How to earn and store Litecoin (faucets, exchanges, wallets…)

How to earn Litecoin ?

Litecoin hovered around $3 for a long time. Recently, it has surged to $250+ and with that price rise has come renewed interesting in Litecoin and Litecoin mining.

There are several ways or gaining Litecoins. You can either mine them, buy them or use faucets. The founder, Charles Lee, intended for the limit of the currency to be 84 million.

The mining process is made more difficult after the attainment of a set number of Litecoins, and it got a little more complicated in 2016. Miners use designated software and mathematical formulas.

Litecoin differs from Bitcoin in three ways: Litecoin uses scrypt algorithm instead of Bitcoins SHA-256 which was designed to eliminate the use of typical ASIC miners and make it more profitable for users with regular computing hardware.
Litecoin confirms transactions faster (every 2.5 minutes, rather than every 10 minutes for Bitcoin) and it contains more coins.

Today there are already Scrypt ASIC miners available and the difference isn’t that significant anymore. Litecoin has also four times as many currency units (84 million coins) and the network aims to process every block four times faster than Bitcoin which should allow faster transaction confirmations. Only 150 Litecoins were premined prior to official launch. Although premining is generally a bad thing it really hasn’t affected the distribution or popularity of the coin in any way.

 

The number of Litecoin faucets has increased significantly following the massive use of this cryptocurrency, here are some reliables: Click here

Best Litecoins wallets

Without a wallet, you can not receive, keep and spend your litecoins.

Hardware wallets

A hardware wallet is a physical electronic device designed for the sole purpose of securing Litecoins.
The three most popular hardware wallets are:

Ledger Nano S
KeepKey
Trezor

How to buy/sell Litecoin

Coinbase is a digital currency exchange based in San Francisco, California backed by Union Square Ventures and Andreesen Horowitz, that provides a platform for traders to buy and sell litecoin with fiat money. Coinbase is also a litecoin exchange and wallet provider .

Coinbase is available not only on web platform but also as a mobile application that is compatible with both Android and iOS. This provides convenience to the users and even makes the technology handier