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Mining the Litecoin
Speaking as simply as possible, the mining of Lightcoins is the process of performing computational operations on the network of the same name payment system. The essence of these calculations is to generate a new block of transactions. For the creation of the block, a reward is given for each miner whose equipment participated in the process. The amount of payments depends on the specific work done by the machine.
Since today Litecoin mining is rapidly gaining popularity (due to the fact that this cryptocurrency gradually becomes more expensive), more and more people want to join this activity. However, newcomers are faced with two obvious questions: where to start and how, in fact, to get the desired coins. Today we will try to answer them in as much detail as possible.
Understand Crypto Mining Basics
Mining is a relatively similar process for many cryptocurrencies. If we give an analogy with real life, then we can take the harvest as an example. To tear off apricot and cherry tree, you need to stand with a container under it and collect all the berries. But if you can take an apricot immediately for the fruit, then it is advisable to take the cherry by the stem, so as not to crush it.
When approaching Litecoin mining, one must also take into account its features, algorithm and protocol, and mining characteristics.
There is an erroneous opinion that even a 5-year-old child can do mining. Well, if you tell such a child the minimal basics of cryptology, programming, then he can try. But the likelihood that the child will earn on this, scanty. Production efficiency depends not only on iron and minimal knowledge but also on miner’s skills.
Mining Computers
For Litecoin mining, you can use one or two video cards or build a whole farm consisting of 6–10 boards. The second method will bring you much more profit, but you will need to invest a huge amount of money (from 4-5 thousand dollars and more), arrange the wiring in advance and get ready to receive impressive receipts for the light. And given that Lightcoin, like any other cryptocurrency, is volatile, the payback of hardware can take a very long time; in the case of a course collapse, you can stay in the red Although even with such bad hands, you can go to the mining of another currency (the same Bitcoin or Ether).
Mining on processors is much less popular. Nevertheless, we will look at chips that can help you earn your first Lightcoins. At once, when choosing a processor, you need to focus not only on the number of cores and their clock frequency but on the supported number of threads. The more, the better.
Get a wallet
Lightcoin requires a special wallet to store accumulated coins, as well as for ordinary cash. Here, stationary virtual wallets are optimally suited, as well as those that do not require installation, as they work online.
When downloading a wallet there is another important nuance: synchronization. If you decide to do solo mining, then you will need to wait for the full synchronization of the wallet with the blockchain, so that you can search for new blocks. Without it, you can not check all the data, respectively, to extract LTC will not work.
Mining pools
We have already written that individual mining will not be able to provide you with profitability and cover all your costs, therefore it is advisable to use group mining of crypto money. Usually, mining pools take 1% of all generated coins for themselves, the remaining assets are divided between participants proportionally.
Here is a list of pools in which only LTC can be mined:
- Multipool
- HashFaster
You register on the selected resource, carefully read all the conditions of the service and create your own account. After that, you need to create workers (My Workers), the number of which should be equal to the number of graphics professors involved in mining.
Mining Program
Well, the last step to start is to choose a mining program for mining lightcoins. The simplest and most understandable program that will suit even beginners is the Miner Scrypt GUI. It has the support of the Russian language, which will greatly facilitate the process of dating.
GUI Miner Scrypt does not require users of highly specialized knowledge, experience or skills. The program will help to update all the necessary drivers for your graphics devices so that there are no problems with its use.
Recap
Litecoin mining is a very profitable occupation in 2019, directly dependent on the rate of the token. Modern computers have quite a productive capacity, so you can even create work nodes at home. In this article, we looked at the most popular and popular mining options. You can choose the right one according to your needs and financial possibilities.
What are digital currencies?
Digital currency is a general term used to describe all electronic money, including both virtual and cryptocurrency. Digital currencies can be regulated or unregulated.
Such money is available only in digital or electronic form and, unlike bills or coins, are intangible. Digital currencies, which can only be owned and spent with e-wallets or specially created networks, are also often called digital money or cyber-cash. The absence of intermediaries means that transactions usually occur instantly and imply very small commissions (or lack thereof).
What are cryptocurrencies?
