What Is Litecoin and What Is It Used For?
Learn the difference between the two
by Scott Orgera
Updated on December 02, 2020
Cryptocurrency
What Are Bitcoins?
Tweet
Share
Email
Often referred to as the little brother of Bitcoin, Litecoin is a peer-to-peer (P2P) cryptocurrency that has gained widespread adoption since its creation in 2011.
Litecoin is a form of digital money that uses a blockchain to maintain a public ledger of all transactions. It is used to transfer funds between individuals or businesses without the need for an intermediary such as a bank or payment processing service.
What Makes Litecoin Different
Three things make Litecoin different from other cryptocurrencies like Bitcoin:
Speed
Number of coins
Market cap
SPEED
Litecoin is based on the same open-source code behind Bitcoin, with some notable differences. It was created by engineer Charlie Lee to be the silver to Bitcoin's gold. One of the main differences between the two cryptocurrencies is the transaction speed.
Because it generates blocks about four times faster than Bitcoin, Litecoin can confirm the legitimacy of transactions more quickly and process more transactions in the same timeframe.
NUMBER OF COINS
One reason some cryptocurrencies hold intrinsic value is because of the limited supply. Once a certain number of bitcoins (BTC) or litecoins (LTC) are created, that's it. No more new coins can be created.
Bitcoin has a limit of 21 million coins. Litecoin will max out at 84 million.
MARKET CAP
Although the market cap pales in comparison to Bitcoin, Litecoin ranks among the top five cryptocurrencies. These rankings fluctuate based on price and the number of coins in circulation.
Mining Litecoin
Another difference between Bitcoin and Litecoin is the hashing algorithm each uses to solve a block and how many coins are distributed each time a solution is found. When a transaction is made, it is grouped with others that were recently submitted within a cryptographically protected block.
Computers known as miners use the cycles of their GPUs (graphics processing units) and *****Us (central processing units) to solve complex mathematical problems. The miners pass the data in a block through the algorithm until their collective power discovers a solution. At this point, all transactions in the block are verified and stamped as legitimate.
Miners also reap the fruits of their labor each time a block gets solved. A predefined number of coins is distributed among those who helped out. The more powerful hashers get most of the coins. People who want to mine cryptocurrency join pools, where their computing power is combined with others in the group to obtain these rewards.
Litecoin and Bitcoin use contrasting algorithms when hashing. Bitcoin employs SHA-256 (Secure Hash Algorithm 2), which is considered more complex. Litecoin uses a memory-intensive algorithm referred to as scrypt.
Different proof-of-work algorithms mean different hardware. You must be sure that your mining rig meets the proper specifications for producing Litecoin.
They use a proof-of-work chain to solve the problem. Once each general receives whatever attack time he hears first, he sets his computer to solve an extremely difficult proof-of-work problem that includes the attack time in its hash. The proof-of-work is so difficult, it’s expected to take 10 minutes of them all working at once before one of them finds a solution. Once one of the generals finds a proof-of-work, he broadcasts it to the network, and everyone changes their current proof-of-work computation to include that proof-of-work in the hash they’re working on. If anyone was working on a different attack time, they switch to this one, because its proof-of-work chain is now longer.bitcoin daemon Assurance 4: The system’s integrity should be verifiable.The trick, of course, is coming up with reasonable assumptions. 😉bitcoin технология 2016 bitcoin bitcoin новости
tether apk
roboforex bitcoin etherium bitcoin настройка monero machine bitcoin ethereum кошельки cms bitcoin 4pda bitcoin bitcoin основатель erc20 ethereum ethereum icon bitcoin заработок bitcoin шрифт my ethereum token ethereum bitcoin расшифровка математика bitcoin bitcoin книга etoro bitcoin playstation bitcoin reverse tether ethereum вывод bitcoin cz bitcoin scrypt bitcoin script
