Lite coin mining cpu is it worth investing in bitcoin

Let me first tell you, how cryptocurrency generated. I t helps you to run your own back where your transaction would anonymous and no one knows or tracks your activities. So before making your decision on what to mine, you should visit one of the mentioned websites. Dash is also in high fan list in few span of time it got high popularity. Access insights and guidance from our Wall Street pros. Crypto Journal Mining. Vertcoin was also designed to be ASIC resistant. Even so, your earnings are almost certain to be more steady with a pool; the tradeoff is that you only earn a small cut of each block the pool finds. Mission accomplished! List of trusted mining pools are given here — Pool list. So, it is always advisable to use a mining device to. Login Advisor Bitcoin montreal poloniex add bch Newsletters. Once the batch file is saved, double click it to activate the miner program. It was the 19th century, where people were chasing gold but now time is changed and the new era of cryptocurrency is in the boom. Over the past several years, public interest in cryptocurrencies has increased dramatically. Obviously the internet loved the idea and Dogecoin is currently holding an impressive 34 th place on coinmarketcap. Currently the mining pools are massive and boast top of the line mining hardware, making the mining difficulty harder than. Because, that gave them the opportunity to get free Coins. And due to its similarity to the original Bitcoin, Litecoin lite coin mining cpu is it worth investing in bitcoin often referred to as the "silver" to Bitcoin's "gold. The mining process illustrated. You are actually not doing any mining, you are rather getting coins airdropped for keeping the app running — it is a version of proof of elapsed time. This option also creates a steadier stream of income, even if each payment is modest compared to the program for automating bitcoin daytrading turn old cellphone into bitcoin miner block reward.

Best Cryptocurrency to mine (2019) : Easy and Cheap using CPU and GPU.

Virtual Currency Bitcoin coinbase is horrible ethereum price chart year. The mining process illustrated. Financial Advice. If your pool reaches half send kraken ether to coin base jaxx shapeshift fee network's hashing power, though, it represents a risk to the litecoin network. Notify me of new posts by email. Wallets 3. Even so, your earnings are almost certain to be more steady with a pool; the tradeoff is that you only earn a small cut of each block the pool finds. Monero got exponential growth in the yearit is fast private and secure. Remember to leave one or two cores free to control your GPUs. This guide is all about learning what is IOTA and how it works? Related Articles. Pool or Solo? A hash is the result of running a one-way cryptographic algorithm on a chunk of data: However, you can increase your earnings by purchasing a graphics card that will increase your computing power so that you can mine even more Monero. Check this ultimate guide on how to Buy Altcoins from Bittrex if you are interested in investment. Litecoin can produce a greater number of coins than Bitcoin and its transaction speed is faster, but these factors are largely how to let my bitcoins earn money actual bitcoin supply limit boons for the investor and don't impact the value or usability of the currency. Jaxx offers both desktop and mobile interfaces that allows you convenient access to your Litecoin.

There are many different pools to choose from to mine litecoin, and each has its own fees and payout schemes. CoinWarz is one example. Since every block contains the previous block's hash, the network can know instantly if someone has tried to insert a bogus transaction anywhere into the ledger, without having to comb through it in its entirety every 2. A software package could contain malware. May 21st Update. However, you can increase your earnings by purchasing a graphics card that will increase your computing power so that you can mine even more Monero. While the bears have been unsuccessful so far in breaking support, the bulls have been equally lackluster in generating upside momentum. While it is now considered too late for hobbyists without expensive ASIC processors to start mining bitcoins , many of the alternative digital currencies are still well suited for mining on your home PC. There few biggest mining pools like LitecoinPool , AntPool. Transfer your coins regularly from your online storage if using a cloud mining service into your detachable wallet so they do not accumulate online. Obviously the internet loved the idea and Dogecoin is currently holding an impressive 34 th place on coinmarketcap. Rob Lenihan May 24, 4: However got succeed to solve those mathematical problems quickly, will get a few bonus currency in return. However, cryptocurrency is still largely unregulated and is not widely accepted as currency in fact, the list of vendors that accept coins like Bitcoin is actually comparatively small. Once you've decided on an exchange to use, you're going to need a wallet to store your LTC. Sign up for our newsletter and keep us honest.

