With the advent of the cyber attacks we’ve witnessed this year, cryptocurrencies are enjoying free airtime coverage and have seen a subsequently significant rise in value in the past year. Bitcoin alone increased in price by 63% this past month and ten times the trade volumes on South Africa’s exchanges.
Litecoin is another cryptocurrency that has captured the interest of many others since the announcement of the Segwit implementation was announced, it's increased in value by 162%. Just like Bitcoin, Litecoin also uses the application specific integrated circuitry (ASIC) Miners to mine their coin.
The beauty with Litecoin is that since it’s a new currency, the machines needed to generate it in large amounts are still relatively low capability machines which are easier and it can be sold on local exchanges such as Altcointrader for the South African Rand deposited into your bank account.
Typically, Litecoin Miner is used to generating LTC. When the value if Bitcoin takes a little bit of a knock, you have the option of selling your Litecoin for Bitcoin on the exchange, after which you can either move the Bitcoin into a VISA Debit card and spend it as is, or sell the coins on the marketplace like Luno or Altcointrader for a profit in Rand.
Another cryptocurrency which has been showing spikes in value ranging from US$47 to US$100 this year alone is Ethereum. It can be mined using any of the GPU Mining Rigs available locally from Bitmart. Ethereum is easily my favourite alternative cryptocurrency to Bitcoin because of all the support it's been getting from large companies like Microsoft who have developed smart contracts on their Blockchain.
Check out Bitmart’s purchase guide to gain further insight into how trading works in your preferred currency, crypto or fiat. It also has a handy electricity cost estimator reduced from your monthly anticipated returns.