The word cryptocurrency unites two different but related words – currency is a well-known thing, and crypto stands for algorithms for encryption and cryptographic technology to used to ensure the security of the network. In such a high level of security, cryptocurrencies are protected from being copied and faking. Cryptocurrencies often involve using decentralized power structure like blockchain technology so three are no need for third parties. It means there are no banks or another kind of financial organizations, the only person to person transaction with the using of two types of keys.
Undoubtedly, the most famous and most common blockchain-based cryptocurrency is Bitcoin. It also has the highest price, which currently stands at about $ 4,000 per coin. However, despite the popularity of Bitcoin, this is not the only cryptocurrency. There are many alternative coins or altcoins, such as Ethereum, Litecoin, Bitcoin cash or Monero. Some of them mimic Bitcoin, others are his forks (new cryptocurrencies, “breakaway” from the existing).
What are the distinctions in between the digital and cryptocurrencies?
Cryptocurrencies allow you to make transfers safely and reliably, eliminating the bureaucratic component, such as registration and restrictions. Anyone can audit all transactions. You do not need to get permission from someone. The same is true for the confirmation of new transactions. Thus, neither to create new transactions nor to confirm them, users of cryptocurrency do not need to go through the identification procedure (KYC).
We should understand that cryptocurrencies are the only digital money that works on decentralized blockchain technology. And all the new emission of such currencies can be released only according to the strict algorithm of the network. And the basic economic rules applied on price building of a coin as demand and supply. Not all types of digital currencies are considered as a cryptocurrency since and even some tokens and altcoins are not cryptocurrencies. Because they are not built on a blockchain technology and can not be referred to as fully independent networks.
Recap
Well, in the end. we can come to the conclusion that digital money or digital currency is a very wide term for any sort of assets kept in digital space. Cryptocurrency is a part of a larger pool of digital currencies since all of them exist on the web.
Cryptocurrencies are digital, as they exist on the Internet, but these are also virtual currencies created using cryptographic algorithms. Thus, although very often the terms “digital”, “virtual” and “cryptocurrency” are put together and combined, it is very important to understand the nuances that exist between these three types and to use them correctly.
The first question that comes to anyone’s mind is why should they accept Bitcoin payments?
The answer is quite simple. More and more customers wish to spend their Bitcoin on routine products and services. Therefore, there is no better time than to strike right now and introduce this new and upcoming mode of payment to achieve a competitive edge.
As an SMB, you are the ideal sized business to adopt Bitcoin payment. Since there are still only a few companies that offer Bitcoin payments, you will be sculpturing a niche for yourself. This will only add to your customer’s lists with little competition to worry about.
Just think about it, it doesn’t even matter whether you run a burger joint or own an e-commerce store, offering Bitcoin payments to customers puts you way ahead of your competition. Besides, the process of setting up this contemporary payment system is incredibly smooth and also free of cost.
If we try to compete Bitcoin transactions with other modes of payments, such as card payments, it is much cheaper in terms of charged fees. However, there are some disadvantages and drawbacks too. For instance, regulatory uncertainty and market fluctuations.
Bitcoin payments. But first, let’s learn how to set up a Bitcoin payments mode.
Steps to Accepting Bitcoin Payments
The benefits clearly outweigh the dangers –making it a suitable and promising prospect for your business. If interested, here are 3 easy steps to its setup.
Action #1 — Opt for a Bitcoin POS system or Bitcoin Wallet
To begin accepting Bitcoin, the first thing that you need to have is a wallet where all the collected Bitcoin will go. It is very easy to get one. Alternatively, you can also opt for a POS system for Bitcoin, in case you own a big store with more foot traffic. A Bitcoin point of sale system will not only assist you with multiple transactions but also help convert Bitcoin into fiat money right away.
Action #2 — Tell your customers you accept Bitcoin payments
Unless you tell your customers you accept Bitcoin payments they are not going to figure it out themselves. Therefore the second step involves informing them. Most stores have stickers and boards that advertise the different payments acceptable in the store. Make sure you add a printed sticker of “Bitcoin payments accepted here” to ensure your customers are well-informed about this supplementary opportunity.