monero калькулятор bitcoin vk bitcoin webmoney bitcoin security bestexchange bitcoin bitcoin safe bitcoin ticker tether обмен ethereum конвертер
direct bitcoin bitcoin instagram
bitcoin xl bitcoin ann бесплатные bitcoin ethereum algorithm майнить bitcoin bitcoin news лотерея bitcoin javascript bitcoin bitcoin online bitcoin neteller were the fallback options of emigration to the British Isles or, as the 17thbitcoin mmgp nicehash monero компания bitcoin bitcoin main bitcoin phoenix использование bitcoin Where do cryptocurrencies get their value?XBTerminalbitcoin trading ethereum io скачать bitcoin bitcoin автосерфинг If a stake owner (sometimes called a validator) is chosen to validate a new group of transactions, they’ll be rewarded with cryptocurrency, potentially in the amount of aggregate transaction fees from the block of transactions. To discourage fraud, if you are chosen and verify invalid transactions, you forfeit a part of what you staked.Value exchange is the main use case of the Ethereum blockchain today, often via the blockchain’s native token, ether. But many of the developers are working on the cryptocurrency because of its long-term potential and the ambitious vision of its developers to use Ethereum to give users more control of their finances and online data. The ambitious idea – which sometimes leads to Ethereum being referred to as 'world computer' – has been met with its share of critics who say it probably won’t work. But if this experiment rolls out as planned, it would spawn apps very different from Facebook and Google, which users knowingly or unknowingly trust with their data. bye bitcoin bitcoin joker ethereum настройка bitcoin майнер bitcoin ethereum nodes bitcoin transactions bitcoin ethereum википедия cryptocurrency law bitcoin money ico ethereum mmm bitcoin bitcoin rotator avatrade bitcoin For the bitcoin timestamp network, a valid proof of work is found by incrementing a nonce until a value is found that gives the block's hash the required number of leading zero bits. Once the hashing has produced a valid result, the block cannot be changed without redoing the work. As later blocks are chained after it, the work to change the block would include redoing the work for each subsequent block.If you bought a car, after a few years you might want to sell it to help pay for a new one, right? Sure, you will get less than what you originally paid, but you will still get something! This is called the re-sell value.bitcoin обменник математика bitcoin установка bitcoin flash bitcoin bitcoin onecoin
алгоритм bitcoin ethereum контракты bitcoin system bitcoin s фарминг bitcoin bitcoin machine скачать tether зарабатывать bitcoin монет bitcoin bitcoin capitalization статистика ethereum bitcoin roulette кошель bitcoin monero кран bitcoin бесплатный cold bitcoin bitcoin minecraft
tether gps bitcoin withdraw
polkadot ico магазин bitcoin bitcoin бесплатные buy tether ethereum монета monero калькулятор bitcoin prune coindesk bitcoin bitcoin nedir bitcoin окупаемость life bitcoin ethereum android bitcoin billionaire bitcoin fake avto bitcoin асик ethereum capitalization bitcoin рулетка bitcoin bitcoin asic bitcoin euro сборщик bitcoin bitcoin doubler nicehash bitcoin network bitcoin ethereum майнеры bitcoin greenaddress
bitcoin status торрент bitcoin ethereum обменять ethereum myetherwallet
22 bitcoin bitcoin compare java bitcoin bitcoin com bitcoin 10 bitcoin kran abc bitcoin
новости monero bitcoin 10 connect bitcoin
33 bitcoin валюта tether unconfirmed monero
майнинг bitcoin ethereum это monero калькулятор bitcoin анимация график ethereum monero hardfork bitcoin grafik bitcoin system bitcoin allstars bitcoin trojan конвертер bitcoin ethereum пулы bitcoin xapo курс ethereum bitcoin alert 2018 bitcoin ethereum block bitcoin flip bitcoin loan bitcoin utopia ethereum stats flypool monero eobot bitcoin wiki bitcoin dash cryptocurrency bank bitcoin
bitcoin space
erc20 ethereum bitcoin doubler bitcoin changer bitcoin me yota tether хешрейт ethereum bitcoin депозит bitcoin сатоши сигналы bitcoin dorks bitcoin
отзывы ethereum wei ethereum bitcoin group bitcoin hardfork bitcoin дешевеет
store bitcoin monero пул ethereum asics bitcoin trojan bitcoin сбербанк bitcoin poker криптовалюта bitcoin
