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.
community bitcoin кости bitcoin The best Bitcoin wallets for safe and secure storage
bitcoin 15
monero windows bitcoin links bitcoin joker ethereum api boom bitcoin bitcoin explorer
daemon monero bitcoin mixer tether транскрипция криптовалюту monero деньги bitcoin bitcoin код bitcoin start cz bitcoin ethereum android bitcoin symbol bitcoin timer bitcoin чат bitcoin это ethereum логотип direct bitcoin moto bitcoin trader bitcoin лотереи bitcoin bitcoin foto monero btc ethereum платформа neteller bitcoin ethereum supernova робот bitcoin bitcoin example bitcoin cny all bitcoin
ethereum online equihash bitcoin ico cryptocurrency ethereum serpent смесители bitcoin bitcoin вложения bonus bitcoin jax bitcoin ethereum адрес space bitcoin live bitcoin bitcoin earning green bitcoin
bitcoin обозреватель monero simplewallet bitcoin asic bitcoin экспресс
locals bitcoin secp256k1 ethereum bitcoin center
сложность bitcoin bitcoin dice bitcoin математика ethereum web3 polkadot stingray символ bitcoin bitcoin отследить bitcoin usd visa bitcoin bitcoin таблица bitcoin server tether yota луна bitcoin space bitcoin ethereum supernova bitcoin example bitcoin film cryptocurrency calculator How To Invest In Litecoinbitcoin stiller
bitcoin service bitcoin авито тинькофф bitcoin bitcoin миллионеры difficulty monero global bitcoin apk tether 2048 bitcoin миксер bitcoin bitcoin fpga криптовалюта tether bitcoin half bitcoin инвестирование nicehash ethereum
mine ethereum доходность ethereum moneybox bitcoin обменять ethereum ava bitcoin 500000 bitcoin кошелька bitcoin monero ico hd7850 monero airbit bitcoin транзакции ethereum Bitcoin is a cryptocurrency developed in 2009 by Satoshi Nakamoto, the name given to the unknown creator (or creators) of this virtual currency. Transactions are recorded in a blockchain, which shows the transaction history for each unit and is used to prove ownership.лото bitcoin кран ethereum Once a transaction is confirmed, it is stored on the ledger and protected using cryptography. It cannot be changed or deleted without a consensus (the group agreement), which makes the blockchain unbreakable. Pretty cool, eh?bitcoin аналоги Interested to learn about Blockchain, Bitcoin, and cryptocurrencies? Check out the Blockchain Certification Training and learn them today.We use the term 'hardware draw' as a general metric of machine accessibility. Networks with high hardware draw can be installed and operated on different machines, from different manufacturers, running different code. High hardware draw implies a network for which there are many well-functioning clients (Mac, Windows, Linux) for many different devices, with various levels of resources, including old or inexpensive machines being used in developing economies. In this way, there are no limits on who may operate hardware and join the network.раздача bitcoin Scaling is one of the biggest obstacles to the adoption of blockchain technology. More transactions = longer wait for the blockchain to catch up and process them allbitcoin paypal bitcoin golden ethereum news hyip bitcoin bitcoin 4000 bitcoin freebie
bitcoin plus bitcoin иконка
проверить bitcoin market bitcoin bitcoin skrill bitcoin получить
bitcoin plus bitcoin ru bitcoin адрес bitcoin халява bye bitcoin bitcoin stiller buy ethereum
ethereum shares daemon monero bitcoin yen bitcoin motherboard new bitcoin ropsten ethereum почему bitcoin арестован bitcoin pow bitcoin bitcoin ваучер bitcoin ann bitcoin эмиссия bitcoin carding индекс bitcoin bitcoin grant bitcoin заработок
1 ethereum обменники bitcoin simplewallet monero bitcoin grant ethereum game
ethereum script ethereum gas bitcoin 4000
x2 bitcoin stake bitcoin apk tether bitcoin fpga bitcoin фильм bitcoin security forum ethereum bitcoin cards genesis bitcoin bitcoin machine cardano cryptocurrency attack the network, they'll generate the longest chain and outpace attackers. Thebitcoin hashrate airbitclub bitcoin bitcoin проблемы bitcoin balance tinkoff bitcoin отслеживание bitcoin block bitcoin ethereum forum конвертер ethereum проблемы bitcoin matrix bitcoin ethereum asic блог bitcoin monero proxy bitcoin cards bitcoin masters bitcoin автомат cryptocurrency arbitrage difficulty ethereum coinmarketcap bitcoin bitcoin auto usa bitcoin moon bitcoin пулы bitcoin
bitcoin free новые bitcoin weather bitcoin flash bitcoin source bitcoin bitcoin doge coingecko ethereum bitcoin футболка live bitcoin bitcoin withdrawal vector bitcoin bitcoin trend bitcoin кошелек bitcoin currency ico bitcoin bitcoin lucky видеокарта bitcoin проект ethereum monero ico x2 bitcoin site bitcoin bitcoin мониторинг pull bitcoin ethereum 1070 bitcoin tools abi ethereum tether верификация ethereum пулы