Action #3 — Study Tax Regulations
Before introducing Bitcoin as a new payment mode for customers, you must critically examine the tax regulations surrounding it. The laws can be rather uncertain at times. However, there are many firms dedicated to concentrating on taxes and Bitcoin bookkeeping. It will be in your best interest to align forces with one of these companies and have some assistance with bookkeeping so you stay on the safe side.
Bitcoin Acceptance –The Benefits
Mentioned below are some of the guaranteed benefits you can avail when you start accepting Bitcoin payments.
- There is zero setup cost
- You can benefit from the Bitcoin holder market
- You can brand yourself as a modern-day enterprise
- There are low transaction fees
- There isn’t any risk of chargeback scam
- Potential for greater profit margins as the value of Bitcoin rises
Bitcoin Acceptance –The Dangers
Since no business lacks complete risk, there are also a few dangers when accepting Bitcoin. These include:
- Loss of earnings in case Bitcoin market crashes
- Unclear and lack of a legal structure in general
What is NEO?
Many may be interested in such currency as NEO. Another of its name was “Chinese broadcast.” Note that during the deep correction and the fall in value in 2019, this currency perfectly resisted the downturn in the market and kept its value. At the same time, Bitcoin rapidly collapsed to a cost of 6 thousand dollars.
Naturally, this currency, under the pressure of falling popularity of cryptocurrency, slipped in price, but nevertheless, it can definitely be attributed to promising projects that have quite strong support, both from developers and large investors, who did everything possible to save prices, and they succeeded.
What is NEO cryptocurrency
The main issue when considering the prospects of the currency is its essence. NEO is considered an independent platform for building a decentralized future economy. More simply, it can be said that this is a non-profit project that contributes to the development of a smart economy. The company’s asset management is performed using smart contact technology. In addition, you should definitely mention the fact that the protocol works on the “Proof-of-Work” system, with the principle of “Proof-of-Stake”, which are far from being known to everyone. A more refined name sounds like dBFT (Delegated Byzantine Fault Tolerance).
NEO and GAS Tokens
In order to confirm the transaction in the network, Gas coins become necessary. These tokens are issued on a par with the main cryptocurrency, with the same amount. While the NEO coin itself is a kind of company stock, GAS is a calculated currency, without which it is impossible to make transactions.
Getting this type of token is easy. When you register a wallet and purchase NEO, you automatically start receiving the second type of coins daily. Thus, earnings can be based not only on the appreciation of the currency but also in the passive version of the accrual of GAS coins.
Currency history
The project itself was founded in 2014, with the initial name it had AntShares, and later was renamed. Da Hongfei, a Chinese entrepreneur and part-time head of OnChain, became the founder. His partner in this was the technical director of the organization, Eric Jan.
And since the cryptocurrency is directly connected with the company OnChain, it is worth considering separately and her. The company itself was also founded in 2014, and now it is a large corporation that is developing the project DNA (“Decentralized Network Architecture”), which means “decentralized network architecture”. Another name might look like a private blockchain system.
Why is NEO interesting and why?
The first feature that distinguishes the project from other cryptocurrency services is the creation of the first, and so far the only, independent CoZ community, which has been able to combine the designers, developers, and translators who daily work on developing the project system.
And today there are many ideas for improving the service and the company as a whole. And already now, cryptocurrency has its own personal wallet for injuring NEON coins, as well as Blockchain-explorer.
Where can I buy a cryptocurrency and how to store it
Already, cryptocurrency is available for purchase on almost all well-known exchanges. It is considered a reliable asset that is time-tested and has a promising idea because it is actively added to all the best selling services.
Tokens can be purchased on such exchanges as Binance, Bitfinex, HitBTC. It is on them the largest amount of coins, and you can buy them without any labor. A full list of exchanges with the current value of the currency can be found on the Coinmarketcap service.
Should I invest in NEO in 2019?
Having reviewed the available information about this cryptocurrency, we can conclude that NEO is not just a currency with a good idea and reliable developers, but a whole corporation with a bright future that is tuned, and most importantly, is able to arrange a revolution in the digital market. The plans of the organization to become good competitors for many smart platforms.
Thus, investments in NEO will probably become one of your best investments and will bring in several hundred percent profits for the period of market growth. And if today the company is young and only developing, then with the time of growth of the market its value.