Cryptocurrencies like Bitcoin, Ethereum, and Litecoin are making headlines because the value of these currencies has risen dramatically over the last year. These currencies rely on complicated mathematics and blockchain technology to create a system that allows users to pay, store, and get value from these currencies. Specifically talking about Litecoin, let's dive in and look at what it is, how it's different than other currencies, and the most important question of all: how to invest in Litecoin. Before you get started with Litecoin, you need a digital wallet.

We recommend using, which we will discuss a bit more below. If you're considering investing in Litecoin, realize that there are a lot of risks - but also huge potential rewards. We try to break it down as easily as possible, but this is a complicated subject.​ What Is Litecoin ​ that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized. Mathematics secures the network and empowers individuals to control their own finances. Litecoin was the third most popular digital currency, behind and (okay, it's fallen a little bit due to the popularity of, but close enough).

Put your money into it when you think Bitcoin is going to dip, because you will find that when BitCoin drops below $2800 again, Litecoin will. Mining-related posts: /r/LitecoinMining. Off-topic crypto. LTC may not get the same bubble-boost, but it will be more resilient during the dips as well.

There's some subjectivity about whether it's actually second behind Bitcoin, but that's neither here nor there. In 2014, Dash, a competing crypto-currency, split from the Litecoin blockchain. How Litecoin Is Different Litecoin is different than other currencies is a couple key ways. First, unlike Bitcoin and Ethereum, Litecoin uses a software algorthym (Scrypt) to mine units. This somewhat prevents individuals from making powerful custom computers (or rigs) specifically to mine the currency.

​ Second, Litecoin has one of the fastest transaction times of the digital currencies, clocking in at 2.5 minutes (versus the 10 minutes for Bitcoin). Third, and most popular for investors, Litecoin is the cheapest of the three major cryptocurrencies.

​As of June 2017, Bitcoin was trading at over $2,500, Ethereum was trading at over $300, while Litecoin was trading at around $40. Average Experience Points XP Mining Rate here. For example, $1 USD is equal to about $43 in Litecoin today. The goal is for the value of Litecoin to rise, in which case, you could exchange your Litecoins back to dollars (from someone willing to do the exchange).​ So, where can you do this? Sadly, you can't invest in Litecoin at your stock broker. Instead, you need a digital wallet. The best digital wallet we've found for US Citizens is.

Coinbase allows you to buy and sell Bitcoin,, Ethereum, and Litecoin all in their app. Since is also a digital wallet, you can use your wallet to buy, sell, send, and receive Litecoin as well (for example, using Litecoin to pay for goods or services online). You can then convert your Bitcoins and bonus into Litecoins if you wish. Shares 528 Filed Under: Tagged With:,, Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, or other advertiser and have not been reviewed, approved or otherwise endorsed by any of these entities. Comment Policy: We invite readers to respond with questions or comments. Comments may be held for moderation and are subject to approval. Comments are solely the opinions of their authors'.

The responses in the comments below are not provided or commissioned by any advertiser. Responses have not been reviewed, approved or otherwise endorsed by any company. It is not anyone's responsibility to ensure all posts and/or questions are answered. About Robert Farrington. They treat them as a currency exchange if you use a wallet, and if you are trading them through contracts, they treat it like Forex. For a currency exchange, if you have a gain on a personal foreign currency transaction because of changes in exchange rates, you do not have to include that gain in your income unless it is more than $200.00.

If the gain is more than $200.00, report it as a capital gain. You can leverage it as either a short term or long term gain depending on your holding period. Litecoin is a currency, where a stock or a bond are instruments of value of a company. A stock is equity in a company, and a bond is debt owed to a company. A bond is backed 100% by the assets of the company. If the bond isn’t paid, you technically can force the company to sell assets of the company to pay the bond (through courts and potentially bankruptcy).

