How Many Litecoins Are There?

Litecoin, the folk of bitcoin, is considered one of the most popular and successful altcoins, which is the primary reason why they are called 'silver to bitcoin’s gold.’

This altcoin shares a lot of similarities with the top digital currency - Bitcoin. For instance, both crypto coins have a limited supply.

Just like bitcoin, Litecoin is a decentralized, open-source global payment network, which means it is not regulated or controlled by any central authority.

It is completely different from fiat currencies, where governments have control to increase to decrease supply, depending on inflation.

As Litecoins have a limited supply, have you ever wondered how many Litecoins are there? If your answer is yes, continue reading this article till the end.

How Many Litecoins Are Left?

Although it's impossible to predict when the last Litecoin will be mined; however, it has a maximum fixed coin limit, just like bitcoins.

There is a fixed quantity of 84 million Litecoin units that will ever be available. Around 67 million of these have already been mined and are actively circulating on the free market.

Until the year 2142, the remaining supply of about 17 million units will still be available for mining. The protocol's supply limit will be achieved at that point, and no more Litecoin will be mined then.

As they are nearly similar to bitcoin, they face the same problem: if the reward for mining a block is too low, miners will refuse to pay the minimal energy expenses.

On the other hand, the miners who create the blocks get Litecoin as a reward. The rewards are based on the time period, reducing by half after every halving.

As a limited supply altcoin, Litecoin poses as a great crypto investment. Therefore, it is advisable to add this lucrative altcoin to your investment portfolio.

If you're too willing to acquire Litecoins, you can do so in two ways: Mining and Buying from a crypto exchange. So let's start with Litecoin mining first.

What Is Litecoin Mining?

Litecoin mining refers to the process of verifying blockchain transactions, closing the block, and establishing a new one.

The proof-of-work consensus technique is used to mine litecoins, which employ computing power to solve the cryptographic nonce (a part of the hash) that secures the block.

The hash is an alphanumeric sequence of integers that the hashing method encrypts. Litecoin is rewarded when the cryptographic nonce is solved.

How To Mine Litecoins?

Here are a few basic steps you need to follow to mine Litecoins:

Get Suitable Hardware:

To successfully mine Litecoins, first, you'll need to buy ASIC machines. You can buy them from official manufacturers or resellers.

Download and Install Software for ASIC:

The next step is to download and install the necessary softwares for ASIC. Before starting, ensure they run according to the script algorithm.

Join a Mining Pool:

Search for a suitable mining pool and open an account with it.

Configure Mining Devices:

After opening an account with a suitable mining pool, use it to connect your ASIC machine to the servers of that mining pool.

Register a Payout Address:

For your successful mining rewards, you'll need a payout address. If you don't have one, then download and set up your personal Litecoin wallet now.

Start Mining:

Once everything is done, it's time to start Litecoin mining now.

How To Buy Litecoin Through Crypto Exchange?

The best way to get litecoins is to buy them from a reputed crypto exchange such as ABInvesting. Buying litecoin through this exchange platform is quite easy and more convenient.

Follow the below steps to know how you can buy Litecoin safely.

Choose A Good Crypto Exchange:

To buy Litecoin safely, you'll first need a good and reliable platform such as ABInvesting. The factors to consider while choosing a crypto exchange platform are to look for its security, fees, and ease of use features.

On the other hand, read all the customers' reviews of the platform. Then, take your time and research for exchange's reputation and regulations.

Open An Account:

Once you're done choosing a good crypto platform, it's time to open an account with them. The account will help you access Litecoins or other cryptocurrencies.

To open an account, you'll have to visit the homepage of your chosen exchange and then click on the 'Open Account' button. Next, fill out all the necessary details and click on 'Continue.'

Verify your Account:

As you're done with the account opening process, now you'll need to undergo the verification process. To verify your account, you may be asked by the exchange platform to upload a copy of government-issued identity documents such as utility bills, bank statements, etc.

Decide How Many Litecoins To Buy:

After the verification process, you are all set to buy Litecoins; just decide on the units you want to buy. Don't rush to put all your capital at risk.

The rule of thumb with cryptocurrency investing is to only invest what you afford to lose. So we don't suggest you put all your hard-earned money in this volatile market.

Instead, make periodic investments and add a small part of Litecoins to your portfolio monthly or annually.

Buy Litecoins:

Once you've funded your account and decided on the quantity of Litecoins, you are just one step away from buying litecoins.

On the search bar, type Litecoin and click on the 'buy' option. Next, enter the amount and review all the fees and charges. After that, complete the transaction.

Conclusion:

Litecoin is an amazing altcoin that has seen tremendous growth since its inception. The fact that it has limited supply has added more to its demand among crypto investors.

Who doesn't want to invest in such a popular and high-yield crypto coin? You can too buy it through ABInvesting. The exchange platform is the best choice for both experienced and beginner investors.

Above, we have discussed how much of this digital currency is left and how much of it is still in circulation, hope you have fully understood the topic. We wish you luck with your investment in Litecoins.