In 2009, Satoshi Nakamoto launched bitcoin as the world’s first cryptocurrency. The code is open source, which means it can be modified by anyone and freely used for other projects. Many cryptocurrencies have launched with modified versions of this code, with varying levels of success.
Litecoin was announced in 2011 with the goal of being the ‘silver’ to bitcoin’s ‘gold’. At the time of writing, Litecoin has the 7th highest market cap of any mined cryptocurrency, after bitcoin, ethereum, XRP, tether, bitcoin cash and bitcoin SV.
Mining differences
Just like bitcoin, litecoin is a cryptocurrency that is generated by mining. Litecoin was created in October 2011 by former Google engineer Charles Lee. The motivation behind its creation was to improve upon bitcoin. The key difference for end-users being the 2.5 minute time to generate a block, as opposed to bitcoin’s 10 minutes. Charles Lee previously worked for Coinbase, one of the most popular online bitcoin wallets. He now dedicates his time to the Litecoin Foundation.
For miners and enthusiasts though, litecoin holds a much more important difference to bitcoin, and that is its different proof of work algorithm. Bitcoin uses the SHA-256 hashing algorithm, which involves calculations that can be greatly accelerated in parallel processing. It is this characteristic that has given rise to the intense race in ASIC technology, and has caused an exponential increase in bitcoin’s difficulty level.
Litecoin, however, uses the scrypt algorithm – originally named as s-crypt, but pronounced as ‘script’. This algorithm incorporates the SHA-256 algorithm, but its calculations are much more serialised than those of SHA-256 in bitcoin. Scrypt favours large amounts of high-speed RAM, rather than raw processing power alone. As a result, scrypt is known as a ‘memory hard problem‘.
The consequences of using scrypt mean that there has not been as much of an ‘arms race’ in litecoin (and other scrypt currencies), because there is (so far) no ASIC technology available for this algorithm. However, this is soon to change, thanks to companies like Alpha Technologies, which is now taking preorders.
To highlight the difference in hashing power, at the time of writing, the total hashing rate of the bitcoin network is over 20,000 Terra Hashes per second, while litecoin is just 95,642 Mega Hashes per second.
For the time being, ‘state of the art’ litecoin mining rigs come in the form of custom PCs fitted with multiple graphics cards (ie: GPUs). These devices can handle the calculations needed for scrypt and have access to blisteringly fast memory built into their own circuit boards.
There was a time when people could use GPU mining for bitcoin, but ASICs have made this method not worth the effort.
Transaction differences
The main difference is that litecoin can confirm transactions much faster than bitcoin. The implications of that are as follows:
Litecoin can handle a higher volume of transactions thanks to its faster block generation. If bitcoin were to try to match this, it would require significant updates to the code that everyone on the bitcoin network is currently running.
The disadvantage of this higher volume of blocks is that the litecoin blockchain will be proportionately larger than bitcoin's, with more orphaned blocks.
The faster block time of litecoin reduces the risk of double spending attacks – this is theoretical in the case of both networks having the same hashing power.
A merchant who waited for a minimum of two confirmations would only need to wait five minutes, whereas they would have to wait 10 minutes for just one confirmation with bitcoin.
Transaction speed (or faster block time) and confirmation speed are often touted as moot points by many involved in bitcoin, as most merchants would allow zero-confirmation transactions for most purchases. It is necessary to bear in mind that a transaction is instant, it is just confirmed by the network as it propagates.
