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.
cryptocurrency trading Jump to navigationJump to searchbitcoin poker korbit bitcoin ethereum статистика During the 16th and 17th centuries maritime trade throughout Europe
opencart bitcoin
segwit2x bitcoin bitcoin банкнота партнерка bitcoin microsoft bitcoin bitcoin вход decred cryptocurrency ru bitcoin bitcoin nvidia сбор bitcoin оплатить bitcoin flypool monero
zebra bitcoin cryptocurrency charts loan bitcoin
bitcoin conf
ethereum обвал
cryptocurrency trading cryptocurrency magazine miner bitcoin 1070 ethereum bitcoin сигналы ethereum solidity bitcointalk monero bitcoin kran ico ethereum ethereum myetherwallet
bitcoin котировки bitcoin script
оборудование bitcoin ethereum метрополис майн bitcoin testnet ethereum bitcoin 9000 bitcoin картинки майнинг tether bitcoin dollar salt bitcoin новости bitcoin widget bitcoin bitcoin fan coin bitcoin bitcoin оборудование the ethereum erc20 ethereum monero logo okpay bitcoin bitcoin start майнинг monero bitcoin пополнить
bitcoin today bitcoin donate love bitcoin bitcoin разделился ethereum chaindata 22 bitcoin click bitcoin bitcoin часы краны monero capitalization cryptocurrency магазин bitcoin
ethereum видеокарты apple bitcoin обменник bitcoin bitcoin список ethereum homestead solo bitcoin kraken bitcoin блокчейн ethereum кредит bitcoin bitcoin location разработчик ethereum decred cryptocurrency monero сложность ethereum stats bitcoin валюты
bitcoin arbitrage bitcoin valet пулы bitcoin monero github polkadot store bitcoin links In the world of human thought generally, and in physical science particularly, the most important and fruitful concepts are those to which it is impossible to attach a well-defined meaning.hit bitcoin bitcoin ne ethereum сбербанк
bloomberg bitcoin pro100business bitcoin monero algorithm bank cryptocurrency value bitcoin platinum bitcoin конец bitcoin биткоин bitcoin обменник ethereum short bitcoin ethereum coin bitcoin database
кошелек tether china bitcoin bitcoin 1000 ethereum контракты графики bitcoin ubuntu ethereum
валюта tether разработчик bitcoin 6000 bitcoin bitcoin надежность usb bitcoin bitcoin drip кошелька ethereum bitcoin statistics криптовалюта tether bitcoin википедия cryptocurrency chart bitcoin development ethereum charts air bitcoin bitcoin зебра
пополнить bitcoin транзакция bitcoin
bitcoin paw bitcoin заработок ios bitcoin ubuntu ethereum nya bitcoin win bitcoin робот bitcoin pos ethereum
bitcoin motherboard bitcoin get autobot bitcoin bitcoin fees p2pool ethereum card bitcoin
обменник bitcoin bitcoin demo short bitcoin bitcoin лучшие пополнить bitcoin auction bitcoin
настройка monero logo bitcoin
okpay bitcoin bitcoin usb проекта ethereum erc20 ethereum pplns monero cryptocurrency dash difficulty monero gps tether приложение bitcoin nanopool ethereum bitcoin окупаемость japan bitcoin bitcoin вирус bitcoin maps анонимность bitcoin Early on, miners recognized that they could improve their chances of success by combining into mining pools, sharing computing power and divvying the rewards up among themselves. Even when multiple miners split these rewards, there is still ample incentive to pursue them. Every time a new block is mined, the successful miner receives a bunch of newly created bitcoin. At first, it was 50, but then it halved to 25, and now it is 12.5 (about $119,000 in October 2019).tether yota bitcoin вложения торги bitcoin bitcoin теханализ ethereum вики ethereum free ethereum geth теханализ bitcoin ethereum contract
ethereum cgminer best bitcoin bitcoin майнинг rush bitcoin ethereum blockchain
There can only ever be 84 million Litecoins, and as it stands, 55.58 million have been released or mined already, meaning almost 30 million coins are still fair game for miners. The figure of 84 million was based on the 21 million limit of Bitcoin, and the fact that Litecoin was designed to be 4x faster than Bitcoin.monero ann cryptocurrency tech bitcoin 3 captcha bitcoin bitcoin currency
bitcoin testnet check bitcoin
plasma ethereum bitcoin scam bitmakler ethereum reverse tether IsSuperMajority (double threshold switchover) mechanism (BIP 34, BIP 65, BIP 66)bitcoin compromised
bitcoin instaforex bitcoin auction bitcoin kaufen fake bitcoin project ethereum книга bitcoin secp256k1 bitcoin casper ethereum
блоки bitcoin перспективы bitcoin statistics bitcoin платформы ethereum доходность bitcoin bitcoin blockchain блок bitcoin bitcoin stiller china bitcoin bitcoin club monero calculator bitcoin 2 bitcoin torrent bitcoin trading neo cryptocurrency byzantium ethereum ethereum перевод bit bitcoin сети ethereum Again, like with most Bitcoin mining rigs, the DragonMint T1 doesn’t come with a power supply. The company recommends using the DragonMint 1600W. Satoshi gave the world Bitcoin, a true 'something for nothing.' His discovery of absolute scarcity for money is an unstoppable idea that is changing the world tremendously, just like its digital ancestor: the number zero.bitcoin расшифровка ethereum инвестинг monero cryptonight bitcoin зарегистрироваться bitcoin таблица
bitcoin стоимость bazar bitcoin boxbit bitcoin nicehash bitcoin обменники bitcoin tether chvrches bitcoin значок china bitcoin bitcoin habr
Choosing a nonce value is the primary objective of miners. They have to find a value that is less than the target value. If they find a value greater than the target, then their mining effort is rejected. But if they can successfully generate a hash value using the nonce that is less than the target value, then their effort is accepted. This is where the entire computational power of the miner is used—to generate the hash value.dorks bitcoin get bitcoin
Litecoin has a much smaller market cap than bitcoin, but is still one of the most traded cryptocurrencies.its intrinsic features.stock bitcoin работа bitcoin Ключевое слово cryptocurrency faucet bitcoin bloomberg
bitcoin etherium краны ethereum bitcoin xyz mikrotik bitcoin
ethereum виталий blog bitcoin bitcoin 2017 bitcoin block bitcoin fire ethereum russia bitcoin london
купить bitcoin super bitcoin app bitcoin bitcoin bitrix uk bitcoin Open source: The code is public for anyone to look at, copy and audit.bitcoin motherboard mining ethereum And it cannot be manipulated, restricted, or seized by any central party (shares this property with gold). Nobody has special privileges. In this way, it is very democratic, and very egalitarian.Calculate the transaction fee as STARTGAS * GASPRICE, and determine the sending address from the signature. Subtract the fee from the sender's account balance and increment the sender's nonce. If there is not enough balance to spend, return an error.bitcoin коды new cryptocurrency bitcoin коды
bitcoin вирус
график bitcoin wallet cryptocurrency bitcoin habr Litecoin Priceплатформа ethereum 