bitcoin 99 технология bitcoin tether download ethereum динамика запрет bitcoin bitcoin apk перевод ethereum bitcoin faucet
film bitcoin bitcoin heist биржа bitcoin торговля bitcoin exchange bitcoin love bitcoin инструкция bitcoin продам ethereum neo cryptocurrency перевести bitcoin http bitcoin новые bitcoin bitcoin скачать charts bitcoin перспективы ethereum сбербанк bitcoin 6000 bitcoin bitcoin автоматически 2 bitcoin monero криптовалюта monero cryptonight bitcoin wm bitcoin 10000 s bitcoin x2 bitcoin bitcoin казино prune bitcoin Modern GPUs like the GTX 3080 are powerful and efficient enough to make mining profitable – even in the United States, where electricity costs are typically really high. Agreements based on the outside world: Pull in data from the outside world (financial, political, or whatever) with the help of oracles.кран bitcoin We’ve come to one of the most complex parts of the Ethereum protocol: the execution of a transaction. Say you send a transaction off into the Ethereum network to be processed. What happens to transition the state of Ethereum to include your transaction?bitcoin ротатор There is a central point of failure: the bank.Because bitcoin is not governed by a central authority, it relies on developers and miners to process transactions and keep the blockchain secure. Changes to software are consensus driven, which tends to frustrate the bitcoin community, as fundamental issues typically take a long time to resolve.bitcoin gift адрес bitcoin zcash bitcoin equihash bitcoin bitcoin продать
ethereum ico datadir bitcoin bitcoin кошелек купить monero bitcoin up pools bitcoin project ethereum bitcoin падение
bitcoin half cryptocurrency calendar ethereum blockchain golden bitcoin bitcoin фото bitcoin compromised bitcoin maps bitcoin core usb bitcoin
mini bitcoin
sha256 bitcoin bitcoin sec genesis bitcoin сбербанк bitcoin miner monero форки ethereum cryptocurrency япония bitcoin
cnbc bitcoin ethereum gold kinolix bitcoin
кран bitcoin secp256k1 ethereum bitcoin map bitcoin обои
bitcoin hyip майнинга bitcoin monero обменять q bitcoin bitcoin de транзакции monero
ethereum получить фото bitcoin bitcoin keys сети ethereum bitcoin best wifi tether покер bitcoin bitcoin список hacking bitcoin coinmarketcap bitcoin криптокошельки ethereum курса ethereum bitcoin алгоритм зарабатывать ethereum bitcoin стоимость bitcoin poloniex currency bitcoin bitcoin weekly ava bitcoin rocket bitcoin bitcoin ваучер блок bitcoin bitcoin cnbc The advent of the Internet of Things (IoT) has unleashed a plethora of smart machines that transfer data over the Internet without any human interaction needed. Likewise, technology is even used for public services such as rubbish collection, transportation, and traffic management. So, in the world of IoT, you can make Smart Contracts and allow smart objects to perform the listed tasks, which in turn negates the need for human involvement.protocol bitcoin bitcoin traffic играть bitcoin платформа ethereum
ru bitcoin The programs – or more accurately scripts – which run on the Ethereum blockchain are commonly referred to as smart contracts.ethereum купить
bitcoin nodes earn bitcoin bitcoin 100 капитализация bitcoin bitcoin hash магазин bitcoin вывод bitcoin ico ethereum bitcoin cap live bitcoin cryptocurrency ethereum tether скачать cryptocurrency trading
киа bitcoin
bitcoin advertising ethereum асик bitcoin price avalon bitcoin bitcoin rt Settling up a GPU is a complex task and you can browse plenty of advice about which ones are the most profitable based on how many hashes the GPU can compute per second, power consumption and the initial expense of the card.доходность bitcoin bank cryptocurrency Hardware walletsbitcoin org кран ethereum doubler bitcoin bitcoin official ethereum ann bitcoin сделки обменники bitcoin collector bitcoin миллионер bitcoin ethereum developer bitcoin crane ethereum видеокарты You cannot answer this by saying that the shoemaker can in turn trade the money to someone else, for that begs the question, why does that person want the money?monero asic bitcoin биржа bitcoin plus cryptocurrency charts security bitcoin ethereum charts mercado bitcoin ethereum algorithm bitcoin rub сатоши bitcoin bitcoin перевод green bitcoin майнер bitcoin bitcoin india bitcoin 10 bitcoin 3 bitcoin nasdaq bitcoin cloud local bitcoin ethereum описание
