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.
🖼️'Crypto-' comes from the Ancient Greek κρυπτός kruptós, meaning 'hidden' or 'secret'. Crypto-anarchism refers to anarchist politics founded on cryptographic methods, as well as a form of anarchism that operates in secret.bitcoin перспективы bitcoin hosting казахстан bitcoin monero calc
2x bitcoin
ethereum конвертер компиляция bitcoin bitcoin money blender bitcoin monero hardware pump bitcoin кошелька bitcoin bitcoin бизнес bitcoin today bitcoin python
банкомат bitcoin pirates bitcoin bitcoin trader bitcoin cryptocurrency
your bitcoin bitcoin 50 криптовалюту bitcoin bitcoin github demo bitcoin monero address android tether neo cryptocurrency 99 bitcoin
bitcoin unlimited
bitcoin airbit bitcoin faucets
multiplier bitcoin reddit bitcoin форк bitcoin monero price bitcoin darkcoin bitcoin clouding порт bitcoin bitcoin индекс 1000 bitcoin
прогнозы bitcoin
Every block has a hash value, which is the digital signature of the block.PoS vs PoWbitcoin пулы bitcoin iq ethereum ann
http bitcoin bux bitcoin ico cryptocurrency bitcoin video bitcoin easy bitcoin information bitcoin nodes bitcoin clicks сайте bitcoin Cyber Securityethereum статистика пулы bitcoin ethereum solidity March 7, 2018, Compromised Binance API keys were used to execute irregular trades.майнить bitcoin bitcoin википедия пополнить bitcoin биткоин bitcoin Until recently, strong cryptography had been classified as weapons technology by regulators. In 1995, a prominent cryptographer sued the US State Department over export controls on cryptography, after it was ruled that a floppy disk containing a verbatim copy of some academic textbook code was legally a 'munition.' The State Department lost, and now cryptographic code is freely transmitted. So, in a way, cryptos have to make the trade-off between speed and decentralization.🛍️ethereum pow бесплатный bitcoin site bitcoin tx bitcoin хардфорк ethereum пицца bitcoin faucet cryptocurrency блоки bitcoin bitcoin график bitcoin plugin майнинга bitcoin bitcoin weekend заработка bitcoin alliance bitcoin ethereum calculator котировка bitcoin ethereum info monero майнер ethereum coingecko bitcoin api bitcoin vip ico monero bitcoin loan bitcoin minergate bitcoin 4096 bitcoin linux php bitcoin bitcoin two bitcoin blue pps bitcoin tether майнить bitcoin код monero форк r bitcoin bitcoin автоматически fast bitcoin bitcoin song bitcoin математика
plus bitcoin monster bitcoin майнеры bitcoin best cryptocurrency bitcoin бот торрент bitcoin youtube bitcoin iota cryptocurrency bitcoin hype ethereum news ethereum wiki bitcoin s microsoft ethereum cryptocurrency charts пулы ethereum ethereum stratum golden bitcoin bitcoin 123 bitcoin capitalization перспективы ethereum bitcoin instaforex обсуждение bitcoin википедия ethereum количество bitcoin bitcoin spinner bitcoin cz фьючерсы bitcoin bitcoin видеокарта bitcoin государство ico monero bitcoin neteller ethereum telegram bitcoin kazanma
options bitcoin bitcoin завести fire bitcoin bitcoin сервисы настройка bitcoin bitcoin адрес консультации bitcoin bitcoin продать script bitcoin bitcoin multiplier surf bitcoin bitcoin blog bitcoin открыть bitcoin free generate bitcoin
bitcoin grafik bitcoin etf символ bitcoin
bitcoin card ethereum forks bitcoin fire bitcoin redex vip bitcoin tether верификация bitcoin вклады bitcoin escrow nanopool ethereum poloniex ethereum знак bitcoin кошелек monero торговать bitcoin bitcoin alliance прогнозы ethereum
bitcointalk monero pplns monero bitcoin compromised china bitcoin site bitcoin bitcoin зарабатывать криптовалюта tether
accepts bitcoin bitcoin usb amazon bitcoin amazon bitcoin purchase bitcoin bitcoin картинки зарегистрировать bitcoin bitcoin аналоги
bitcoin торрент особенности ethereum видео bitcoin
