Since 2013 Litecoin has received recognition and became known as the "digital silver." The growing popularity of Litecoin was a useful phenomenon for all fans of the cryptocurrency. After all, if Bitcoin has depreciated or lost reputation, then there would be a suitable replacement.
Brief history of Litecoin
Litecoin was launched on 13 October 2011 with the support of the Bitcoin community. In April 2013 there was a sharp jump of the Litecoin capitalization that brought it to the top cryptocurrencies. To start using Litecoin, you need to use the online wallet or download purse on your computer.
Anonymity. When you transfer money, it is almost impossible to calculate neither the sender nor the recipient.
Deflation. As the number of coins is limited, the cost will rise.
Speed. The transactions go directly, bypassing the processing center which improves the speed.
Decentralizing. The transactions are not controlled by any authority. It means that they cannot be locked.
How to get started?
To start using Litecoin, you need to use the online wallet or download purse on your computer. If you decide to download the software on your computer, then keep in mind that if you forget your password, you will not be able to restore it.
But there is a more convenient option – to use an online wallet. Using this method, you can log in from any device and from anywhere in the world where there is the Internet. Therefore, online wallets are more popular.
4 ways to earn Litecoin
Litecoin appears to be the same as Bitcoin. Miners use computing power to generate new coins. They install a special program on the computer that turns it into a tool for getting money. The computer begins to solve the problem of the selection of the correct combination. And if your computer power will solve the problem, you will get a reward of 25 coins.
But mining Litecoin on the computer alone is not profitable. The chance that your computer solves the problem is negligible because mining involves a considerable amount of computing power.
Therefore, the miners join pools. If one of the participants in the pool solves the problem, then the reward is distributed among all participants.
2. Cloud miningIn cloud mining, you do not need the equipment, and computing power to generate Litecoin.
3. Litecoin faucetsYou can get cryptocurrency with the help of faucets. Litecoin faucets are sites where you will earn some money by entering a captcha. The earnings are minimal. If you sit all day on the faucets, you can receive only $1-2.Litecoin faucets owners are trying to cover website advertising. They rely on the fact that someone will click on ads during typing captcha. The owner gets the money for every click on the ads.
It is possible to earn Litecoin on the Internet, like any other currency. You can obtain this cryptocurrency for completing tasks, providing services, selling goods, etc.
How to earn on Litecoin?
Anyone has the opportunity to capitalize on the Litecoin. Investors, traders, and businessmen can make money on it.
Trader. If you know how to trade on the stock exchange, you can try to capitalize on the change rate of Litecoin.
Investor. There are only long-term investments. Because this cryptocurrency is deflationary, it should go up in the long run.
Business. If the company is accepting cryptocurrency, you will be able to attract more customers who are comfortable paying you this way.