily available wallet to monitor your Litecoin balance, then you should download Jaxx or LoafWallet on your smartphone.

Jaxx is available for Android and iOS devices while LoafWallet is restricted to iOS devices only.

Best Exchanges to trade Litecoin

Coinbase

The founder of Litecoin was a former director of engineering at Coinbase. What better place is there to buy or sell some Litecoin than a place where the Litecoin chief used to work?

The ease of trading Litecoin on Coinbase is superb. You can buy directly with your debit or credit card, or exchange some other cryptos (BTC, Ripple, Ethereum) for Litecoin.

CEX

CEX is another platform (one of the oldest) where you can buy Litecoin directly with your credit card.

BitPanda, Kraken, and Bitstamp, Changelly, Binance, and ShapeShift are notable mentions.

P.S: Some of these exchanges offer Litecoin wallet services, but it is best practice to never store your coins on an exchange.

Have you ever traded Litecoin in any of these exchanges? Tell us about your experience. Got any Litecoin or crypto related question? Please, shoot us with it in the comments.

Related Topics

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Authoritarianism becoming a fad as Burundi votes for extending presidential term limits.

The democratic progress made by African countries since 1990 are being reversed in record time, as another country yet again amends its constitution to extend presidential term limits. The results of last week’s referendum were released on Monday, with the citizens of Burundi voting to approve a new constitution for their country.

The amendments to Burundi’s constitution include increasing presidential term limits from five to seven years, granting more constitutional powers to the president, while some parts of the constitution that were subjects of debates before, like having two vice presidents, were retained.

The new changes will allow Burundi’s President Pierre Nkurunziza contest for two more terms until 2034, having been elected Burundi’s president for a third term in 2015. The country’s electoral body said more than 96 percent of voters turned out to vote in last week’s historical constitutional referendum. 73.26 percent voted “Yes” in last week’s referendum, while 19.34 percent of voters voted “No.”

“Eternal Supreme Guide”

Nkurunziza became president of Burundi at the end of a bloody civil war in 2005. This constitutional amendment has been termed as a violation of the Arusha agreements of 2000, that political analysts say was key to ending the Tutsi/Hutu civil war in Burundi in 2005. The Arusha Agreement stipulates that no president shall be allowed more than two terms in office.

In 2015, he was elected into his third term in office amidst arguments over the legality of him running for a third term in office, and calls from the African Union and the international community for him to step-down.

He emerged winner at the 2015 elections, with a voter turnout of less than 30 percent, a clear indication of what the people thought about his administration. Since then, he has embarked on a campaign of fear and terror, with arbitrary arrests on opposition members, stifling press freedom, and clamping down hard on protests.

More than 1200 people have died since 2015, and thousands more have left the country for neighboring Rwanda and Congo. His political party gave him a title “Eternal Supreme Guide” recently, an assent to the authoritarian mien he is cultivating with devoutness.

Reports say the referendum was carried out under an atmosphere of intimidation, with members of the ruling party threatening to “chase” all the ‘no’ voters “to their last hiding places,” with local officials also encouraging people to expose those who voted ‘no’ in the referendum. Human Rights Watch released a report in April documenting some of the repression carried out by people loyal to Nkurunziza.

African presidents

With this referendum, Nkurunziza joins the ranks of many African presidents who have extended their stay in office by removing constitutional term limits, and have refused to step down. The presidents of Uganda, Republic of Congo, Congo D.R.C, Chad, Togo, Rwanda have all removed the cap on the number of times an incumbent can contest for president in their countries. Many of this constitutional changes have been accompanied with large-scale protests, violence, and repression of free speech and human rights.

A change of guard is seemingly happening within the ranks of African presidents; dictators step down (Robert Mugabe, Jose Eduardo Santos) in one part of the continent, but those numbers are offset by younger ones (Joseph Kabila, Pierre Nkurunziza) digging their heels in another part of the continent.

The African Union is also currently part of the problem. Its current Chairman, who is in a largely ceremonial role, is Paul Kagame. He has been president of Rwanda for 18 years, and could also be its president till 2034 after amending the constitution to extend term limits in 2015.

AU’s chairperson Moussa Faki wrote a much publicized letter to Uganda’s Yoweri Museveni earlier this month to intervene in the constitutional crisis in Burundi. However, it would be an issue of pot calling kettle black, since Museveni, who has been Uganda’s president since 1986, also scrapped term limits and presidential age limits in Uganda.

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Rwanda is playing for keeps with its latest tourism deal with Arsenal FC

Rwanda has taken a smart and innovative step to increase its global appeal as a leading global tourist destination by leveraging Arsenal’s massive fanbase around the world.

The Rwandan government said on Wednesday that it has signed a sponsorship and tourism promotion deal with the English soccer club Arsenal, thereby establishing a commercial bond with President Paul Kagame’s favourite team. The three-year deal will see ‘Visit Rwanda’ become Arsenal’s official Tourism Partner. The ‘Visit Rwanda’ logo will feature on the left sleeve of all Arsenal’s first, under-23 and women’s teams, the government said in a statement.