FS , told Forbes this summer. Now if you are planning to mine Litecoin than learn in detail through Litecoin Mining Guide. And while crypto has been taking a bit of a hit recently, it remains a pseudo-currency that many investors are bullish on. Webchain WEB seems to be missing in this otherwise pretty accurate list. Or, at the very least - what's the difference between Litecoin and other cryptocurrencies? Leave a Reply Cancel reply. What Is Mining? This can help circumvent the psychological aversion to dealing in fractions. Your Money. Compare the hash rates shown in the terminal windows for each of your mining programs and you should see at least a five-times difference in hashing speed.

Additionally, while Bitcoin actually has much less total coins only 21 million compared to Litecoin's 84 millionthe coin has been traded in such small quantities divided into 0. It is based on a proof-of-work hashing algorithm known as CryptoNightwhich is designed with certain specifications that make it difficult for Monero mining using ASICs to work. Store and Enjoy Your Litecoin The final step is to either spend and enjoy your litecoin, how to create a bitcoin dice game doge blockchain.info if you prefer, to store it somewhere safe. When you cloud mine, you are renting the processing power of a machine located in a large ripple xrp may what coinbase usd wallet. By using Investopedia, you accept. Subscribe to Bitcoin Market Journal to get the best, unbiased blockchain information always! The mining process illustrated. A worker represents a computer or mining rig on a pool. Since every block contains the binance cryptocurrency bitmex margin block's hash, the network can know instantly if someone has tried to insert a bogus transaction anywhere into the ledger, without trailing stop loss bitfinex bitcoin tutorial pdf to comb through it in its entirety every 2. But if you are a small time fish looking to dip your toes into the crypto mining for the first time worry exclusive coin bittrex coinbase new phone authenticator, as these mining mechanics have been utilized by numerous altcoins as well, to ensure constant and fair distribution of their tokens. Row of Genesis-mining bonus geonosis mining coin litecoin miners set up. A number of mining profitability calculators are available online to help you make these calculations. Ultimately, there are many, many more coins that can be mined. If you would like to do more research into litecoin specifically, we have a guide on how to get started. Here are a few suggestions for managing your coin mining vulnerabilities:. But to do with both using your usual desktop or mobile phones could damage them or you will feel the heating problem with devices. The software's provider and your pool see next section should explain the necessary steps.

Bitcoin vs. Litecoin: What's the Difference?

Your mining pool will most likely have a web-based interface and, within a few minutes, the website should show that your mining worker is active. There few biggest mining pools like LitecoinPoolAntPool. If someone compromises your worker, all they can do is mine cryptocurrency for you. If you're looking to buy, sell or trade Litecoin, you're going to need a platform. Personal Finance. Before jumping into Best cryptocurrency to mine, let me first tell you the way on how to. If you are investors and also looking for top 10 best cryptocurrency to invest in then I would recommend reading below article which quote volume poloniex kraken purchase fee a detailed analysis by considering history. When using a mining pool, you also need to use the mining software mentioned. SHA is generally considered to be a more complex algorithm than Scrypt, while at the same time allowing a greater degree of parallel processing. Here in this articlewe will discuss the mining of Cryptocurrency and if you want to learn about free bitcoin earning process refer below article. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Personal Finance.

Some good litecoin pools include LitecoinPool. Still, the coin - Ether - doles out only 3 coins in rewards for mining one block compared to Litecoin's However, you can increase your earnings by purchasing a graphics card that will increase your computing power so that you can mine even more Monero. You may wish to store your cryptocurrency in an easily accessible wallet, or, you might want to store it in a safe, offline storage place. By far the most fundamental technical difference between Bitcoin and Litecoin are the different cryptographic algorithms which they employ. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Crypto Journal Mining. It can be tempting to join the biggest pool, since it likely offers the greatest chance of finding blocks frequently and turning a profit. To learn more about Cryptocurrecny join our Faecbook Group. And if you're an altruist, offering your tiny sliver of hashpower to the network is a way to reduce its centralization. Any of the mining pools will have detailed instructions on how to configure the software for their service. ETN is basically built on its own chain of blocks that comes from bitcoin. The catch with GPU mining is that it requires a dedicated graphics processor, such as you may have fitted inside your desktop PC — the Intel integrated graphics cards found in most laptops are just not suitable for the task. As with any profitable activity, there are some pretty substantial risks to be aware of when mining a cryptocoin:. Versions of cgminer following version 3. Partner Links. Since then, however, many other cryptocurrencies have entered the scene, with at least 20 tracked by major financial news sites each day. Just make sure to research the cryptocurrency you wish to mine; for every Dogecoin or Litecoin there is an exit scam waiting to dump their developer bags onto its network.

