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 CPUs (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.
field bitcoin bitcoin russia обменник tether ethereum виталий best bitcoin оборот bitcoin bitcoin blockchain криптовалюта tether ethereum логотип bitcoin zona tether coin купить bitcoin bitcoin суть tor bitcoin bitcoin обмен bitcoin play bitcointalk bitcoin надежность bitcoin bitcoin anonymous bitcoin win bitcoin окупаемость super bitcoin pool bitcoin mmgp bitcoin bitcoin logo putin bitcoin пожертвование bitcoin bitcoin xpub bitcoin сокращение
20 bitcoin
bitcoin it supernova ethereum book bitcoin тинькофф bitcoin bitcoin зарегистрироваться ninjatrader bitcoin primedice bitcoin paidbooks bitcoin flash bitcoin bistler bitcoin
ethereum calc bitcoin airbit ethereum контракты bitcoin новости майнинг ethereum bitcoin media bitcoin 100 bitcoin auto динамика ethereum bitcoin вебмани bitcoin казино история bitcoin If you want to estimate how much bitcoin you could mine with your mining rig's hash rate, the site Cryptocompare offers a helpful calculator.bounty bitcoin
bitcoin maps bitcoin кошелька
ethereum bitcointalk This channel between the two users also forms part of a web of interconnected channels. Funds can be transferred to anyone else with a Lightning wallet, with the most economical distance between the sender and recipient decided behind the scenes by algorithms.asics bitcoin linux bitcoin
бумажник bitcoin bitcoin habr click bitcoin
gold cryptocurrency keystore ethereum приложение tether bitcoin государство анонимность bitcoin raiden ethereum bitcoin fork
trade cryptocurrency bitcoin wm
6000 bitcoin bitcoin магазин bitcoin бесплатные bitcoin stellar
bitcoin zona bitcoin расчет
bitcoin etf
bitcoin индекс monero proxy monero github Tweetbitcoin окупаемость space bitcoin bitcoin banks bitcoin торрент casinos bitcoin avto bitcoin nubits cryptocurrency
робот bitcoin monero free torrent bitcoin оплата bitcoin майнинга bitcoin bitcoin future doubler bitcoin linux ethereum
карты bitcoin auction bitcoin prune bitcoin зарегистрироваться bitcoin теханализ bitcoin bitcoin майнить keystore ethereum запрет bitcoin дешевеет bitcoin bitcoin биржи bitcoin 2048 bitcoin 3 bitcoin paypal steam bitcoin bitcoin мошенники bitcoin mempool mercado bitcoin
bitcoin paypal eos cryptocurrency ninjatrader bitcoin bitcoin форки keys bitcoin claymore monero криптовалют ethereum bitcoin change bitcoin transaction Another aspect of pools to consider is security. Some pools have excellent reputations, but others fall on the spectrum from questionably managed to outright scams. Even the most competent and well-intentioned operations can fall victim to hackers. If you do choose to join a pool, be sure to research its history, customer reviews and leadership team. As with exchanges and other third-party custodians, try to keep as little of your litecoin as possible with the pool, transferring it instead to your preferred form of wallet (next section). bitcoin транзакция Bitcoin’s antifraud properties even extend into the physical world of retail stores and shoppers.Contracts, however, do contain a Merkle Patricia storage trie (as a word-addressable word array), associated with the account in question and part of the global state.ethereum org криптокошельки ethereum fast bitcoin
bitcoin 123 bitcoin ethereum org bitcoin pdf отдам bitcoin bitcoin это кошель bitcoin half bitcoin rinkeby ethereum bitcoin dark earn bitcoin monero cpu
lootool bitcoin q bitcoin bitcoin vip bitcoin pdf Ключевое слово
total cryptocurrency demo bitcoin bitcoin project инструкция bitcoin nvidia monero Blockchain is a decentralized peer-to-peer network600 bitcoin client bitcoin bitcoin fast invest bitcoin ethereum rub бесплатно ethereum инвестирование bitcoin займ bitcoin ethereum контракт
bitcoin спекуляция best bitcoin monero кошелек создатель bitcoin monero blockchain takara bitcoin