“We’re thrilled to be partnering with Arsenal and showcasing the vibrancy and beauty of our country. Rwanda is a country pulsing with energy, creativity and innovation,” Rwanda Development Board Chief Executive Officer, Clare Akamanzi said.

Tourism is the leading foreign exchange earner for the country.  Tourism earnings were estimated at $389.8 million in 2016, up from  $367.7 million in 2015. The country has four national parks (Volcanos, Nyungwe, Akagera, and Gishwati) and natural assets, including six volcanoes, 23 lakes and numerous rivers, and rare species such as mountain gorillas.

The Rwandan government wants to use this new deal to highlight its “growing numbers of wildlife including black rhino, lions, zebra, chimpanzees and the famous mountain gorillas.”

In a 2011 study, SPORT+MARKT revealed that 72 percent of Africa’s 738 million people, aged between 16-69, have an interest in football. The study shows that 55 percent of them are interested in the Premiership, while 39 percent actively support an English top-flight team.

Arsenal’s Chief Commercial Officer, Vinai Venkatesham, said the “Arsenal shirt is seen 35 million times a day globally and we are one of the most viewed teams around the world. We look forward to working with the ‘Visit Rwanda’ team to further establish the country as a leading tourist destination.”

In a few years, Rwanda could find its already booming tourism sector expand as it catches the attention of over 35 million people every match day. The country’s National Parks are already attracting a record number of tourists due to growing numbers of wildlife including black Rhinos, lions, zebra, chimpanzees and the famous mountain gorillas. Rwanda has also been attracting new hotels and lodges across the country, making it easier to experience longer, unique and memorable vacations.

Rwanda is ranked as the second easiest place to do business in Africa by the World Bank, and is on pace to become Africa’s number one. The country was also awarded for its leadership in tourism and economic competitiveness by the World Travel and Tourism Council (WTTC) and the World Economic Forum respectively.

“Visit Rwanda and discover why we are the second fastest growing economy in Africa. Investors in Rwanda are able to register their businesses in only six hours and prepare to enjoy the opportunities accrued from the free trade agreements that we’ve signed with over 50 countries,” said Rwanda Development Board CEO, Clare Akamanzi.

Clare also spoke proudly about the potentials of the country. “Renowned for our incredible and unique Mountain Gorilla tracking experience, tourists can also enjoy a variety of water sports, cycling, hiking, bird watching to list a few of the touristic attractions available while in Rwanda.”

An important part of Rwanda’s tourism sector is the state airline, which has also been expanding into new markets lately. The governments of Rwanda and Angola signed a Bilateral Air Service Agreement (BASA) yesterday, which will give Rwanda access to all the airports in Angola, one of the biggest economies in Africa.

Prior to the Angola deal, Rwanda sealed aviation service agreements with Ghana and Togo this week. These agreements will give the country access to wider markets just as the Arsenal deal.

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What to do with Pakistani militant Hafez Saeed? Pakistan and China grope for ambiguity – JMD

By James M. Dorsey Recent remarks by several senior Pakistani officials suggest that Pakistan and China are groping with how to deal with globally designated Pakistani militant Hafez Saeed as the South Asian nation gears up for elections expected in July and risks being next month put on an international terrorism finance and money laundering watchlist. The Pakistani-Chinese dilemma stems from a China-backed Pakistani refusal to fully implement designations of Hafez Saeed by the United Nations Security Council and the US Treasury. The United States has put a $10 million bounty on the head of Mr. Saeed, who is believed to lead […]

The post What to do with Pakistani militant Hafez Saeed? Pakistan and China grope for ambiguity – JMD appeared first on NewsRescue.com.

Ajayi Crowther University [ACU] Notice To All Students

Ajayi Crowther University (ACU) management has released and important notification to all students of the institution, including all outgoing students. All students of the institution are hereby informed. The institution has included in the notice, warning regarding immoral acts, gathering in isolated places from a specific time. Students are advised to carefully study and understand the provisions in the Students’ Handbook and as well, ensure to adequately prepare towards the forthcoming examination. Scroll down for full details.   ACU notice To All Students-2018 The 2017/2018 Session is gradually winding down. The second semester examinations will soon commence. Students are, therefore, admonished to

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Ecobank Management Development Programme For Graduate – 2018

Ecobannk Nigeria has announce the Management Development Programme for the year 2018, for all Nigerian graduates. All members of the general public, especially graduates from all over the country, are hereby notified and urged to take the opportunity. The EMDP – Ecobank Management Development Programme is an intensive program designed to build the bank’s talent pool in order to raise a new generation of leaders for Ecobank. Candidates that undergo this program will upon completion be placed in positions aligned with their skills, experience and strengths at the entry point of functional managerial roles. How To Apply For Ecobank Management Development Programme-2018 Ecobank

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ACEONDO To Receive Nigeria’s Best COE Award- Provost

Adeyemi College  of Education, Ondo State, ACEONDO is set to receive Nigeria’s best College Of Education award, according to the institution’s Provost, Prof. Olukoya Ogen. The award is set to take place on the 23rd of June, 2018 in Kaduna State. This news was made public in a statement by the institution’s provost on the school’s official website during an address delivered at the 8th Annual National Conference of the Institution’s School of Education, which held in the College on Tuesday May 22, 2018. Adeyemi College set to receive Nigeria’s best COE award- Provost The Provost, Adeyemi College of Education ( ACE)