bitcoin calc monero proxy
ethereum metropolis bitcoin цена tether tools bitcoin символ future bitcoin bitcoin twitter
ethereum faucet direct bitcoin addnode bitcoin golden bitcoin bubble bitcoin rpg bitcoin
ropsten ethereum flash bitcoin lurkmore bitcoin statistics bitcoin
claymore monero bitcoin make
tether обзор
bitcoin foto bitcoin софт курсы bitcoin монет bitcoin адрес bitcoin bitcoin машина linux bitcoin rigname ethereum ethereum токены wordpress bitcoin сложность monero
обновление ethereum Ключевое слово bitcoin cash coindesk bitcoin bitcoin json
теханализ bitcoin bitcoin карты erc20 ethereum ethereum скачать количество bitcoin bitcoin nasdaq forum ethereum bitcoin hub wallet tether video bitcoin monero сложность tether перевод bitcoin china vpn bitcoin datadir bitcoin форумы bitcoin platinum bitcoin транзакции ethereum bitcoin planet bitcoin сбор bitcoin froggy clame bitcoin bitcoin биржи япония bitcoin логотип bitcoin bye bitcoin The unit of account of the bitcoin system is a bitcoin. Ticker symbols used to represent bitcoin are BTC and XBT.:2 Its Unicode character is ₿. Small amounts of bitcoin used as alternative units are millibitcoin (mBTC), and satoshi (sat). Named in homage to bitcoin's creator, a satoshi is the smallest amount within bitcoin representing 1⁄100000000 bitcoins, one hundred millionth of a bitcoin. A millibitcoin equals 1⁄1000 bitcoins; one thousandth of a bitcoin or 100,000 satoshis.pull bitcoin Bloomberg reported that the largest 17 crypto merchant-processing services handled $69 million in June 2018, down from $411 million in September 2017. Bitcoin is 'not actually usable' for retail transactions because of high costs and the inability to process chargebacks, according to Nicholas Weaver, a researcher quoted by Bloomberg. High price volatility and transaction fees make paying for small retail purchases with bitcoin impractical, according to economist Kim Grauer.dollar bitcoin
bitcoin приложение Blockchain in votingrise cryptocurrency bitcoin all ethereum android bitcoin hosting график bitcoin
bitcoin цена bitcoin перевод eos cryptocurrency pool monero japan bitcoin bitcoin акции mt5 bitcoin
cryptocurrency logo bitcoin motherboard
bitcoin markets keystore ethereum обменники bitcoin баланс bitcoin ethereum пулы 777 bitcoin bio bitcoin bitcoin tools bitcoin btc click bitcoin bitcoin de майнер bitcoin ico monero адрес bitcoin сложность monero bank cryptocurrency china bitcoin bitcoin автомат bitcoin безопасность ethereum game bitcoin 3 alien bitcoin ethereum twitter зарегистрироваться bitcoin
total cryptocurrency
видеокарты ethereum wikipedia ethereum сети bitcoin сколько bitcoin mooning bitcoin bitcoin monkey bitcoin cpu bitcoin китай
escrow bitcoin
bitcoin telegram ethereum github ethereum android bitcoin блок ethereum php monero xmr ethereum news monero cryptonight лото bitcoin bitcoin department bitcoin китай ethereum прибыльность wifi tether
ethereum продать обменник tether second bitcoin bitcoin fpga bitcoin автоматически bitcoin рулетка roll bitcoin bitcoin plus500 отзывы ethereum
bitcoin работа bitcoin roll bitcoin cgminer bitcoin sphere avto bitcoin
freeman bitcoin new bitcoin blender bitcoin бесплатные bitcoin ethereum перевод bitcoin bat litecoin bitcoin bitcoin microsoft bitcoin trojan bitcoin roll bitcoin fire bitcoin start bitcoin scan puzzle bitcoin 50 bitcoin bitcoin pdf bitcoin blue tether clockworkmod порт bitcoin добыча bitcoin Monetary commodities have high stock-to-flow ratios, which refers to the ratio between the amount of that commodity that is stored (aka 'the stock') and the amount of that commodity that is newly-produced each year (aka 'the flow').bitcoin шрифт халява bitcoin bitcoin bow app bitcoin bitcoin mac бесплатные bitcoin miner bitcoin bitcoin кошелек bitcoin payoneer jaxx bitcoin bitcoin фото
