Posts about Litecoin
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Hi guys, as you know I'm Venezuelan living here crypto enthusiast, weeks ago I posted my experience going to a supermarket where crypto is accepted here in Venezuela paying with Bitcoin, it was good.
I went again this time to buy some things I needed and this time I used Litecoin (encouraged by a fellow redditor that wants to remain anonymous), in theory it should be fast and cheaper and it was!
The cashier screen, after I told my I wanted to pay with Litecoin:
And the transaction:
The fee was 0 (Yes, 0 USD). It was really fast, less than 1-2 minutes for the 1st confirmation, they showed me a QR code, wait 1-2 minutes and done.
I would totally recommend it!
I couldn't hodl the LTC, anyway I was going to exchange them to Bolivares or USD to purchase the items shown in the picture, so if LTC goes to 1K that would make me feel better.
As always, inflation here is crazy (anything under 10% MONTHLY is like a miracle) and since 2007 , 14 zeroes have been removed from the currency (last time 6 zeroes in 2021).
Any question, suggestion or request let me know!
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Litecoin halving is on countdown.
As many of you know, Litecoin is one of the earliest cryptocurrencies to enter the market. It was lanunched in 2011, and since then Litecoin network was never offline, not even the upgrades/updates. After more then a decade on a market, Litecoin is on position #13 based on market capital with the price of around $84.74 at the time of writing.
It is a peer to peer currency that enables almost instant, near zero cost payments, it is an open source, decentralized currency.
Only 84 million Litecoins produced.
Creator of Litecoin, is Charlie Lee, published on Reddit, that he is selling all of his LTC because he has so much impact on the network, price etc.
"Litecoin has been very good for me financially, so I am well off enough that I no longer need to tie my financial success to Litecoin’s success. For the first time in 6+ years, I no longer own a single LTC that’s not stored in a physical Litecoin. (I do have a few of those as collectibles.)
Litecoin, really is a great project, great network and you can read more about it by quick google search. So far it is holding strong, and if we take a look how many top10-20 coins from 2011 are gone, we can understand why.
When LTC was launched, block reward was 50 Litecoins. Right now it is 12.5 LTC and afther the next halving in August it will be reduced to 6.25 LTC.
Date of halving | Block reward |
---|---|
October 7, 2011 | 50 LTC |
August 25, 2015 | 25 LTC |
August 2, 2019 | 12.5 LTC |
This year in August 5 | 6.25 LTC |
As any halving, this one can also make an impact to the price of LTC.
The difference between BTC and LTC halving is that people are saying that "usually" you cash out before the halving event.
If we take a look at it historically we can see why are they saying that.
Litecoin's first halving event
Litecoin's second halving event
Two times after Litecoins halving event, the price was not moving a lot. Actually we can see that the price would fall. It is almost as halving does not have a lot of impact on LTC.
That is why predicting what can happen next is ungrateful.
Litecoin does not have an impact on the crypto as BTC. It also has more coins in circulation and in overall.
Litecoin's price during the years
It is possible that LTC price depends on previous trends, an halving won't have a lot of impact on it. That is just my opinion, based on my research, feel free to share yours.
Disclaimer: I have decided to run a Litecoin node because I own some LTC and I prefer to verify the cryptocurrency I use on my own terms. I also own BTC and ETH and run nodes for them too. While there are various types of nodes for different cryptocurrencies, I won't delve into the technical details here. However, I may write a post in the future about how I do it. I have attempted to run several other nodes even Solana but their requirements were too demanding for my homelab setup.
Hello everyone, today I want to share with you how I successfully set up my own Full Litecoin node on Debian 11 (Windows is easier via GUI but I like Linux CLI ^-^). By running your own node, you can directly interact with the Litecoin network and verify transactions, making it a valuable tool for any cryptocurrency enthusiast.
My Litecoin Node running in My HomeLab Hypervisor setup and forget :)Requirements I use:
Debian 11 installed on your system or a Virtual Machine
At least 150GB of available space if you want to run a Full node
A stable internet connection
Basic knowledge of the command line
Installation:
Optional: you can also download the official binary from the Litecoin releases page so no compilation required.
Open your terminal and update your system packages:
sudo apt update && sudo apt upgrade -y
sudo apt install build-essential libtool autotools-dev automake pkg-config bsdmainutils curl git libssl-dev libevent-dev libboost-system-dev libboost-filesystem-dev libboost-chrono-dev libboost-program-options-dev libboost-test-dev libboost-thread-dev libdb-dev libdb++-dev libminiupnpc-dev libzmq3-dev -y
2. Clone the Litecoin source code from Github:
git clone https://github.com/litecoin-project/litecoin.git
3. Build and install Litecoin:
cd litecoin
./autogen.sh
./configure
make
sudo make install
Configuration
Create the Litecoin data directory:
mkdir ~/.litecoin
2. Add the following lines to the litecoin.conf file:
nano ~/.litecoin/litecoin.conf
And write this;
rpcuser=<your username>
rpcpassword=<your password>
daemon=1
listen=1
server=1
rpcallowip=127.0.0.1
rpcport=9332
testnet=0
Replace <your username>
and <your password>
with your preferred values.
3. Save and close the litecoin.conf
file.
4. Create a litecoin.service
sudo nano /etc/systemd/system/litecoin.service
and write this (change user by your Debian user):
[Unit]
Description=Litecoin Core
After=network.target
[Service]
Type=simple
User=user
ExecStart=/home/user/litecoin/bin/litecoind
[Install]
WantedBy=multi-user.target
and reload systemd services and enable litecoin.service with:
sudo systemctl daemon-reload
sudo systemctl enable litecoin
Running the Litecoin Node
Start the Litecoin daemon:
sudo systemctl start litecoin
2. To check the status of the Litecoin service, run:
systemctl status litecoin
you will see the following:
My running litecoin.serviceMe verifying a block with my own Full nodeAs you can see from the output above, the Litecoin node is running as expected. It's actively connected to the Litecoin network and is receiving new blocks and transactions in real time. This provides me with a high level of confidence in the security and accuracy of my Litecoin transactions.
In conclusion, setting up your own crypto node may require a bit of extra effort, but the benefits are well worth it. By compiling the software yourself, you can ensure that your node is secure and trustworthy. And by running your own node, you can directly interact with the Litecoin network and verify transactions, giving you a deeper understanding and appreciation of the underlying technology.