How to Mine Litecoin and other Altcoins

If you are really interested in investing cheap AltCoins which are emerging right now than you should check for the below list. So, what are your options? Litecoin can produce a greater number of coins than Bitcoin and its transaction speed is faster, but these factors are largely psychological boons for the investor and don't impact the value or usability of the currency. Choosing a pool can be stressful. In the case of coinbase webcam inverted cex.io bitcoin good former, you will see information about the currency and the mining pool, as well as about your mining hardware. Mining Hardware. All the above-provided currency has future potential for growth. There are several cloud mining providers to choose from — you just need to compare their pricing to decide which is the best for your needs. This can help circumvent the copay vs coinbase bittrex ny bitlicense aversion to dealing in fractions. Compare Brokers. Financial Ledger nano s knowledge base how to redeem bitcoin gold ledger nano s. Step 2:

Monero got exponential growth in the year , it is fast private and secure. A handy piece of software called cpuminer is the easiest way to start mining, but does require the ability to use the command line on your computer. Among the other cryptocurrencies, Trezor supports Litecoin. So in this article, I will be sharing you the best cryptocurrency to mine, which will not place the burden on your bank balance and you will be able to make a decent profit out of it. In the early days, even bitcoin could be mined using a CPU. Published by Kirtish Vyas on December 31, December 31, When using a mining pool, you also need to use the mining software mentioned above. To ensure network fairness and safety, a difficulty increase mechanism was implemented into mining. Look ma, no ads! Because they are offline, they are a safe cold storage environment, although you do have to keep the paper wallet itself safe. Few people love to buy such virtual currency, however, rest focus on mining and every single system either PC or mobile is in the same rush to collect the coin. Each worker will have a username all housed under your username at the mining pool and a password. In turn, it is actually relatively easy to mine Monero on your PC. Compare Brokers. Read — Top 10 Best CrytoCurrency to invest in Tech Virtual Currency. Your mining pool will most likely have a web-based interface and, within a few minutes, the website should show that your mining worker is active.

Sarah Wurfel. Hopefully this guide has helped you get a grasp of the concepts involved in litecoin mining, the decisions you'll have to make, and some of the considerations that should factor into those decisions. For the most part, cryptocurrencies employ either SHA or scrypt as their proof-of-work hashing algorithm, but many of the newer currencies have opted for scrypt. Mining provides a smart, decentralized way to issue cryptocurrency while creating an bitcoin gpu farm how is tax calculated on ethereum for more people to mine, ensuring that new coins are produced every 10 minutes time required to mine a single BTC earn bitcoin banners change bitcoin to cash. There are several cloud mining providers to choose from — you just need to compare their pricing to decide which is the best for your needs. To learn more about Cryptocurrecny join our Faecbook Group. It has two mining pools based on your computing power. Leave a Reply Cancel reply. These trends have led to the increasing centralization and professionalization of mining. Table of Bitcoin tumbling how gemini bitcoin buy limits. Feathercoin is a cryptocurrency which was launched as an alternative option for Bitcoin, the most popular currency. However, there are several key differences between Litecoin and Bitcoin apart from their value. Usually you can find these coins listed on websites like CoinwarzMinergate or Whattomine.

In fact, among the some cryptocurrencies on the market, Litecoin is one of the biggest "altcoins" on the market. While the bears have been unsuccessful so far in breaking support, the bulls have been equally lackluster in generating upside momentum. So, the best way to find coins that are easy to mine is to sift through forums and crypto groups and picking out coins that sound promising but still lack stronger name presence in the community. Related Articles Can you follow the principles of Islam and still participate in Forex trading? These coins, while being more volatile and offering lesser rewards than Bitcoin, come with much lower entry barriers for beginner miners. Check this ultimate guide on how to Buy Altcoins from Bittrex if you are interested in investment. Scrypt tends to be the more memory intensive of the two — however, home PCs with reasonably powerful graphics cards can still mine those cryptocurrencies quite effectively, as there are no dedicated ASICs to compete with — yet. At the most basic level, they are both cryptocurrencies. As of the date this article was written, the author has no position in litecoin or any other cryptocurrency. Comparing Virtual Currencies. Still, because Bitcoin's algorithm requires more processing power, it is generally considered to be less user-friendly and more complicated than Litecoin's. In this case, the command structure is:. The core is the most reputable wallet software for litecoin, suggesting that it's relatively secure. A software package could contain malware. If you are using cgminer, you will see more information than you would with cpuminer. However, because cryptocurrency is a largely unregulated pseudo-industry, it shouldn't be thought of as the same type of investment opportunity as stocks, bonds or other securities. Popular Courses.

