Litecoin Mining Profit and Its Calculation on HashFlare
The popularity of cryptocurrencies in 2017 reached its peak and continues to grow. As a result, everyone is interested in this dynamic market, where the value of assets is growing by thousands of percent over a year. We will describe the forecasts for Litecoin — an analogue of the famous Bitcoin, but only sold at a much lower price. Litecoin is a very attractive financial tool for all traders and investors, because it has not become the object of frequent manipulation, as the popular Forex currency trading.
The only thing which holds back major financiers from transferring all of their capital in cryptocurrency is the fear of a “bubble”. Many investors of the late 1990s of the 20th century failed on the dotcom. Then the cost of technology companies was greatly overestimated, and when the bubble burst, all investors were forced to sell shares of dotcom at a bargain price. In this regard, everyone soberly assesses the prospects of Litecoin in order not to lose capital, but to increase it. If you want to make an objective forecast, it is important to understand what LTC is. So, first of all, let’s make a brief history.
Litecoin owes its appearance to one of the programmers of Google Corporation named Charley Lee, who created a unique cryptocurrency on the basis of bitcoin code in 2011, which in comparison with its ideological inspirer has a faster generation of blocks. If you compare BTC and LTC, you need to take into account the following differences:
- the BTC block is created in 10 minutes, while the LTC one only needs two and a half minutes;
- the final volume of BTC, which will be in circulation, is 21 million against 84 from LTC;
- mining of BTC uses SHA-256, while Litecoin uses scrypt mining.
Today LTC is the 6th in capitalization, and its price is quite stable and, most importantly, the forecast for Litecoin suggests its further growth.
If you look at the similarities, both cryptocurrencies use blockchain technology, which distributes and stores data about all transfers. Here is the confirmation of transactions, but, as it has already been mentioned, it is implemented much faster in LTC than in BTC.
If you want to understand why Litecoin is better than Bitcoin, then you need to study the following facts:
- the total number of coins mined is higher;
- high speed of translations;
- the mining algorithm is more complex.
However, LTC like Bitcoin and other cryptocurrencies has no centralization. No one limits and controls it, although it is not difficult to simply exchange Litecoin for conventional or, as they say, Fiat money. Bitcoin, of course, can also be exchanged, but it is a little more difficult to do this. In this case you have to apply to stock markets.
What Are the Dangers of Investing in LTC?
If you want to objectively assess the prospects of Litecoin, it is necessary to take into account a number of factors that investors are looking at.
- The value of blockchain
The blockchain, which consists of many blocks where information about transactions is recorded, is actively growing, which can become a problem in the future, as the software for its processing will load a huge data flow. Due to these circumstances, Litecoin’s forecast may be disappointing.
Lack of state support
In addition, we have to take into account that not all states have calmly accepted the news about the introduction of cryptocurrencies into everyday use. At first, even many countries tried to actively fight the phenomenon of Bitcoin, but could not stop it. However, there is no guarantee that a major political force will not impose significant restrictions in the near future by using measures to prevent free Internet users.
The lack of security
The prospects of Litecoin in 2018 are already clear, but it is difficult to say exactly what will happen in 2018, 2019 and further. We have to take into account the fact that cryptocurrencies do not have real security, and their cost is determined primarily by the faith of Internet users.
Everyone is very optimistic, but how will the price change in the future? There are no material guarantees. If the currency of any state is supported by the economy, then you can assess the prospects simply by analyzing the fundamental facts. When it comes to Litecoin, then you can trust only hashflare scrypt calculator, because there is no other fundamental information from traders and investors.
Making a forecast for Litecoin for 2018, you also need to think about the development of technologies. For example, 2014 saw a rapid collapse of the LTS rate when the major manufacturers of the equipment released ASIC for Litecoin, selling them to everyone, not only large commercial structures.
That is, every consumer was able to effectively produce Litecoin on their own, which triggered a strong surge in production, which exceeded demand and led to a drop in the cost by almost 2/3.
Where to Watch the Litecoin Chart
The easiest way to view live charts of any assets is to use the Trading View service. You can make forecasts for Litecoin, looking for a pair — LTC/USD, as the cost of Litecoin is denominated in us dollars. Assessing the prospects of Litecoin for 2018, 2019 and subsequent years, you need to take a chart from one of the popular exchanges, as the cost of the cryptocurrency on some of them varies greatly. For example, you can use EXMO, Binance, Chinese Bitfinex or American platforms Kraken and Poloniex.
If you are looking for Forex brokers with cryptocurrencies, it is recommended to pay attention to FXopen and AMarkets. The latter has the largest selection of cryptos among all Forex brokers.
Trading conditions are very different from the usual currency pairs, so it is advisable to work with the cryptocurrency on the demo mode to get used to the volumes, spreads, etc. The Outcome of the Prospects of LTC.
At the moment, we can say with confidence that Litecoin’s outlook is positive. The use of any cryptocurrency is now accompanied by great prospects for all traders — for both those who prefer to trade within a day, and long-term traders, ready to sit for months, hatching profits.
You can make a forecast for Litecoin with the help of simple strategies based on technical analysis, because the major players, manipulating the crowd, have not reached it yet, and therefore elementary patterns are worked out very well. When considering hashflare litecoin calculator of Litecoin prospects, it is necessary to include the high costs, which are accompanied by trading. When we speak about cryptocurrencies, then a large spread and high commissions are considered to be absolutely normal, since liquidity in the market is not large enough. In this regard, it is better to wait for a good point for an hour than trying to scalp after 5 minutes or 1 minute.