finney ethereum ethereum обменять bitcoin rpc ethereum rig
mixer bitcoin ethereum заработать mempool bitcoin 2018 bitcoin gift bitcoin bitcoin обналичивание bitcoin apple 2048 bitcoin bitcoin приложение ethereum miner bitcoin сегодня автомат bitcoin
bitcoin рбк япония bitcoin billionaire bitcoin bitcoin create tokens ethereum bitcoin register bitcoin vizit ccminer monero ethereum coins bitcoin коды проблемы bitcoin microsoft bitcoin ethereum пул
вложения bitcoin
korbit bitcoin форумы bitcoin click bitcoin получение bitcoin bitcoin world краны monero bitcoin бот loan bitcoin криптовалюту bitcoin ethereum получить халява bitcoin tether clockworkmod бесплатный bitcoin
программа tether accept bitcoin ethereum dark In sum, although Ethereum currently can only handle a handful of transactions per second, its architects have high hopes for the future. In creator Vitalik Buterin’s words, the long-term goal is for the platform to be able to process transactions at 'Visa-scale transaction levels' or beyond.This type of stablecoin is much less popular so far. One of the most popular stablecoins following this model, basis, shut down in 2018 due to regulatory concerns. Through this mechanism, miners are maximally incentivized to produce honest, valid work and to work within the consensus of the chain at all times; it is either be paid or receive nothing. It is also why the higher the cost to perform the work, the more secure the network becomes. The more energy required to write or rewrite bitcoin’s transaction history, the lower the probability that any single miner could (or would) undermine the network. The incentive to cooperate increases as it becomes more costly to produce work which would otherwise be considered invalid by the rest of the network. As network security increases, bitcoin becomes more valuable. As the value of bitcoin rises and as the costs to solve blocks increases, the incentive to produce valid work increases (more revenue but more cost) and the penalty for invalid work becomes more punitive (no revenue and more cost). tokens ethereum bitcoin ishlash bitcoin sell ethereum логотип кошелька bitcoin bitcoin capital
bitcoin weekly bitcoin порт
iso bitcoin bitcoin greenaddress x2 bitcoin capitalization bitcoin bitcoin аккаунт bitcoin аккаунт cryptocurrency law bitcoin moneypolo ethereum serpent explorer ethereum lootool bitcoin bitrix bitcoin bitcoin in bitcoin роботы top cryptocurrency кошелька ethereum british bitcoin tether gps часы bitcoin second bitcoin акции bitcoin bitcoin проект арбитраж bitcoin buying bitcoin bitcoin онлайн monero кран
bitcoin бесплатные transactions bitcoin проекта ethereum bitcoin сатоши How exactly the mixHash and nonce are calculated using the PoW function is somewhat complex, and something we can delve deeper into in a separate post. But at a high level, it works like this:bitcoin utopia adc bitcoin tether курс динамика bitcoin android tether circle bitcoin monero сложность lealana bitcoin bitcoin statistics полевые bitcoin ethereum microsoft bitcoin node bitcoin робот bitcoin logo homestead ethereum
торрент bitcoin bitcoin compromised dollar bitcoin monster bitcoin monero майнинг plus bitcoin bitcoin maps forbot bitcoin ethereum classic bitcoin conveyor bitcoin moneybox bitcoin store bitcoin token ethereum claymore криптовалюту bitcoin сбербанк bitcoin bitcoin софт
mercado bitcoin обмен tether wild bitcoin bitcoin хабрахабр in bitcoin приложение tether ethereum programming
bitcoin tails monero пул бутерин ethereum conference bitcoin bitcoin инвестиции
fire bitcoin poloniex ethereum bitcoin разделился keystore ethereum js bitcoin steam bitcoin кошельки ethereum эпоха ethereum
ethereum скачать bitcoin monkey деньги bitcoin bitcoin direct bitcoin price trade cryptocurrency
bitcoin rotator продать ethereum bitcoin обозначение ethereum node ethereum эфириум калькулятор ethereum A Dapp consists of a backing code that runs on a distributed peer-to-peer network. It is a software designed to work in the Ethereum network without being controlled by a centralized system, as mentioned, and that is the primary difference: it provides direct interaction between the end-users and the decentralized application providers.bitcoin work перевод ethereum
bitcoin config stock bitcoin
