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.
There are three known ways that bitcoin currency can be abused:bitcoin символ The decentralization of money offered by virtual currencies like bitcoin has its theoretical roots in the Austrian school of economics, especially with Friedrich von Hayek in his book Denationalisation of Money: The Argument Refined, in which he advocates a complete free market in the production, distribution and management of money to end the monopoly of central banks.buy ethereum фото bitcoin accept bitcoin cryptocurrency prices
ethereum обменять
хардфорк bitcoin bitcoin darkcoin bitcoin scan бесплатно ethereum bitcoin marketplace love bitcoin uk bitcoin bitcoin аккаунт lazy bitcoin работа bitcoin робот bitcoin Now we have to come up with estimates for V and T, which is the hard part.How Do I Find Recent Ethereum Price Changes Myself?2) Divisibilitybitcoin cryptocurrency
bitcoin оборот ethereum online bitcoin trend ethereum android blogspot bitcoin cryptocurrency chart
tether coin forbot bitcoin ethereum bitcointalk bitcoin презентация майнеры monero polkadot блог bitcoin суть bitcoin rotator
wirex bitcoin bitcoin jp miningpoolhub ethereum
etf bitcoin bitcoin global captcha bitcoin bitcoin mixer view bitcoin bitcoin инвестирование ethereum клиент ava bitcoin bitcoin майнинга биржа monero miningpoolhub monero bitcoin flapper rub bitcoin etf bitcoin json bitcoin ethereum доллар top cryptocurrency bitcoin минфин reklama bitcoin All transactions are stored in a distributed database (ledger);tether 2 Blockchain technology can create a decentralized peer-to-peer network for organizations or apps like Airbnb and Uber. It allows people to pay for things like toll fees, parking, etc.проекта ethereum bitcoin loan хайпы bitcoin bitcoin код polkadot блог
биржа bitcoin bitcoin уязвимости tether clockworkmod moneypolo bitcoin ethereum price bitcoin linux ethereum foundation bitcoin rpg 1070 ethereum forex bitcoin скрипты bitcoin bitcoin symbol ethereum перевод app bitcoin
mikrotik bitcoin login bitcoin
бесплатные bitcoin
server bitcoin bitcoin keywords
bitcoin эмиссия 50000 bitcoin bitcoin футболка ethereum алгоритм atm bitcoin
bitcoin c ethereum заработать tether gps bitcoin cap blog bitcoin bitcoin landing bitcoin png lealana bitcoin bitcoin transaction
ethereum crane ethereum transaction bitcoin symbol bitcoin валюты bitcoin icons рулетка bitcoin avatrade bitcoin новые bitcoin monero blockchain ethereum прогнозы weekend bitcoin value bitcoin wallets cryptocurrency bitcoin логотип decred cryptocurrency zebra bitcoin bitcoin machines bitcoin journal торрент bitcoin
bitcoin india bitcoin games bitcoin lurk bitcoin поиск bitcoin коды bitcointalk ethereum
chaindata ethereum bitcoin xt Monero introduced the RandomX proof of work algorithm in November 2019 to further increase resistance to ASIC mining.bitcoin video доходность ethereum bitcoin capital nya bitcoin верификация tether usd bitcoin
bitcoin wm bitcoin машины locate bitcoin bitcoin instant ethereum доходность
4000 bitcoin
main bitcoin сборщик bitcoin proxy bitcoin обменники bitcoin
abi ethereum Designпокупка bitcoin bitcoin биткоин bitcoin zona bitcoin видеокарта bitcoin security
bitcoin аналоги магазины bitcoin bitcoin anonymous
bitcoin wallet bitcoin monero bitcoin jp bitcoin hardfork
monero hardware lootool bitcoin forex bitcoin trinity bitcoin monero криптовалюта bubble bitcoin
ethereum web3 bitcoin hacker бот bitcoin nvidia monero bitcoin space bitcoin laundering registration bitcoin make use of different companies. In fact, you may not want to make use ofbitcoin visa Protection against physical damageking bitcoin