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AL-Hikmah University Sandwich Admission Form 2018/2019 Session

Al-Hikmah University Ilorin (AL-HIKMAH) Sandwich admission application from for the 2018/2018 academic session is now available for interested applicants. All members of the general public are hereby informed. This is to inform the general public and all prospective students that the admission form for 2018 Sandwich Degree Programme is now available. The application is hereby available online How to Apply for Al-Hikmah University Sandwich Programme 2018/2019 Interested Candidates should visit: http://admissions.alhikmah.edu.ng/admission/apply to begin application. Commencement: The program will commence by July 2018 Al-Hikmah University Sandwich Programmes. 1. B.A. (Ed.) English Language 2. B.A. (Ed.) Arabic Language 3. B.A. (Ed.) Islamic Studies 4.

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UPDATE: UNN Postgraduate Students Registration Online – 2017/2018

University of Nigeria, Nsukka, UNN has issued a notice to new postgraduate students on registration for the 2017/2018 academic session. NGScholars is hereby using this medium to inform all candidates who have been offered provisional admission into the University of Nigeria, Nsukka (UNN) postgraduate programmes (Ph.D,MASTER’S & POSTGRADUATE DIPLOMA) for the 2017/2018 academic session that the registration exercise has started. UNN New Postgraduate Students Registration For 2017/2018 Academic Session UPDATE OF POSTGRADUATE REGISTRATION Following the Report of the Vice-Chancellor’s Committee on Update and Renewal of Postgraduate Registration, the Vice-Chancellor has directed that every Postgraduate student should update his/her registration on

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5 Tips for Backing Up your Website

5 Tips for Backing Up Your Website

Creating and managing your own website has become easier than ever, with the advent of services like WordPress and Shopify, but regardless of your level of familiarity with web hosting there are a number of things that can go wrong. One of the most important aspects of running a website successfully is to ensure that you have a fresh backup prepared should things go awry.

The reason is simple. All websites are vulnerable to hacking attempts, corrupted files, DDOS attacks, data theft, malware and viruses, and human error. Should any of these things occur, a backup could be the key to saving your website. Choosing to not backup your website can have disastrous consequences.

“My entire business went down the drain with one mistake by my web host,”

writes Andrew Gladwin.

“It wasn’t even my fault, but I had to start my business from scratch because of that one mistake. I’m not alone either: 40% of small to medium businesses don’t backup their data.”

Below, we highlight five tips that you should use when backing up your website.

Be Sure to Update Backups Often

One of the fundamentals of maintaining a website is keeping a backup copy that is regularly updated. Your backup schedule ought to reflect the frequency with which you update your site.

If your site updates frequently or is consistently publishing new content and regularly engaging with it’s users, it would be wise to consider weekly or even daily backups.

If your website doesn’t update frequently, it’s still advisable to update bi-weekly. Regardless, it’s important to schedule your updates when your website is at its lowest level of traffic to avoid potential disruptions.

Test Your Backups on a Regular Basis

One of the most important tenets of a backup is the ability to restore the state of your website should things go awry. If your site goes down, the last thing you want to worry about is the validity of your backup.

The most surefire way to avoid that problem is to regularly test your backups before you use them in a full website restore. A number of things can go wrong with backups, which makes it even more crucial to test backups before you implement them.

The most crucial part of this process is to ensure that your files aren’t corrupted and that you have all that you need in order to fully recover your website.

Backup Your Data Before You Make Major Changes

If you’re like most website managers, you’re constantly tinkering with and making small changes to  your website. This is a good thing! However, it’s advisable to backup your site before you make any major changes, just in case things go sour. This way, rather than having to start over with an out-of-date backup, you’ll simply revert to the most recently saved version of your website.

Be Informed About Your Web Host’s Backup Procedures

Most website hosts provide site backups as an add-on service, meaning that when you’re in a bind, your host should have a backup option available for you. It’s still important, however, that you perform your due diligence when it comes to their backup procedures.

According to Vishnu Supreet, these are some of the questions you should be aware of when choosing a host in the first place.

  • Does the restore function work smoothly?
  • For how long does the host retain a backup version?
  • Is it possible to restore files selectively?
  • What is backed up and how often?
  • What happens if the site is hacked?

Once you know the answers to these questions, you can make the appropriate changes to your backup procedures.

Keep Older Versions of Your Backups as Well

Websites can be fickle, so it’s important that you not only keep up with regular backups, but that you keep older versions of your website. Sometimes site issues take weeks to notice, meaning that if you only keep the most recent version of your website, your backups might also be corrupted. While it’s not necessary to keep every backup, it’s advisable to keep a few at regular intervals over the course of the year.

Backing up your site is ultimately a time and cost saving measure that proves to be a worthwhile investment both for business owners and casual users alike. For those who want to avoid the anxiety and stress of starting their website from scratch, consistent backups are a necessary first step.

Related Topics

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