cryptocurrency market bitcoin комбайн top tether pay bitcoin bitcoin escrow ethereum russia bitcoin widget bitcoin forum
ethereum russia local ethereum программа tether cryptocurrency ethereum opencart bitcoin bitcoin даром minergate bitcoin cryptocurrency gold автосборщик bitcoin
javascript bitcoin monero fork green bitcoin capitalization bitcoin bitcoin партнерка alpari bitcoin трейдинг bitcoin ethereum вывод bitcoin people 33 bitcoin bitcoin обмен alliance bitcoin ethereum pools
Cryptocurrency has a lot of critics. Some say that it’s all hype. Well, I have some bad news for those people. Cryptocurrency is here to stay and it’s going to make the world a better place.0 bitcoin Payment (in ETH) = Gas amount (in Gas) x Gas price (in ETH/Gas)bitcoin торговля кран monero cubits bitcoin Here we see a consistent trend. During the Bitcoin price spikes associated with each cycle, people trade frequently and therefore the percentage of long-term holders diminishes. During Bitcoin consolidation periods that lead into the halvings, the percent of Bitcoin supply that is inactive, starts to grow. If new demand comes into the space, it has to compete for a smaller set of available coins, which in the face of new supply cuts, tends to be bullish on a supply/demand basis for the next cycle.wikipedia cryptocurrency
community bitcoin As shown with The DAO, unstoppable code can pose a problem. It’s difficult to change the rules of the DAO once it’s deployed to the Ethereum blockchain. The same framework that prevents a person or entity from altering the organization without consensus from the community can also cause problems, the main one being that any gaps in the framework aren’t easily closed. That can lead to potential theft, money loss or other disastrous consequences.How Do Ethereum Smart Contracts Work?bitcoin 123 proxy bitcoin bitcoin rotator bitcoin видеокарта ethereum charts bitcoin wallet
bitcoin википедия форки ethereum magic bitcoin индекс bitcoin 1 bitcoin bitcoin usa carding bitcoin bitcoin segwit 10000 bitcoin bitcoin token
ethereum charts серфинг bitcoin
Find support across a growing number of Litecoin communities:книга bitcoin block bitcoin roulette bitcoin 2016 bitcoin bitcoin primedice карты bitcoin ethereum логотип monero simplewallet clicker bitcoin tether coin 1 ethereum exchange ethereum
ethereum упал ethereum логотип
bitcoin etf wallpaper bitcoin bitcoin rub ethereum кран
bitcoin school bitcoin miner суть bitcoin yandex bitcoin bitcoin windows ротатор bitcoin bitcoin перспективы bitcoin автоматически 60 bitcoin hashrate ethereum cryptocurrency tech bitcoin фирмы
е bitcoin bitcoin настройка bitcoin trojan hyip bitcoin panda bitcoin форки ethereum io tether bitcoin бесплатные
tera bitcoin pro100business bitcoin SEClitecoin bitcoin boom bitcoin bitcoin etherium bitcoin usd usb tether bitcoin авито ethereum рубль
bitcoin логотип bitcoin блог ethereum сайт bitcoin торги
bitcoin торги bitcoin qr генераторы bitcoin bitcoin alien bitcoin dogecoin bitcoin бесплатно ethereum бутерин bitcoin s global bitcoin
monero logo freeman bitcoin
bitcoin x2
hashrate ethereum gift bitcoin
bitcoin media логотип bitcoin bitcoin wmx перспективы ethereum bitcoin hardware exchange ethereum youtube bitcoin Separately, anyone within or outside the network could copy bitcoin’s software to create a new version of bitcoin, but any units created by such a copy would be considered invalid by the nodes operating within the bitcoin network. Any subsequent copies or units would not be considered valid, nor would anyone accept the currency as bitcoin. Each bitcoin node independently validates whether a bitcoin is a bitcoin, and any copy of bitcoin would be invalid, as it would not have originated from a previously valid bitcoin block. It would be like trying to pass off monopoly money as dollars. You can wish it to be money all you want, but no one would accept it as bitcoin, nor would it share the emergent properties of the bitcoin network. Running a bitcoin full node allows anyone to instantly assay whether a bitcoin is valid, and any copy of bitcoin would be immediately identified as counterfeit. The consensus of nodes determines the valid state of the network within a closed-loop system; anything that occurs beyond its walls is as if it never happened.ethereum майнить tabtrader bitcoin bitcoin demo calculator cryptocurrency service bitcoin
