What is litecoin?Basically around since the very beginning, it’s the crypto we all forget about. One of the very first projects in the early days of cryptocurrency. Almost always in the top 15 on market-cap tracking sites. LTC is similar to Bitcoin in many ways, but very different in its coding method. Because it’s written in script, Litecoin has the ability to verify block transactions much faster than Bitcoin. You’d think it would catch on as one of the hottest coins ever and skyrocket through the roof, right? Not quite what many imagined but it is still here, and here to stay. Here’s what you need to know about Litecoin in 2021.
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How To Mine Litecoin
First things first. If you’re only interested in owning Litecoin, you should probably buy it from an exchange which we will talk about in just a bit. To mine litecoin, you have to make sure to have the time and resources necessary to make a profit, and truly run an efficient, decentralized Litecoin network. When mining Litecoin, make sure you’re fully aware of all your options and the potential risks involved with each approach. By doing your research and finding the right setup for your needs, you could eventually make a profit mining LTC. The short and sweet way to summarize mining is the following: Hook up the Litecoin miner of your choice to your computer, configure the miner, join in a Litecoin mining pool, start mining Litecoin. That’s it. It sounds easy and with some research and a few details below, you too can mine litecoin.
What You Need To Mine Litecoin
Most use a very powerful type of ASIC miner that uses Scrypt to mine Litecoin. ASIC stands for Application Specific Integrated Circuit and it means that these miners have the sole purpose of mining a specific coin, making them super efficient.
In fact, it made around $20-$30 per day, even with rising difficulties and network hashrates. This profit streak was primarily due to the epic price run that Litecoin made in 2017. It went all the way from under $3 at the beginning of the year to over $300 at the height of the crypto market in December 2017, with this current market of 2021 looking so much much like the last big bull run, and only 21% of the total supply left to mine, miners will continue to try and improve on equipment so always do some quick research and read reviews of any equipment you buy. There are countless resources on the internet as far as guides that will walk you through step-by-step.
The biggest question many have: Is Mining Litecoin Profitable? Yes. If you have the right setup (i.e. low electricity cost and a cool environment) it’s still profitable to mine Litecoin. In order to find out if you can be profitable, I highly suggest you use an online Litecoin mining calculator.
At the the time of writing ( June 6th 2021 ) it stands in 14th place in the global crypto currency ranking with a market cap of $12,582,524,918USD and a price of $1.88USD.
Where To Buy Litecoin?
Generally speaking if you can already buy bitcoin, you definitely can buy it. Most exchanges worldwide support and transact with ltc. Some of the more popular ones are Binance, Kucoin, Obex, Huobi Global, and Coinbase for those in the U.S. As always make sure you are aware of any local or national restrictions you may have to abide by. Don’t end up on the wrong side of the law for lack of research. Always do your due diligence.
Is Litecoin A Good Investment?
With Litecoin being one of the very first projects ever created in the world of cryptocurrency, many still to this day see it as Bitcoin JR- and to a certain extent it is- technology wise. But a good store of value like bitcoin, it is not. Litecoin currently stands in 14th place amongst cryptocurrencies as previously covered and unless there are significant improvements to the project as a whole, it will continue to be passed by on the rankings by newer, faster, and better marketed coins. 2021 has seen the emergence of exciting projects that are battling to improve on transaction speed and efficiency and it keeps losing its position.
The Future Of Litecoin
Litecoin is not likely to dethrone Bitcoin in the future because that’s not the original idea that it was created for. However, it has a higher upper limit and numbers of loyal investors so its price will continuously grow up. Throughout all these years Litecoin HAS kept itself fairly relevant due to name recognition and its longevity in a space where more often than not, it’s hype that drives the market.
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While it’s safe to say that mass adoption of all cryptocurrencies will take place- especially with recent announcements from El Salvador officially recognizing Bitcoin as legal tender- Litecoin and others cryptocurrencies have a bright future. What will Litecoin be worth in 5 years? Some say by 2025, it will see massive gains that will take the price as high as $3000.