From the get go I am very new to litecoin and the blockchain so in need of a bit of advice or guidance. I have dabbled with bitcoin a little bit. Purchase two asics managed to get them mining. Tried it for around three months non-stop and of course did not do very well as you could imagine so I gave it up. Went back to just browsing and forgot all about Bitcoin and the Blockchain.
Now I find litecoin which does not have such a high price, I believe it’s around 70 USD a coin, thought this would be much easier to mine. I downloaded the litecoin wallet, by the way I am running Linux Mint 17.2 Raphael. Got it installed and running.
Here is the real question can I run a Node as I am available 24/7 being retired and have three computers one running Linux and the other win 7 Ultimate. If possible I would like to run a node on Linux Mint, so that’s the question can I install and run a node and is there any reward for doing so?
you can solo mine with as full node or join p2pool and that’s pretty much it…otherwise you’d just join a pool and keep your coins on your full node wallet…
a full node is the only true decentralized wallet software available as the other wallets that are phone applications and such use third party servers to store the blockchain…
also a full node such as core gives you full access to your private keys unlike those other wallets as well…just make sure you encrypt your wallet and don’t forget the password https://www.litecoinpool.org/beginners-guide
Thanks for the reply bakd247. I’m a bit confused now. I am running litecoin.qt wallet on Linux Mint 17.2 as we speak so are you saying I am running a full node now? probably a stupid question but being a total newbie I admit I am totally ignorant of what’s involved so I’ll have to do more reading of the guide and concentrate on the written words.
Okay bakd247 I think I have thought it out, was not paying attention, I am running my litecoin Wallet which is a node and if I have the equipment, like some good mining hardware asic I can also mine. The other option is to purchase litecoin through an exchange. Hope that is about correct.