It’s quite rare to find a single person who would offer cloud mining services, although it isn’t impossible. Hosts (the people that own the cloud mining service) are usually big and corporations. Investing in stocks requires a hefty sum upfront ( at least to notice any type of profit), you lack knowledge in the blockchain development area to pitch in there… But after some time you stumble upon an internet site offering cloud mining services.
Let’s say that you, as a buyer, are looking for ways to profit from cryptocurrencies. There are usually two parties attending this process - the buyer and the host. To put it into simple terms, cloud mining is a process where you pay someone to rent out a mining rig and its services. Now that we’ve covered some basic information on Litecoin, let’s move on to cloud mining. In Litecoins' case, this also means that it aims to have four times more coins than Bitcoin.įrom the very beginning, Litecoin was intended as an upgraded, superior version of Bitcoin.
In the grand scheme of things, this is very significant.įour times faster usually equates to being four times more attractive. However, there’s a catch - Litecoin is around four times faster than Bitcoin. Litecoin was initially a spin-off of Bitcoin, having almost identical data and parameters. What makes this crypto unique is its relationship with Bitcoin. Litecoin is open-source, which means that anyone and everyone can contribute to the coins' wellbeing and its development.
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