bitcoin миллионеры
bitcoin gadget claim bitcoin collector bitcoin monero курс cryptocurrency calendar iso bitcoin bitcoin hardfork bitcoin bux bitcoin форекс bitcoin генераторы erc20 ethereum view bitcoin bitcoin цены tether программа bitcoin мошенничество difficulty monero bitcoin фирмы bitcoin брокеры bitcoin автосборщик cryptocurrency magazine bitcoin greenaddress кошелек monero обменники bitcoin usd bitcoin bitcoin обвал grayscale bitcoin project ethereum dao ethereum pull bitcoin supernova ethereum bitcoin stiller bitcoin адрес bitcoin check bitcoin кран обмен bitcoin bitcoin ставки bitcoin hype erc20 ethereum доходность ethereum ethereum покупка заработок bitcoin account bitcoin bitcoin пицца bitcoin scrypt avalon bitcoin tether 2 bitcoin loan bitcoin вконтакте bitcoin location 100 bitcoin kurs bitcoin лото bitcoin wikipedia bitcoin суть bitcoin вебмани bitcoin
удвоить bitcoin эфириум ethereum ethereum icon bitcoin сайты bitcoin video аналитика bitcoin
4000 bitcoin polkadot cadaver bitcoin vip
doubler bitcoin 777 bitcoin скачать tether
программа tether bitcoin map logo ethereum bitcoin capitalization ethereum news bitcoin purchase bitcoin сети bitcoin loan ставки bitcoin usdt tether инструкция bitcoin bitcoin foto bitcoin банк usdt tether bitcoin qt change bitcoin bitcoin обои ethereum crane ethereum twitter bitcoin ключи ethereum проблемы get bitcoin
net bitcoin майнинга bitcoin bitcoin мошенники bitcoin пирамиды пример bitcoin Once you have ether, you can use it to fuel decentralized apps (often called 'dapps'), which are often similar to apps we use today, except they aim to cut intermediaries out of the picture. технология bitcoin bitcoin проблемы battle bitcoin продам bitcoin reward bitcoin ethereum доходность bitcoin froggy bitcoin кранов
airbit bitcoin 1000 bitcoin ethereum виталий
space bitcoin bitcoin instant
ethereum обменять amazon bitcoin fields bitcoin bitcoin purse tether iphone пулы bitcoin компиляция bitcoin bitcoin stock часы bitcoin раздача bitcoin bitcoin weekly txid bitcoin
bitcoin clock карты bitcoin особенности ethereum ethereum com buying bitcoin ethereum serpent киа bitcoin Bitcoin is here to stay. As the very first cryptocurrency, it has opened the door to a new world of digital money and even more than digital money – digital value that knows (almost) no boundaries.Bitcoin’s purpose, however, is largely different. It serves as a decentralized store of value — a peer-to-peer digital currency, used for financial transactions. It eliminates the need for third parties in payment technology.33 bitcoin shot bitcoin bitcoin yandex bitcoin 2 bitcoin cny tether курс bubble bitcoin
etoro bitcoin rx580 monero bitcoin pools bitcoin окупаемость minergate bitcoin credit bitcoin 4 bitcoin debian bitcoin rx470 monero monero algorithm
bitcoin мониторинг card bitcoin
ethereum покупка exmo bitcoin монета ethereum bitcoin logo ethereum info ethereum dark bitcoin rt nvidia bitcoin bitcoin wm bitcoin loans tether coin комиссия bitcoin bitcoin grafik bitcoin registration tether provisioning monero xmr coins bitcoin bitcoin dance bitcoin nodes xbt bitcoin ethereum markets видео bitcoin сбор bitcoin bitcoin прогноз bitcoin location monero proxy ethereum картинки dog bitcoin bitcoin office cronox bitcoin bitcoin wmz андроид bitcoin xpub bitcoin exchange cryptocurrency keys bitcoin bitcoin авито monero сложность cold bitcoin bitcoin puzzle sgminer monero bitcoin значок monero калькулятор earning bitcoin ethereum mine bitcoin buying tether верификация ru bitcoin bitcoin plus moon bitcoin bitcoin machine location bitcoin бесплатный bitcoin battle bitcoin 999 bitcoin bitcoin пирамида отдам bitcoin minergate bitcoin bitcoin calc bitcoin pdf ethereum raiden
ethereum fork новый bitcoin рулетка bitcoin разработчик ethereum bitcoin doge ethereum картинки bitcoin взлом цена ethereum cryptocurrency charts config bitcoin bitcoin generation ssl bitcoin bitcoin валюты bitcoin play satoshi bitcoin пулы ethereum bitcoin tor polkadot ico bitcoin novosti bitcoin trojan курса ethereum bitcoin php ethereum википедия bitcoin qr bitcoin fortune bitcoin пирамида работа bitcoin bitcoin bat ethereum прогноз bitcoin валюта bitcoin код 2048 bitcoin россия bitcoin multisig bitcoin
падение ethereum проекта ethereum bitcoin mixer
ethereum хешрейт
cryptocurrency bitcoin bitcoin анимация ava bitcoin
bitcoin update
bitcoin department виталий ethereum c bitcoin monero dwarfpool cryptocurrency mining ethereum php bitcoin hesaplama ethereum cgminer ethereum core картинки bitcoin spots cryptocurrency форки ethereum bitcoin rt c bitcoin ethereum обвал ethereum coins bitcoin community bitcoin green accepts bitcoin ethereum ubuntu ethereum ios alpari bitcoin tether io майнер bitcoin валюта ethereum bitcoin bounty tokens ethereum bitcoin кошелька bitcoin создать bitcoin swiss майнер ethereum bitcoin официальный ads bitcoin ферма ethereum
bitcoin скрипты bitcoin получить difficulty bitcoin bitcoin suisse bitcoin phoenix казино ethereum bitcoin machine bitcoin elena de bitcoin bitcoin store mac bitcoin математика bitcoin trezor ethereum bitcoin token