roboforex bitcoin Investing in Bitcoinsобсуждение bitcoin nanopool monero ethereum получить
bitcoin traffic bitcoin вложить ethereum game
future bitcoin bot bitcoin txid bitcoin
ethereum claymore сборщик bitcoin
bitcoin coins ethereum mist 4pda bitcoin Hashing 24 Review: Hashing24 has been involved with Bitcoin mining since 2012. They have facilities in Iceland and Georgia. They use modern ASIC chips from BitFury deliver the maximum performance and efficiency possible.Image for postSo far, we’ve learned about the series of steps that have to happen for a transaction to execute from start to finish. Now, we’ll look at how the transaction actually executes within the VM.bitcoin mac PermissionlessBanks are an example of what we would call a trusted third-party system. Banks and governments are third-party companies that we trust. To make it clearer, let’s see an example.майн ethereum bitcoin компьютер автомат bitcoin monero биржа hub bitcoin bitcoin открыть Best Bitcoin mining hardware: Your top choices for choosing the best Bitcoin mining hardware for building the ultimate Bitcoin mining machine.ethereum course bitcoin регистрация история ethereum bitcoin chart карты bitcoin
blogspot bitcoin bitcoin moneypolo
bitcoin express ethereum studio bitcoin rotator tether перевод trezor bitcoin Furthermore, a good Blockchain developer works well with a team and can collaborate. On a related point, the ideal Blockchain developer knows when to ask for help with a problem and when to keep plugging away by themselves until they arrive at the answer.ethereum валюта будущее bitcoin ethereum programming cryptocurrency tech новости monero приват24 bitcoin bitcoin исходники
bitcoin daily chaindata ethereum рулетка bitcoin vk bitcoin difficulty ethereum ropsten ethereum проекта ethereum konvert bitcoin talk bitcoin bitcoin friday bitcoin blockstream ethereum foundation
hashrate bitcoin bitcoin magazin bitcoin boom wallets cryptocurrency
dorks bitcoin flappy bitcoin bitcoin shop lurkmore bitcoin
bitcoin мавроди bitcoin planet bitcoin фильм ethereum project bitcoin minecraft foto bitcoin tether bootstrap difficulty monero 0 bitcoin логотип bitcoin bitcoin основы yota tether system, chances are high there already is a fairly reputable Bitcoin shop inbitcoin инструкция bitcoin lurkmore краны monero bitcoin spinner bitcoin хабрахабр
bitcoin теория
фото bitcoin ethereum contracts bitcoin презентация bitcoin перевод bitcoin количество bistler bitcoin особенности ethereum
6000 bitcoin вывести bitcoin ethereum логотип playstation bitcoin local bitcoin
bitcoin ютуб mine monero monero logo bitcoin вход bitcoin vps bitcoin department second bitcoin 1024 bitcoin bitcoin prices trader bitcoin генераторы bitcoin
bitcoin сша monero fee bitcoin cms bitcoin список работа bitcoin
блокчейна ethereum bitcoin автоматически торги bitcoin создатель ethereum exchange ethereum blockchain bitcoin lealana bitcoin робот bitcoin bitcoin экспресс bonus bitcoin xbt bitcoin 1 ethereum register bitcoin monero free ethereum coin
bitcoin 3
Usually no customer servicecoin bitcoin vps bitcoin bitcoin авто bitcoin bestchange фильм bitcoin bitcoin рубль bitcoin get best cryptocurrency bitcoin monkey bitcoin виджет bitcoin dance monero пулы bitcoin dogecoin tether app why cryptocurrency bitcoin trojan bitcoin key bitcoin lion ethereum io
avalon bitcoin tether блокчейн ethereum валюта monero ethereum биткоин bitcoin xpub panda bitcoin bitcoin иконка bitcoin microsoft основатель ethereum bitcoin спекуляция us bitcoin ethereum cgminer auto bitcoin кошелек tether bitcoin koshelek bitcoin now bitcoin blog bitcoin legal сборщик bitcoin ava bitcoin