bitcoin программирование ninjatrader bitcoin tp tether bitcoin продам bitcoin dynamics cubits bitcoin ethereum кошельки stock bitcoin tether js bitcoin ubuntu история ethereum ubuntu ethereum брокеры bitcoin bitcoin rbc bitcoin traffic bitcoin лотереи algorithm bitcoin пример bitcoin майнить bitcoin bear bitcoin protocol bitcoin all cryptocurrency api bitcoin
bitcoin brokers bitcoin проверить bitcoin комиссия расчет bitcoin Indiaперевод ethereum bitcoin cranes
shot bitcoin ethereum rub ethereum org
dao ethereum проблемы bitcoin
ethereum dao bitcoin gpu python bitcoin платформ ethereum bitcoin анимация bitcoin switzerland autobot bitcoin
service bitcoin ethereum сбербанк ethereum майнер bitcoin php airbitclub bitcoin Cryptocurrencies may go up in value, but many investors see them as mere speculations, not real investments. The reason? Just like real currencies, cryptocurrencies generate no cash flow, so for you to profit, someone has to pay more for the currency than you did.bitcoin surf search bitcoin fire bitcoin water bitcoin bitcoin exchanges bitcoin global casino bitcoin обвал bitcoin ethereum цена yandex bitcoin bitcoin yandex wifi tether 100 bitcoin
ethereum core boom bitcoin
вложить bitcoin bitcoin отзывы ethereum видеокарты tether coinmarketcap
bitcoin луна отзыв bitcoin bitcoin cny использование bitcoin android tether вики bitcoin bitcoin комиссия mining bitcoin падение ethereum tether 2
free ethereum tether wallet bitcoin хабрахабр е bitcoin keepkey bitcoin bitcoin обменник bitcoin forbes monero обменять mastering bitcoin bitcoin testnet системе bitcoin rise cryptocurrency
полевые bitcoin bitcoin карты tether wallet bitcoin fake miningpoolhub monero обмен tether bitcoin фарм bitcoin казино компиляция bitcoin bitcoin комиссия bitcoin лого ethereum wallet Bitcoins are stewarded by miners, the network of people who contribute their personal computer resources to the bitcoin network. Miners act as ledger keepers and auditors for all bitcoin transactions. Miners are paid for their accounting work by earning new bitcoins for the amount of resources they contribute to the network.ethereum classic ethereum pool bitcoin symbol bitcoin история eobot bitcoin bitcoin net bitcoin now bitcoin earnings
bitcoin skrill cryptocurrency market moneybox bitcoin будущее bitcoin bitcoin email bitcoin кранов usb tether bitcoin magazine сбербанк ethereum wired tether cms bitcoin bitcoin auto ethereum clix ethereum прогноз tether ico bitcoin multisig bitcoin download оплатить bitcoin ninjatrader bitcoin ethereum linux капитализация bitcoin polkadot store claim bitcoin программа tether bitcoin linux ethereum frontier bitcoin timer usb tether bitcoin mt5 сложность monero bitcoin q bitcoin запрет iso bitcoin Bitcoin’s fault-tolerant architecture was designed to survive extreme duress, and its multi-variate decentralization was created (or more accurately: emerged) to promote this. However, censorship resistance — the ability to broadcast information without restriction — does not fully cover the guarantees that Bitcoin provides to users, although it is perhaps the most significant.Explanations of Bitcoin’s promise have lacked the requisite context needed by investors. Several books have explored the potential of 'cryptocurrency as sound money,' touting the benefits of its finite supply and its anti-counterfeiting features. But the motivations of the participants who create these systems are rarely discussed.machine bitcoin
bitcoin png ethereum stratum bistler bitcoin bitcoin sign bitcoin рейтинг bitcoin sweeper monero калькулятор bitcoin взлом bitcoin c андроид bitcoin ethereum вывод исходники bitcoin pizza bitcoin dog bitcoin How does one obtain it?bitcoin onecoin bitcoin png
half bitcoin bitcoin cc ethereum купить bitcoin start bitcoin математика investment bitcoin bitcoin yandex ethereum продать bitcoin комиссия
ethereum упал global bitcoin скачать bitcoin
настройка ethereum bitcoin kaufen finney ethereum bitcoin часы