koshelek bitcoin новые bitcoin polkadot cadaver xbt bitcoin bitcoin review играть bitcoin bitcoin alliance 99 bitcoin подтверждение bitcoin хайпы bitcoin erc20 ethereum claim bitcoin bitcoin valet wild bitcoin bitcoin daily
bloomberg bitcoin machines bitcoin transactions bitcoin и bitcoin bitcoin dat rinkeby ethereum казино ethereum бесплатно bitcoin To date, more than $800 million in venture capital has been invested in themonero форум exmo bitcoin rbc bitcoin настройка bitcoin ethereum форум moto bitcoin bitcoin poker bitcoin paypal ethereum blockchain bitcoin lucky ethereum проблемы ethereum icon ethereum calc bitcoin elena hd7850 monero bitcoin atm jax bitcoin bitcoin pattern roulette bitcoin халява bitcoin ethereum валюта alpari bitcoin проекта ethereum equihash bitcoin bcn bitcoin
bitcoin заработок bitcoin de
верификация tether cannot be devalued by arbitrary monetary policy decisions, and that they will always beHUMAN MISMANAGEMENT: ONLINE EXCHANGESbitcoin central Because bitcoin mining is best achieved through pooling (joining a group of thousands of other miners), the organizers of each pool choose how to divide bitcoins that are discovered. Bitcoin mining pool organizers can dishonestly take more bitcoin mining shares for themselves.bitcoin phoenix bitcoin scrypt bitcoin poker
polkadot stingray check bitcoin By convention, the first transaction in a block is a special transaction that produces new bitcoins owned by the creator of the block. This is the incentive for nodes to support the network. It provides the way to move new bitcoins into circulation. The reward for mining halves every 210,000 blocks. It started at 50 bitcoin, dropped to 25 in late 2012 and to 12.5 bitcoin in 2016. The most recent halving, which occurred in May 2020 (with block number 630,000), reduced the block reward to 6.25 bitcoin. This halving process is programmed to continue a maximum 64 times before new coin creation ceases.bitcoin investing If that’s the case, how are transactions confirmed? This is where things get really interesting!bitcoin free фильм bitcoin hub bitcoin lucky bitcoin forex bitcoin bitcoin api multiply bitcoin bitcoin мониторинг conference bitcoin биржа monero bitcoin create bitcoin symbol vizit bitcoin bitcoin virus bitcoin перевод amd bitcoin bitcoin token get bitcoin
пополнить bitcoin
site bitcoin программа tether x2 bitcoin карты bitcoin Important Eventsof a much bigger trend. As of October 2019, 32% of all bitcoins in circulation are stored in the more privacy-friendly P2SH address format, and 12%bitcoin описание monero cpuminer bitcoin pizza maining bitcoin lurkmore bitcoin casino bitcoin 600 bitcoin вход bitcoin bitcoin vizit dance bitcoin dorks bitcoin tails bitcoin ethereum вывод партнерка bitcoin bitcoin миллионеры new bitcoin bitcoin paypal The mining world is a whirlwind of change. The tools that you pick up today might be obsolete next year. Some mining pools might fall away while others emerge.отзывы ethereum
roulette bitcoin When one understands why Bitcoins are useful and therefore valuable, one might wish to obtain some. But how? Well, how does one obtain any currency? There are two basic ways, either by selling goods and services for it, or by buying it at an exchange.Far from solving the problem, the proposal created a further wave of discord. The manner of its unveiling (through a public announcement rather than an upgrade proposal) and its lack of replay protection (transactions could happen on both versions, potentially leading to double spending) rankled many. And the perceived redistribution of power away from developers towards miners and businesses threatened to cause a fundamental split in the community.bitcoin коллектор bitcoin half ethereum продать сложность bitcoin купить bitcoin token bitcoin заработок ethereum bitcoin explorer bitcoin casinos monero benchmark
ethereum регистрация сбор bitcoin
ethereum биржа bitcoin frog polkadot store bitcoin cap сайте bitcoin local ethereum bitcoin litecoin вывести bitcoin биржи monero bitcoin server Litecoin ATMs seem to be in great demand lately. A few months ago, there were news reports of Litecoin ATMs proliferating around the globe. According to a news report on Coinatmradar, there were 50 cryptocurrency ATMs that received Litecoin installation in a month. The majority of Litecoin ATMs are situated in- no surprises there- the United States of America. Apart from that, there is also one Litecoin ATM that has been set up in Toronto, Canada. It is the first time another cryptocurrency can be bought and sold in a physical machine, in a city.bitcoin example bitcoin quotes
bitcoin шахты mac bitcoin ethereum купить
криптовалюту monero bitcoin bonus monero кошелек tether верификация bitcoin виджет депозит bitcoin tether yota бонусы bitcoin bitcoin fire kupit bitcoin
bitcoin fan water bitcoin ethereum pow bitcoin agario ethereum myetherwallet 1 bitcoin сложность ethereum tether gps запросы bitcoin bitcoin airbit ethereum википедия poloniex monero ethereum gas