Litecoin is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license. Creation and transfer of coins are based on an open source cryptographic protocol and is not managed by any central authority.
While inspired by, and in most regards technically nearly identical to Bitcoin (BTC), Litecoin has some minor technical differences compared to Bitcoin and other major cryptocurrencies. Litecoin also has almost zero payment cost.
I’m sure you are aware of BitCoin now as it is all over the media and if like me you didn’t buy any when they were only a few pounds then it’s an expensive thing to get into, this is where cloud mining comes in. As you will have hopefully read previously you can actually mine LiteCoin by using any home computer and your web browser. What you will be doing is mining Litoshi which is the sub-unit of a LiteCoin via a faucet and answering some CAPTCHA.
There are many faucets online but they do end up running dry. I have found some faucets that are still working and paying out Litoshi which you can then convert to BitCoin. As you can see in the image below I’ve not been mining for long but I am starting to build up some coin in my CoinPot account which I will later send on to my Coinbase Wallet to become real LiteCoin which if you sign up you get $10 free which you change into LiteCoin. There are minimal withdrawal limits so you will have to build up a sufficient amount of coin before you can withdraw it. However, CoinPot does allow you to convert the coins you have mined into whichever of the other coin you would like. A little secret – DogeCoin is easier to mine, so what I do is, mine DogeCoin and then convert it into BitCoin. You need to make sure you keep going back to each site and cashing out, you can do this every 5 mins or you can leave it for a couple of hours/days and then cash out.
If you then wanted to trade in any other coins the easiest way is to transfer either your Bitcoin, Litecoin or Etherium to a trading platform such as Binance from your Coinbase wallet as these exchanges don’t allow you to upload USD or GBP directly. This then gives you the opportunity to trade in other up and coming currencies such as Ripple (XRP), Verge (XVG), TRON (TRX), Monero (XMR) along with many others. The four above are my picks for 2018 and are still reasonably priced to allow for profit. You can store your coins on Binance and it also has secure 2FA log in which is a must.
When mining the programme uses your computers CPU to mine the coin and you can choose how much stress you want to put on the computer and how many threads you want it to use. From Low usage to Very High Usage and so you earn more when it is set to high. I would suggest downloading some sort of CPU monitoring app just to keep an eye on it. As you’ll soon hear the fan kick in when you’ve got it on very high!! I use CPUled on my Apple Mac.
Now with anything online I would always suggest having some anti-virus software, I use Sophos on the mac. it’s great and also FREE. CoinPot does put a mining programme onto your web browser which most anti-virus programmes will pick up. I have looked into this with a bit of online reading and it is apparently harmless, but needed to mine the coin. Mine always pops up ad I just leave it until I’m finished and then just run the anti-virus cleaner to get rid. My anti-virus allows it to run it just pops up with a warning.
With the LiteCoin faucet, you can also earn bonuses for referring people and coming back every day. You also get a mystery bonus each time you claim.
You’re now ready to start mining LiteCoin…… GO
I can not be held responsible for viruses, misuse of your computer or any problems that arise from the information I have given on this website or any websites that I link to. You are doing this at your own risk and should have good anti-virus software running, only invest what you can afford to invest as there is a good chance you may lose your money.