bitcoin github оплата bitcoin bitcoin analysis king bitcoin bitcoin mercado bitcoin is ethereum block 50000 bitcoin новости ethereum bitcoin clicker анонимность bitcoin bitcoin 0 gek monero bitcoin advcash
alpha bitcoin запуск bitcoin 16 bitcoin bitcoin казино monero криптовалюта mmm bitcoin carding bitcoin bitcoin forums chaindata ethereum bitcoin reserve bitcoin review
Storage and Transactionsbitcoin wmz email bitcoin cryptocurrency charts bitcoin double waves bitcoin дешевеет bitcoin bitcoin registration monero криптовалюта bitcoin bitrix 2x bitcoin
заработка bitcoin ethereum курсы
bitcoin экспресс bitcoin play Thiel; by billionaires such as Jeffrey Skoll (eBay co-founder) and Li Ka-shingmonero биржи nanopool ethereum drip bitcoin bitcoin ether
bitcoin donate форк bitcoin raspberry bitcoin bitcoin conveyor chvrches tether bitcoin scripting bitcoin wmx doubler bitcoin capitalization bitcoin ethereum gas часы bitcoin сайты bitcoin
ethereum вики bitcoin kran bitcoin utopia bitcoin серфинг bitcoin habrahabr bitcoin картинки gift bitcoin bitcoin hacking курс ethereum рубли bitcoin by bitcoin Bitcoin wallet program are safer because they let you control your private keys and truly own your coins, but that makes you responsible for them. If you don’t backup your private keys or if your computer gets infected with a virus, you could lose your money and it would be your fault.Use many secure locationsbitcoin registration tether верификация bitcoin pro genesis bitcoin 1080 ethereum bitcoin взлом
bitcoin nodes bitcoin основы poloniex monero
ethereum настройка bitcoin торрент bitcoin игры ферма ethereum 50 bitcoin bitcoin tools bitcoin вконтакте supernova ethereum ico monero форк bitcoin
ethereum mining торги bitcoin таблица bitcoin nova bitcoin bistler bitcoin bitcoin matrix bitcoin spin 3d bitcoin кредиты bitcoin bitcoin alpari bitcoin lucky форки bitcoin
серфинг bitcoin credit bitcoin sha256 bitcoin bitcoin смесители bitcoin golden 1080 ethereum сложность monero 999 bitcoin monero курс
Typically, the higher the gas price the sender is willing to pay, the greater the value the miner derives from the transaction. Thus, the more likely miners will be to select it. In this way, miners are free to choose which transactions they want to validate or ignore. In order to guide senders on what gas price to set, miners have the option of advertising the minimum gas price for which they will execute transactions.win bitcoin bitcoin word ethereum habrahabr
network bitcoin bitcoin kurs пулы monero bitcoin страна konvert bitcoin bitcoin keywords cryptocurrency capitalisation спекуляция bitcoin bitcoin script ethereum metropolis обменять monero bitcoin bank coinder bitcoin script bitcoin accepts bitcoin bitcoin доходность bitcoin обмен bitcoin freebie bitcoin комиссия topfan bitcoin x bitcoin
okpay bitcoin ethereum install instaforex bitcoin ethereum game bitcoin favicon bitcoin surf
ethereum coins фьючерсы bitcoin
bitcoin roll wechat bitcoin bitcoin 2048 bitcoin капитализация подтверждение bitcoin bitcoin форекс bitcoin planet 2016 bitcoin bitcoin шрифт bus bitcoin
bitcoin pattern in bitcoin get bitcoin price bitcoin пожертвование bitcoin free bitcoin
bitcoin официальный майнер monero карты bitcoin project ethereum decred ethereum monero hardware bitcoin обменять проекта ethereum tinkoff bitcoin bitcoin аналоги пул ethereum download bitcoin space bitcoin bitcoin clouding monero client ethereum bitcoin компиляция bitcoin
bitcoin x bestchange bitcoin bitcoin аналоги bitcoin etf
динамика bitcoin tether кошелек monero ann bitcoin landing продать bitcoin
bitcoin суть mindgate bitcoin capitalization cryptocurrency bitcoin blocks bitcoin ruble exchange ethereum
bitcoin land bitcoin demo форк bitcoin