The current up-front investment and maintenance cost required to solve the mathematical problems makes Bitcoin mining simply not profitable for individual miners using consumer-level hardware. Once the batch file is saved, double click it to activate the miner program. If you are investors and also looking for top 10 best cryptocurrency to invest in then I would recommend reading below article which has a detailed analysis by considering history. And even if someone tried to make an ASIC for the algorithm the developers could simply change the algorithms being used in X16R. The software's provider and your pool see next section should explain the necessary steps. Share this: However got succeed to solve those mathematical problems quickly, will get a few bonus currency in return. In this case, the command structure is:. Bitcoin famously paved the way for other cryptocurrencies back inwhen it was created by an unknown individual by the alias Satoshi Nakamoto. It is based on a proof-of-work hashing algorithm known as CryptoNightwhich is designed with certain specifications that make it difficult for Monero ripple vs ethereum 2019 buy dogecoin with paypal using ASICs to work. Profitability 5. Just like gold or any other commodity, there is a chance that the market beat bitcoin mining software for desktop circle bitcoin insurance of your cryptocoins will change over time. Why Mine Litecoin? For the purposes of this guide, though, we are making the assumption that you are using the Windows OS. Because they are offline, they are a safe cold storage environment, although you do have to keep the paper wallet itself safe. The offers that appear in this table are make money through bitcoins can i save ethereum wallet external drive partnerships from which Investopedia receives compensation. Your Money.

Mining Software 8. You may wish to store your cryptocurrency in an easily accessible wallet, or, you might want to store it in a safe, offline storage place. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. TheStreet Courses offers dedicated classes designed to improve your investing skills, stock market knowledge and money management capabilities. Investing in cryptocurrencies and other Initial Coin Offerings "ICOs" is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Exchanges keep your private keys in custody, so while you might legally or notionally control your litecoin, you cannot move it. So in this article, I will be sharing you the best cryptocurrency to mine, which will not place the burden on your bank balance and you will be able to make a decent profit out of it. Over the past several years, public interest in cryptocurrencies has increased dramatically. Additionally, Exodus along with being a wallet also has an exchange as part of its services. Cryptocurrency has various ways to earn and few of them are very familiar with everyone, but every time we are asking for one query that what are the best cryptocurrency to mine. The practical consequence of this has been that Bitcoin mining has become increasingly out-of-reach for the everyday user. Virtual Currency How to Buy Bitcoin. GDEX is Read more….

An Overview Over the past several years, public interest in cryptocurrencies has increased dramatically. Over the past several years, public interest in cryptocurrencies has hashflare pooling how to be profitable mining bitcoin dramatically. In fact, among the some cryptocurrencies on the market, Litecoin is one of the biggest "altcoins" on the market. Still, even the most advanced mining hardware could net you about 50 dollars per day. So, where can you buy or trade it? Mission accomplished! What's the Difference? Popular Courses. Step by Step Is ethereum sha256 raspberry pi ethereum miner In the 21st century, people are focusing on investing in Crypto Currency as the best try to make money and if in your investment portfolio you want to add IOTA than we will help you Read more…. To ensure network fairness and safety, a difficulty increase mechanism dollar cost averaging calculator bitcoin how to buy bitcoin right now implemented into mining. Obviously the internet loved the idea and Dogecoin is currently holding an impressive 34 th place on coinmarketcap. Bitcoin vs. It has two mining pools based on your computing power. All the above-provided currency has future potential for growth. A good option is to head to the homepage of the currency you intend to mine and seek out the download link for the default wallet app. This image comes from our bitcoin infographicbut litecoin miners follow the same process.

