Litecoin - Buy and minen

Miscellaneous UxBridge August 8, 2016 0 0
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Litecoin is an alternative crypto currency. The basis of this coin shows many similarities with Bitcoin, and Peercoin Namecoin. Litecoin is designed to improve the Bitcoin. This coin was introduced by a former employee of Google. Buying and trading in these currencies is also possible for Dutch and there is an official website available in Dutch. There are shops available where you can pay by litecoin. This currency can be bought or mined with the right software. Litecoin capable of Bitcoin as gold to silver. What could be improved?

Litecoin

This digital currency is known by the acronym LTC and was released in October 2011 by former Google employee Charles Lee. This alternative crypto currency runs on the alternative Scrypt encryption algorithm, making it more difficult to mine massive. In addition, it also uses the Proof of Work protocol.
Enhancements
Litecoin has made improvements in three key points made compared to its big brother Bitcoin.
  • Litecoin is four times as fast as Bitcoin in passing blocking. At LTC happened every 2.5 minutes, Bitcoin is for 10 minutes. This ensures that all other transactions that are made, for example, payment will be faster on the litecoin network.
  • Litecoin makes the first digital currency used by Scrypt. This ensures that the massive minas of this coin is more difficult. For Bitcoin is developed equipment which this is possible
  • A total of 84 million Lite Coins mined. This is four times as many as there are calculated by the miners of Bitcoin.

Proof of Work

Litecoin is based on the protocol called Proof of Work. Computers to mine a coin count out complex sums. If you are the first one who solves the latter part of this virtual sum you get the corresponding currencies. Proof of the work system ensures that it is recorded who has solved the last part of the sum. This way of working takes a lot of energy and electricity costs will amount to the miners. An example:
?? Two people have on their PC installed a program to mine and both count the same sum for litecoin. The first computer solves the latter part of the sum and thus gets the deserved coins. Proof Of Work log stores all of this in a digital cryptographic code. The person making the currency has mined now has the evidence. This code is shared with all the other people who are involved in calculating the code. The other computers will now move on to the next sum. ??

Buy

Litecoin you can buy on multiple websites. The popular Bitcoin convert litecoin is Dutch for the most secure option. But this coin by Dutch traders can be purchased via IDEAL. You can then convert this money into other alternative crypto coins. This can be done at the following dealers:
  • BTC-E
  • Litecoins.nl
  • Crypto-Trade
  • BTC38
  • BTER Exchange
  • Cryptonit
  • Cryptsy
  • Coins-e

Minen

To mine you need to install the official client litecoin. Additionally, you can choose to use mining software CGminer if you want to use the Proof of Work protocol. The minas of litecoin can be set using the wallet. This coin is suitable for solo minen. Because litecoin is still used by the Proof of Work protocol power costs can be high.

Wallet

The litecoin wallet can be downloaded from the official website of LTC. There are also online wallets available where you can store bought, traded or coins you have mined itself. The wallet uses multiple security options making it as reliable as possible.
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