Best online wallet for Litecoin
A Crypto currency is a digital currency like PayPal but it is different in a few ways. Other than PayPal crypto currencies are a decentralized digital currency. You may ask “Why would I benefit from something like this?” Well you can send money direct from one person to another without going trough a bank or clearing house. This means that the fees are lower and you can use them in any country, your account can not be frozen.
What is Bitcoin or Litecoin mining?
Bitcoins/Litecoins are generated all over the internet by anybody running a free application that mines crypto currencies cgminer, cudaminer and GUIminer are the most common mining applications. People are getting the concept of mining crypto currencies wrong. You are not mining Bitcoins or Litecoins out of the nether. At a certain time a bunch of crypto currencies are created and it is called a block. Thus the crypto currency are created at a limited rate and it will not drop in value like a Zimbabwe Dollar by being produced to fast. What is my PC doing by mining crypto currency? Well that answer is simple, it is doing math. Well not the math that me and you did in high-school or university calculus. This decrypting need loads of processing power if you can think as fast as a Radeon R9 290X well then you can mine cryptocurrency in your head but I doubt that it is humanly possible. Well you may ask “What is this math that I am processing?” You are doing the processing of transactions. To eliminate all fees users do the processing for the crypto currency infrastructure. Although this may seem illogical it actually works and this is why you do not have to go trough a bank or any other third party trading organizations.
Where do I keep all my Bitcoins or Litecoins?
You have a choice of storing it on your computer’s hard drive in a local wallet safely or an an online wallet. Don’t worry the wallet is deeply encrypted if a guy has the processing power to hack your wallet he can make more money on mining crypto currency than hacking you. And Bitcoin/Litecoin are designed so that is impossible to hack.
