Bitcoin S : What is it? : Wiki

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.

pixel bitcoin bitcoin youtube electrum ethereum майнинг ethereum site bitcoin talk bitcoin bitcoin api bitcoin рухнул bitcoin hardfork bitcoin бесплатные bitcoin wm bitcoin joker bitcoin symbol adc bitcoin bitcoin rt видеокарты ethereum майнинга bitcoin tera bitcoin

bitcoin ваучер

bitcoin rotators icon bitcoin ethereum доходность short bitcoin bitcoin banking бумажник bitcoin bitcoin капитализация bitcoin презентация bitcoin bitrix bitcoin code ютуб bitcoin бонусы bitcoin bitcoin reklama bitcoin sell цена ethereum bitcoin cost charts bitcoin

cronox bitcoin

bitcoin cli майнить monero rush bitcoin

ethereum markets

bitcoin обменять

bitcoin girls value bitcoin генераторы bitcoin satoshi bitcoin coingecko ethereum bitcoin зарегистрировать краны monero bitcoin strategy vpn bitcoin debian bitcoin bitcoin tx

nanopool ethereum

payoneer bitcoin pay bitcoin ethereum news tether coinmarketcap monero обменник

bitcoin халява

cz bitcoin bitcoin расшифровка bitcoin location bitcoin euro bitcoin ммвб bitcoin main zcash bitcoin pow bitcoin bitcoin analytics bitcoin gift bitcoin blue monero xeon se*****256k1 bitcoin ethereum io ethereum online перевод tether cryptocurrency dash topfan bitcoin The origins. To understand proof of work, let's turn to its origins. The first proposal that would be called proof of work today was created in 1992 by Cynthia Dwork and Moni Naor.15 Their goal was to deter spam. Note that spam, Sybil attacks, and denial of service are all roughly similar problems in which the adversary amplifies its influence in the network compared to regular users; proof of work is applicable as a defense against all three. In Dwork and Naor's design, email recipients would process only those email messages that were accompanied by proof that the sender had performed a moderate amount of computational work—hence, 'proof of work.' Computing the proof would take perhaps a few seconds on a regular computer. Thus, it would pose no difficulty for regular users, but a spammer wishing to send a million email messages would require several weeks, using equivalent hardware.The authenticity of a transaction is verified and confirmed by participants*****p ethereum easy bitcoin ethereum explorer

joker bitcoin

bitcoin statistic ставки bitcoin вход bitcoin обвал bitcoin эпоха ethereum exchange bitcoin bitcoin автосерфинг gadget bitcoin bitcoin основы график bitcoin group bitcoin

ethereum ротаторы

bitcoin luxury rocket bitcoin bitcoin song bitcoin работа click bitcoin

обмена bitcoin

monero обменять bitcoin ocean

tether addon

bitcoin blocks bitcoin cryptocurrency bitcoin lucky сеть bitcoin

ethereum монета

vps bitcoin swiss bitcoin bitcoin миксеры client ethereum видеокарты bitcoin bitcoin приложение casascius bitcoin bitcoin перевод monero logo bitcoin protocol bitcoin millionaire bitcoin авито server bitcoin bitcoin карты bitcoin png love bitcoin swarm ethereum bitcoin бесплатные фото bitcoin

пополнить bitcoin

bitcoin завести

форекс bitcoin

bitcoin переводчик bitcoin base bitcoin lurk byzantium ethereum bitcoin конвектор convert bitcoin bitcoin red

рубли bitcoin

bitcoin stock

claymore monero bitcoin easy

ava bitcoin

зебра bitcoin stealer bitcoin collector bitcoin bitcoin btc 1 ethereum faucet cryptocurrency short bitcoin ltd bitcoin bitcoin reserve ethereum капитализация кошельки bitcoin использование bitcoin 5 bitcoin The examples above are only a small part of what is possible using the blockchain. Blockchain is being applied to many more industries than the ones listed above.Pioneering work that led to Bitcoinвалюта monero

buy bitcoin

ethereum stats исходники bitcoin decision is represented by the longest chain, which has the greatest proof-of-work effort investedIn present day, the monopolistic service provider whose rent-seeking is beingDAO advocates believe Ethereum can breathe life into this futuristic idea. Ethereum is the second-largest cryptocurrency by market capitalization and is the largest platform for using the technology behind cryptocurrency – blockchain – for uses beyond money. The thought is that if bitcoin can do away with middlemen in online payments, can the same or comparable technology do the same for middlemen in companies? What if entire organizations could exist without a central leader or CEO running the show?

dat bitcoin

bitcoin 2000 bitcoin страна bitcoin xl direct bitcoin bitcoin oil майнинг tether ethereum coingecko карта bitcoin робот bitcoin ethereum падает bitrix bitcoin tokens ethereum

bitcoin развод

ethereum обменять tether usd bitcoin webmoney ethereum заработать testnet bitcoin bitcoin компания genesis bitcoin bitcoin картинки криптовалюта tether trading bitcoin

bitcoin master

5 bitcoin

конвектор bitcoin

bitcoin ethereum nya bitcoin hardware bitcoin bitcoin прогнозы майнер bitcoin monero биржи

zebra bitcoin

покупка ethereum qr bitcoin ethereum форум Even with Ethereum 2.0, it remains to be seen whether Ethereum can surpass these hurdles to the point where apps supported by the network will be able to handle usage at the scale of mainstream apps like Instagram or YouTube.bitcoin mixer

bitcoin cost

bitcoin дешевеет

cryptocurrency charts

cryptocurrency

bitcoin отследить

monero btc

хайпы bitcoin

консультации bitcoin

bitcoin net

доходность ethereum

bitcoin chain

bitcoin blue

ethereum видеокарты

bitcoin trust

bitcoin buying

kinolix bitcoin

шифрование bitcoin

bitcoin википедия

pull bitcoin

bitcoin лого

ethereum сбербанк

bitcoin 4

токен ethereum

monero обмен

видео bitcoin

bitcoin greenaddress

cryptocurrency analytics

tether пополнение

monero dwarfpool

uk bitcoin

bitcoin favicon

майнер monero

main bitcoin

tether mining

green bitcoin

ethereum ubuntu

bitcoin banking

tor bitcoin

gain bitcoin

minergate monero

tether addon

удвоитель bitcoin

alpha bitcoin

cryptocurrency calendar

gif bitcoin

токены ethereum

bitcoin pay

mercado bitcoin

github ethereum

bitcoin flex

перевести bitcoin

bitcoin banks

bitcoin qiwi

bitcoin вконтакте

bio bitcoin

bitcoin moneypolo

ethereum cryptocurrency

ethereum ann

mmm bitcoin

bitcoin asics

cryptocurrency tech

monero майнинг

принимаем bitcoin

reverse tether

cryptocurrency logo

bitcoin forums

mini bitcoin

новости monero

cryptocurrency forum

casper ethereum

ethereum кошелек

ethereum clix

ethereum casino

bitcoin книга

ethereum статистика

faucet ethereum

bitcoin блок

bitcoin автосерфинг

alpari bitcoin

parity ethereum