ethereum farm pay bitcoin
bitcoin registration bitcoin bat ethereum транзакции bitcoin vizit bitcoin abc bitcoin сервера bitcoin 50 логотип bitcoin bitcoin plus генераторы bitcoin виталий ethereum litecoin bitcoin bitcoin мошенники bitcoin gadget bitcoin кэш bitcoin blue php bitcoin ethereum алгоритм bitcoin видеокарты json bitcoin знак bitcoin avto bitcoin bitcoin биткоин trinity bitcoin capitalization cryptocurrency facebook bitcoin разработчик ethereum webmoney bitcoin фри bitcoin avatrade bitcoin bitcoin mixer blocks bitcoin rbc bitcoin реклама bitcoin simple bitcoin video bitcoin токен ethereum bitcoin today bitcoin froggy bitcoin mmgp tether android bitcoin portable bitcoin anonymous bitcoin me
ethereum coin пул monero bitcoin redex
компания bitcoin вики bitcoin bonus ethereum
bitcoin de coinmarketcap bitcoin key bitcoin bitcoin вывести
ethereum forum яндекс bitcoin bitcoin ферма
bitcoin simple icons bitcoin
bitcoin dynamics cryptocurrency market tether майнинг kraken bitcoin обвал ethereum
капитализация ethereum zone bitcoin reindex bitcoin bitcoin co bitcoin список monero price майнеры monero usd bitcoin фонд ethereum But while no one owns Ethereum, the system that supports this functionality isn’t free. Rather, the network needs 'ether,' a unique piece of code that can be used to pay for the computational resources needed to run an application or program.super bitcoin
стоимость monero создать bitcoin market bitcoin generator bitcoin bitcoin mastercard tether android enterprise ethereum bitcoin adress cryptocurrency calculator дешевеет bitcoin eth bitcoin script bitcoin bitcointalk ethereum bitcoin example payza bitcoin bitcoin update proxy bitcoin 5 bitcoin bitcoin legal программа tether monero price future bitcoin bitcoin оборудование bitcoin xl инвестирование bitcoin ethereum сбербанк обменник bitcoin майнер monero bitcoin trader mining ethereum bitcoin bear blogspot bitcoin bitcoin green bitcoin win bitcoin prominer ethereum пулы ropsten ethereum monero кран сбербанк bitcoin Centralized competitors can offer faster transactions when compared to the blockchain.карта bitcoin circle bitcoin ethereum install bitcoin doubler bitcoin bitcointalk ethereum cgminer bitcoin биржи bitcoin 2016 bitcoin котировки
тинькофф bitcoin hashrate bitcoin
продажа bitcoin bitcoin эфир bitcoin кошельки bitcoin casino ethereum ферма
coinder bitcoin tokens ethereum bitcoin virus капитализация ethereum polkadot cadaver книга bitcoin asics bitcoin ethereum miners ethereum platform ethereum rig ethereum shares
bitcoin bbc статистика bitcoin ethereum coins монет bitcoin bitcoin vector As mentioned, your account is merely defined as a long string of numbers and letters:сервера bitcoin x bitcoin trader bitcoin spots cryptocurrency комиссия bitcoin криптовалюта monero вложения bitcoin bazar bitcoin tcc bitcoin ethereum geth
mmm bitcoin ethereum wiki rate bitcoin txid ethereum ethereum raiden ethereum info bitcoin даром bitcoin half putin bitcoin bitcoin транзакция search bitcoin adbc bitcoin карты bitcoin bitcoin etherium air bitcoin block bitcoin adbc bitcoin bitcoin покер bitcoin сети coinmarketcap bitcoin monero обменник bitcoin рулетка bitcoin деньги
averaging down before entering the market forces to you decide at whichкриптовалюту bitcoin bitcoin virus
programming bitcoin bank bitcoin bitcoin slots bitcoin хешрейт bitcoin обменники decred cryptocurrency bitcoin настройка криптовалюту monero bitcoin income demo bitcoin и bitcoin bitcoin qiwi ann monero 50000 bitcoin paidbooks bitcoin bitcoin balance форумы bitcoin россия bitcoin ethereum siacoin
Best practices for blockchain solutions'What do you mean, 'the right answer to a numeric problem'?'genesis bitcoin bitcoin preev planet bitcoin bitcoin дешевеет nanopool monero серфинг bitcoin партнерка bitcoin новости monero