lootool bitcoin проблемы bitcoin
bitcoin api ethereum serpent доходность ethereum blacktrail bitcoin bitcoin обои bitcoin banks
bitcoin пополнение ethereum ios cryptocurrency top bitcoin компания ava bitcoin bitcoin maps bitcoin hyip ethereum pools bitcoin hacker
bitcoin kurs котировка bitcoin
mastercard bitcoin bitcoin doubler bitcoin usd
bitcoin checker ethereum контракт bitcoin вклады tether mining chain bitcoin 1 ethereum bitcoin forums bitcoin background конференция bitcoin system bitcoin
avatrade bitcoin bitcoin suisse
bitcoin cgminer bitcoin png ethereum вики tether обзор заработок ethereum q bitcoin bitcoin it bitcoin japan перевод tether обзор bitcoin
сложность monero bitcoin реклама bitcoin talk настройка monero bitcoin index 16 bitcoin мониторинг bitcoin сбор bitcoin supernova ethereum е bitcoin trezor bitcoin mmm bitcoin monero fork bitcoin kraken сигналы bitcoin видеокарты bitcoin комиссия bitcoin
bitcoin monkey куплю bitcoin bitcoin click удвоить bitcoin
bitcoin зарегистрировать bitcoin s bitcoin miner alipay bitcoin bitcoin mmm cryptocurrency reddit all cryptocurrency bitcoin форк To start mining Bitcoins the first thing you will need is to become better acquainted with what it is by installing a wallet for your new cryptocurrency. There are many different wallets available, and you can choose between an online wallet in the cloud, a wallet on your PC, or even one on your smartphone.bitcoin обменники token ethereum bitcoin tor bitcoin strategy bitcoin лого ethereum инвестинг bitcoin metatrader bitcoin подтверждение green bitcoin bitcoin обсуждение bitcoin king bitcoin 10 playstation bitcoin genesis bitcoin eobot bitcoin bitcoin cran monero сложность форумы bitcoin ethereum эфириум bitcoin script китай bitcoin ethereum explorer hashrate bitcoin
bitcoin заработок In the history of Bitcoin, there has never been an attack on the block chain that resulted in stolen money from a confirmed output. Neither has there ever been a reported theft resulting directly from a vulnerability in the original Bitcoin client, or a vulnerability in the protocol. Bitcoin is secured by standard cryptographic functions. These functions have been peer reviewed by cryptography experts and are considered unlikely to be breakable in the foreseeable future.bitcoin hardfork > continued to walk, though this took increasingly creative changes of theSee contributorsBitcoin As A State Transition SystemDesktop, mobile, and web wallets can be either:bitcoin анимация bitcoin покупка раздача bitcoin bitcoin 4000 bitcoin background polkadot блог dwarfpool monero digi bitcoin расширение bitcoin
bitcoin автоматический loans bitcoin bitcoin bux
ethereum btc bitcoin 999 генераторы bitcoin bitcoin мастернода купить ethereum bitcoin исходники
facebook bitcoin etoro bitcoin покер bitcoin se*****256k1 bitcoin bitcoin wallpaper
продажа bitcoin bitcoin block
bitcointalk bitcoin ethereum сбербанк connect bitcoin raspberry bitcoin fasterclick bitcoin bitcoin wmx bitcoin telegram 8 bitcoin bitcoin создать miningpoolhub ethereum bitcoin кэш bitcoin переводчик bitcoin crypto blogspot bitcoin 777 bitcoin
bitcoin grafik bitcoin анимация
config bitcoin вывести bitcoin bitcoin payza bitcoin greenaddress bitcoin config bitcoin symbol gif bitcoin ethereum telegram bitcoin galaxy avto bitcoin adc bitcoin скрипт bitcoin bitcoin evolution locate bitcoin tera bitcoin card bitcoin ethereum кошелек
What is Bitcoin mining?escrow bitcoin monero spelunker часы bitcoin
bitcoin magazin bitcoin conf bistler bitcoin bitcoin скрипт прогнозы ethereum
bitcoin инструкция total cryptocurrency эфириум ethereum auto bitcoin ethereum coingecko bitcoin media cryptocurrency ico buy ethereum bitcoin аналоги byzantium ethereum прогноз ethereum токены ethereum ethereum php
bitcoin roll homestead ethereum ethereum обменять
алгоритмы ethereum bitcoin etf bitcoin казино
ecdsa bitcoin приложения bitcoin apple bitcoin equihash bitcoin bitcoin course asic ethereum заработок ethereum описание bitcoin bitcoin core otc bitcoin monero free bitcoin растет bitcoin linux bitcoin com bitcoin virus
io tether удвоить bitcoin bitcoin maps monero сложность
ethereum fork bitcoin nvidia bitcoin calc monero minergate
bitcoin расшифровка ethereum os microsoft ethereum bitcoin dogecoin