Personal Finance. In this case, the command structure is:. This mathematical problem should be resolved by someone to authenticate that transaction and do register into Blockchain. On the other hand, merchants can always opt to accept transactions without waiting for any confirmation at all. This time to mine any crytptocurrency is a dream for each Crypto trader. And due to its similarity to the original Bitcoin, Litecoin is often referred to as the "silver" to Bitcoin's "gold. Profitability 5. Choosing a pool can be stressful. However, cryptocurrency is still largely unregulated and is not widely accepted as currency in fact, the list of vendors that accept coins like Bitcoin is actually comparatively small. Popular Courses. Sarah has been a big fan of the revolutionary potential of crypto currencies for years and accordingly also concentrated on the areas of IT security and cryptography in her studies. But above provided cryptoCurrecny will not cost that much to setup mining software. Before investing in any mining device first make sure to identify that potential of that cryptocurrecny to which you are willing to mine. Bitcoin makes use of the longstanding SHA algorithm, whereas Litecoin makes use of a comparatively new algorithm known as Scrypt. Related Articles. Mine and accumulate the new coins as much as you can and hope the price will rocket some time later once it hits bigger exchanges and broader community gets to know it. Virtual Currency. This is where Litecoin distinguishes itself. But, what makes Litecoin different? Bitcoin and Litecoin use fundamentally different cryptographic algorithms:

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In the case of the former, you will see information about the currency and the mining pool, as well as about your mining hardware. Obviously the internet loved the idea and Dogecoin is currently holding an impressive 34 th place on coinmarketcap. What is Ripple? Dash is also in high fan list in few span of time it got high popularity. This will list all recognised devices on your PC. Save Saved Removed 0. So whenever, if anyone does the transaction with any of the virtual cryptocurrency then a mathematical problem originated with that. The bot is pretty accurate. One of the reasons Ravencoin has gained popularity so quickly is the X16R algorithm it uses for proof-of-work mining. The two cryptocurrencies use different algorithms and have different mining specifications. You can also buy, sell or trade Litecoin on Binance or Bitfinex - both fairly large and widely used cryptocurrency exchanges. A number of mining profitability calculators are available online to help you make these calculations. Even the most competent and well-intentioned operations can fall victim to hackers. How to Mine Litecoin and other Altcoins. Your mining pool will most likely have a web-based interface and, within a few minutes, the website should show that your mining worker is active.

Bitcoin vs. Use the links in the table below to skip to a section. Mining is competitive. Mining shitcoins whose value will drop before you sell them means that you are likely to end up holding bags filled with the bad kind of dust. Tech Virtual Currency. A hash is the result of running a one-way cryptographic algorithm on a chunk of data: Your decision will probably be influenced by your hardware, but here are the options:. In the early days, even bitcoin could be mined using a CPU. If your graphics card is detected, you should be good to go. By minergate arm bitcoin tethers Investopedia, you accept. Try to get Bitcoin as much as possible because ultimately every coin impacted with that. But after the huge spike in the year check on orders hitbtc foxycart bitcoin, made Bitcoin and even cryptocurrency very popular and worldwide people jumped into Bitcoin mining. So before making your decision on what to mine, you should visit one of the mentioned websites. Sarah Wurfel March 26, 3. What's the Difference? Litecoin was created by Charles Lee in and has a coin limit of 84 million. To learn more about CryptoCurrency mining we have created a separate guide which explains how proof of stacks and proof of works mining works? At the most basic level, they are both cryptocurrencies. But, what about Litecoin might make it a better choice for you than other cryptocurrencies? Read — What is Ethereum, how it works, mining, Wallet, future. CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses.

Because they are offline, they are a safe cold storage environment, although you do have to keep the paper wallet itself safe. So, where can you buy or trade it? After official releaseit got very high popularity and high prominent people shared their view on Electronewm. You also need to consider your dollar-per-day rate, as rates of say two dollars profit per day could take two years for you to pay off your hardware investment if you decide to sell right away and not hodl. On the other hand, if your priority is security, it's best to keep your litecoin stored in one or more cold wallets — ones that have never been connected to the internet. Instead, seek out the version appropriate for your needs. Compare Popular Online Brokers. The core is the most reputable wallet software for litecoin, suggesting that it's relatively secure. However, cryptocurrency uses cryptography hence the "crypto" to secure msd cryptocurrency crypto add validate the currency online. All the above-provided currency has future potential for growth. However got succeed to solve those mathematical problems quickly, will how can i add altcoins to exodus why are crypto currencies plummeting a few bonus currency in return. Each worker will have a username all housed under your username at the mining pool and a password. Programmer Billy Markus based a fully functional internet cryptocurrency capable of storing value and being used for transactions… on a meme image of a rather perplexed looking shiba inu. Best Cryptocurrency to mine Leave a Reply Cex.io reddit review which is better bitstamp or kraken to buy ripple reply. Notify me of follow-up comments by email.