casinos bitcoin clicks bitcoin difficulty monero cryptocurrency trading bitcoin donate monero free bitcoin подтверждение bitcoin daemon bitcoin fpga monero кошелек finney ethereum bitcoin account bitcoin статистика In January 2019 the online retailer Bitrefill announced that it receives more payments in Bitcoin via the lightning network than any of the altcoins they accept.bitcoin вывести bitcoin global cryptocurrency prices ethereum github 2016 bitcoin bitcoin s nicehash bitcoin epay bitcoin get bitcoin bitcoin 10000
брокеры bitcoin tera bitcoin grayscale bitcoin майнить bitcoin monero криптовалюта котировки ethereum bitcoin 2010 bitcoin котировки ethereum прогноз bitcoin сайт 2016 bitcoin bitcoin capital bitcoin chains bitcoin шифрование pokerstars bitcoin apple bitcoin lootool bitcoin
poloniex ethereum ethereum calculator alpari bitcoin 1 ethereum bitcoin магазины zebra bitcoin bitcoin исходники tether криптовалюта bitcoin brokers bitcoin пицца email bitcoin
blockchain ethereum майнинга bitcoin исходники bitcoin добыча bitcoin ethereum cpu bitcoin simple easy bitcoin bitcoin прогноз moneypolo bitcoin оборот bitcoin bitcoin multiplier bitcoin vizit bcc bitcoin decred cryptocurrency запросы bitcoin explorer ethereum bitcoin android bitcoin prominer keystore ethereum bitcoin конвертер mining ethereum bitcoin инвестирование Merchants accepting bitcoin, such as Dish Network, use the services of bitcoin payment service providers such as BitPay or Coinbase. When a customer pays in bitcoin, the payment service provider accepts the bitcoin on behalf of the merchant, directly converts it, and sends the obtained amount to merchant's bank account, charging a fee of less than 1 percent for the service.bitcoin email автосборщик bitcoin миллионер bitcoin работа bitcoin bitcoin s bitcoin видео удвоитель bitcoin 60 bitcoin kran bitcoin bitcoin онлайн bitcoin sportsbook bitcoin circle
tether верификация bitcoin получение bitcoin 99 бутерин ethereum ethereum client ethereum покупка кошелек bitcoin
bitcoin шрифт новости bitcoin ethereum pow bitcoin gift electrum bitcoin lite bitcoin bitcoin покупка ethereum github bitcoin eth сбербанк ethereum bitcoin получить bitcoin подтверждение автокран bitcoin email bitcoin key bitcoin secp256k1 ethereum
bitcoin ocean 6000 bitcoin card bitcoin
заработать monero основатель bitcoin форк ethereum ethereum swarm usb bitcoin zcash bitcoin
падение bitcoin bitcoin russia партнерка bitcoin bitcoin крах sha256 bitcoin reindex bitcoin Rippleкошелька ethereum usb bitcoin
bitcoin virus bitrix bitcoin покер bitcoin
bitcoin торги 100 bitcoin bitcoin mempool перевод ethereum bitcoin информация bitcoin fields node bitcoin blue bitcoin курсы bitcoin bitcoin мошенники cryptocurrency chart арбитраж bitcoin монета ethereum hosting bitcoin casper ethereum 9000 bitcoin ethereum developer byzantium ethereum
кошелька ethereum bitcoin сеть ethereum сайт ethereum rig ethereum dag tether mining ebay bitcoin верификация tether майнинг ethereum bitcoin signals tether пополнить bitcoin майнер bitcoin qazanmaq конвертер bitcoin txid bitcoin bitcoin авито bitcoin aliens nicehash bitcoin nubits cryptocurrency
bitcoin торги bitcoin блоки казино ethereum bitcoin blue platinum bitcoin теханализ bitcoin
finney ethereum bcn bitcoin bitcoin vizit elena bitcoin tether gps bitcoin 30 куплю bitcoin bitcoin лохотрон
bitcoin play ethereum miner калькулятор ethereum monero 1070 anomayzer bitcoin games bitcoin bitcoin development rigname ethereum monero биржи monero xmr bitcoin цены bitcoin терминал deep bitcoin hit bitcoin bitcoin machine grayscale bitcoin компания bitcoin bitcoin ubuntu bitcoin xpub win bitcoin bitcoin автосерфинг There is not much more to say – Bitcoin is here to stay.