A stock is equity issued by a company. You become an owner of the company. Your stock share is a percentage ownership, and you get your share of earnings, growth, etc. Now, Litecoin – it’s only value is what someone will pay for it. It has no industrial use, earns no profit, holds no debt. It’s like a rock – it’s just that this rock has had 1000s of people say it’s worth money.

Sound familiar? Because this has happened thousands of times throughout history. What should you do with it? Well, what would you do with a rock that people say is worth money? It’s your call – it’s just a gamble.

It could skyrocket and make you a nice amount of money, or it could be worthless. Remember, $150 in any asset isn’t enough to make you rich. Even if the value went up by 1000%, you’d now just have $1,150 in Litecoin to sell. Thank you for the article. When I purchase some Litecoin in the coinbase application. What are my options is it safe for everybody to leave their coins in the app or can I remove them and print it out on paper or put it onto a SD card or a thumb drive. And also can you do both can I put it onto a thumb drive and print it out or you can only do one of the other and then my third question is how does the ATMs work somewhere over here by my house I have a Litecoin ATM you can purchase litecoins there.

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PayPal as payment standard. The problem with mining bitcoins or litecoins is the algorithm it uses, each sucessful mining will increase the difficulty which in return will need more powerful hardware to have the same amount of money coming in. So for example the hardware in the first article says it has a profit of $700 per month, however next week, that estimated profit will lower to say $600 and next week it will lower even more and so on. Even the article said it A note on ROI (or return-on-investment). I built my first rig in April 2013, and it paid for itself in less than 6 months, however there is no guaranteed return on mining rigs, so use your own judgement, do your due diligence, and decide if this is an investment you want to make. If nothing else, you will learn a LOT about computers in the process of building your rig.:) The point is, yes you can have a profit, but don't think you will actually make $700 month, it will take months before you will have a ROI and then the hardware will start to become obsolete (This is much slower in litecoin due to its algorithm, however in bitcoin it's becoming very fast for your hardware to become useless due to ASIC mining) • • • •. $700/month in june.

The thing is? The difficulty of 'mining' crypto currency goes up as more crypto coins are generated. At this point, a reasonable computer is going to take centuries to discover a bitcoin. Litecoin difficulty is /way lower/ than bitcoin, but it's still increasing. From what I read, it's hard to get more than $50/month anymore out of a reasonable computer. Note, though, I only know anything about this 'cause a friend of mine was mining litecoins, and he was going to pay me to setup a cluster of computers for him to mine more.

According to him, the difficulty was increasing so fast that he only had a few more months to make money off of it, and we decided it wasn't worth the effort. (this was a few months ago) • • •. I've been mining crypto since March.

Don't even think about bitcoin at this point. Even Block Erupters (thumb drive type devices) are crazy expensive now. I've got $1000+ invested into ASIC hardware, and with the rise in price I'm pulling around $600 a month per calculators, but this is an area with diminishing returns. When the difficulty of bitcoin skyrocketed, I went to litecoin.

I was one of the first. The difficulty level was like 25 or so, and I was making some cash. Now the difficulty is >1000 and from what I read the price of litecoin has reached $15 or so. I could make about $7 or so a day on my botnet with that. TLDR; If you have a killer GPU (ATI/AMD is way better than nvidia), and you don't use your computer that much, try it out.

Cryptocurrencies could change the world. How can you be mining and not know anything about the coins? LTC hit 45 dollars before the crash. The difficulty is currently 2694 for LTC, just jumped 23% this week. You have 1000 invested in ASCI and your making 600? 100th GameCredits GAME Miner on this page.

ASCI is pretty much dead to mine with. Maybe you think you're making 600, but Block Erupters aren't expensive. They are just way too slow compared to the rising difficulty. I don't get why everything you say seems to be so wrong but you claim to know what you're talking about. Mining SHA coins is rather a joke these days. Even the ASCIs on backorder are virtually useless unless you can get the best of the best RIGHT NOW and not 3+ months from now.