Do not , however, use a word processor such as MS Word. Hardware wallets like Trezor offer a good, offline place to protect your cryptocurrency from hackers. Investopedia uses cookies to provide you with a great user experience. Profitability 5. Now the mining software of choice is set up, you will see various statistics scrolling across your command line terminal. A hash is the result of running a one-way cryptographic algorithm on a chunk of data: Notify me of follow-up comments by email. Among the other cryptocurrencies, Trezor supports Litecoin. Before you start mining, you will need a wallet to keep your hard-earned coins in see our guide to storing bitcoin. Get a Litecoin Wallet The Litecoin Foundation has created the Litecoin Core, which is a full node litecoin wallet that can be downloaded from their website. This mathematical problem should be resolved by someone to authenticate that transaction and do register into Blockchain. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. Programmer Billy Markus based a fully functional internet cryptocurrency capable of storing value and being used for transactions… on a meme image of a rather perplexed looking shiba inu.

Your Money. You have heard about blocks. Now if you are planning to mine Litecoin than learn in detail through Litecoin Mining Guide. Related Posts. Account Preferences Newsletters Alerts. Notify me of new posts by email. Published by Kirtish Vyas on December 31, December 31, The Litecoin Foundation has created the Litecoin Core, which is a state of bitcoin 2019 deposit bitcoin to kraken node litecoin wallet that can be downloaded from their website. A mining pool is a collection of individuals who have joined their mining power and share the rewards. In addition to entering your wallet address when configuring the software, you also need to enter the mining pool URL.

The reason, he wrote, was that "using Scrypt allows one to mine litecoin while also mining Bitcoin," meaning that "Litecoin will not compete with Bitcoin for miners. Soon GPUs were being used to mine litecoin as well. Transfer your coins regularly from your online storage if using a cloud mining service into your detachable wallet so they do not accumulate online. Sign up for our newsletter and keep us honest. You also need to consider your dollar-per-day rate, as rates of say two dollars profit per day could take two years for you to pay off your hardware investment if you decide to sell right away and not hodl. What is Ripple? At the most basic level, they are both cryptocurrencies. In fact, among the some cryptocurrencies on the market, Litecoin is one of the biggest "altcoins" on the market. Related Articles. Popular Courses. Tech Virtual Currency. Since then, however, many other cryptocurrencies have entered the scene, with at least 20 tracked by major financial news sites each day. Virtual Currency Bitcoin Vs. Look at it this way: Forums are the best place to get answers: Share this: Additionally, others in the fintech space are bullish on the strategy with cryptocurrency. Plenty of ways to do this, either by locking yourself out by forgetting your login data or by having your hard drive damaged.

By far the most fundamental technical difference between Bitcoin and Litecoin are the different cryptographic algorithms which they employ. Dash coin came with innovative ideas to work on X11 algorithm. How to Mine Litecoin and other Altcoins. For example, a merchant selling a product in exchange for Bitcoin would need to wait nearly four times as long to confirm payment as if that same product were sold in exchange for Litecoin. There are many different pools to choose from to mine litecoin, and each has its own fees and payout schemes. Exchanges keep your private keys in custody, so while you might legally or notionally control your litecoin, you cannot move it. Better safe than sorry. And if you're an altruist, offering your tiny sliver of hashpower to the network is a way to reduce its centralization. In cryptocurrency , every transaction must be verified and should be registered into the Blockchain registry. A number of mining profitability calculators are available online to help you make these calculations. It was the 19th century, where people were chasing gold but now time is changed and the new era of cryptocurrency is in the boom. The reason, he wrote, was that "using Scrypt allows one to mine litecoin while also mining Bitcoin," meaning that "Litecoin will not compete with Bitcoin for miners.