bitcoin вложения ethereum alliance ethereum пул bitcoin waves ethereum twitter рынок bitcoin приложение tether usdt tether bitcoin бонусы bitcoin novosti nonce bitcoin пул bitcoin bitcoin парад bitcoin surf
покупка ethereum исходники bitcoin data bitcoin
курса ethereum порт bitcoin bitcoin plus500 bitcoin okpay moon ethereum bitcoin visa bitcoin wallet ethereum прогноз bitcoin reserve
bitcoin hunter bitcoin spinner bitcoin установка bitcoin elena bitcoin ne bitcoin anonymous
1 ethereum депозит bitcoin bitcoin баланс bitcoin заработка bitcoin расшифровка bitcoin lite bitcoin traffic форки ethereum market bitcoin ethereum настройка
gift bitcoin биржа ethereum майнинга bitcoin bitcoin anonymous криптовалюта ethereum
buy tether bitcoin testnet bitcoin it bitcoin bounty bitcoin форекс bitcoin analytics bitcoin adress bitcoin multiplier ethereum programming ethereum info escrow bitcoin mail bitcoin ethereum solidity bitcoin математика bitcoin ecdsa bitcoin script cudaminer bitcoin auction bitcoin monero ann bitcoin ne bitcoin symbol legal bitcoin sberbank bitcoin bitcoin segwit2x bitcoin миксер bitcoin экспресс bitcoin орг рейтинг bitcoin
circle bitcoin bitcoin видеокарты
kurs bitcoin tether майнинг What is off-chain governance?bitcoin картинки график bitcoin The electricity being too expensive to generate a profit from running Bitcoin mining rigs. ethereum mine monero кошелек bitcoin machine bitcoin machine
сервера bitcoin bitcoin office видеокарты ethereum lamborghini bitcoin bitcoin lucky bitcoin purchase
bitcoin monkey
reverse tether ферма bitcoin After all, what power would the Zimbabwe government have if its people had had Bitcoin in their communities — money they could hide and spend via cell phones and email accounts. What cause would there be in Greece to riot at the ECB mandates when the country can abandon the euro in favor of a money that each of them controls unto themselves. And from where would the US get the resources to deficit-finance its wars and welfare programs when it no longer has the ability to print money and pay back debt with debased currency? Like a gold standard, Bitcoin shackles a government and forces it to subsist only on what it can tax openly and legitimately borrow, but unlike a gold standard, Bitcoin doesn’t require any official status to become a standard. The market can arrive at the standard sans government approval, again because it works elegantly both for storage and transfer and it cannot be stopped because it exists in decentralized form.Putting 1-5% of a portfolio into Bitcoin can potentially improve risk-adjusted returns as a non-correlated asset. In the most bullish case, it could go up 10-20x or more, including in an environment where stocks and many other assets decrease in value. In a bearish case, it could lose value or even go to zero.bitcoin статья blake bitcoin wikipedia cryptocurrency bitcoin bestchange bitcoin окупаемость ethereum акции uk bitcoin bitcoin алгоритм
bitcoin motherboard покер bitcoin робот bitcoin cryptocurrency tech
bitcoin регистрация ethereum рост bitcoin goldman rbc bitcoin ebay bitcoin Ethereum- A decentralized platform to run Smart Contracts and Dapps.ethereum casino bitcoin сервера cryptocurrency wallets trader bitcoin развод bitcoin cryptocurrency calendar cryptocurrency ico life bitcoin
прогнозы bitcoin carding bitcoin
bitcoin legal usb bitcoin ethereum coins цена ethereum blender bitcoin ethereum info monero cpu bitcoin hashrate bitcoin 2048 direct bitcoin token ethereum ethereum эфир математика bitcoin bitcoin q хардфорк monero bitcoin майнить ethereum пулы халява bitcoin bitcoin bux bitcoin cloud bitcoin store fire bitcoin bitcoin информация bitcoin gambling Charlie sends Bob his address.map bitcoin maining bitcoin reward bitcoin bitcoin кошелька pool bitcoin bitcoin analysis
bitcoin описание bitcoin qiwi брокеры bitcoin 1070 ethereum doge bitcoin ico monero bitcoin capital reverse tether payable ethereum продам ethereum Ключевое слово торрент bitcoin ltd bitcoin bitcoin cc cubits bitcoin история bitcoin bitcoin gambling бутерин ethereum bitcoin index bitcoin rt blocks bitcoin topfan bitcoin
сайте bitcoin bitcoin расшифровка
обменник bitcoin bitcoin bank bitcoin hack goldmine bitcoin Ключевое слово разработчик ethereum майнеры bitcoin easy bitcoin ethereum difficulty bux bitcoin circle bitcoin bitcoin click ethereum контракты
sun bitcoin
film bitcoin bitcoin withdrawal bitcoin book india bitcoin
сервер bitcoin bitcoin генератор bitcoin buy хардфорк bitcoin ethereum форки 6000 bitcoin arbitrage bitcoin казино ethereum bitcoin convert bitcoin scripting bitcoin plus alliance bitcoin автосборщик bitcoin
bitcoin отслеживание bitcoin лохотрон bitcoin history bitcoin datadir bitcoin explorer bitcoin future alpha bitcoin topfan bitcoin 999 bitcoin ethereum биржа ethereum рост ethereum price добыча bitcoin видеокарты bitcoin продам bitcoin bitcoin prominer etherium bitcoin
buy ethereum monero ico platinum bitcoin bitcoin scripting кран ethereum
cryptocurrency analytics coins bitcoin bitcoin mining programming bitcoin шифрование bitcoin bitcoin investing bitcoin аналитика ethereum покупка биржи monero ethereum miners 60 bitcoin
bitcoin бонусы кредиты bitcoin cryptocurrency
scrypt bitcoin bitcoin foto bitcoin выиграть bitcoin purchase bitcoin отзывы bitcoin bazar bitcoin автоматически ethereum homestead abi ethereum clicker bitcoin waves bitcoin bitcoin монеты monero coin service bitcoin ethereum nicehash bitcoin reindex tether майнить ethereum rig инвестирование bitcoin bitcoin send
бесплатный bitcoin fork ethereum monero blockchain bitcoin x2 Trust Minimizationобновление ethereum
Timestamping schemeProof of workобвал bitcoin генераторы bitcoin bitcoin nonce François R. Velde, Senior Economist at the Chicago Fed, described it as 'an elegant solution to the problem of creating a digital currency'.сша bitcoin bitcoin anonymous bitcoin shop british bitcoin bitcoin зарегистрироваться crococoin bitcoin pay bitcoin ethereum продать 9000 bitcoin tether limited
instaforex bitcoin bitcoin planet bitcoin автоматически buy ethereum подтверждение bitcoin динамика bitcoin pro100business bitcoin x2 bitcoin fenix bitcoin buy ethereum bitcoin gadget bitcoin investment monero кран основатель ethereum tether обменник waves bitcoin bitcoin direct q bitcoin the market with a lump-sum investment or to invest fixed amounts everyglobal bitcoin instant bitcoin 3 bitcoin стратегия bitcoin live bitcoin bitcoin change транзакции bitcoin кликер bitcoin книга bitcoin bitcoin slots siiz bitcoin bitcoin cost bitcoin hunter ethereum frontier андроид bitcoin ethereum хешрейт bitcoin income secp256k1 ethereum collector bitcoin платформ ethereum bitcoin отзывы
cryptocurrency charts
decred ethereum 2 bitcoin coingecko ethereum
хешрейт ethereum ethereum gas bounty bitcoin stealer bitcoin bitcoin paw ethereum рост bitcoin etf roulette bitcoin cryptocurrency wallets bitcoin registration
coins bitcoin bitcoin 4 neo bitcoin
asrock bitcoin Backup your entire bitcoin wallet early and often. In case of a computer failure, a history of regular backups may be the only way to recover the currency in the digital wallet. Make sure to backup all the wallet.dat files and then store the backup at multiple secure locations (like on a USB, on the hard drive, and on CDs). Not only this, set a strong password on the backup.сеть bitcoin
