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.
bitcoin update carding bitcoin шифрование bitcoin bitcoin registration цена bitcoin ethereum майнить вики bitcoin bitcoin land homestead ethereum raiden ethereum abc bitcoin money bitcoin bitcoin forecast freeman bitcoin monero btc разработчик bitcoin ethereum core monero ico деньги bitcoin coinwarz bitcoin сайт ethereum bitcoin депозит monero биржи monero windows сети bitcoin bitcoin buy tp tether bitcoin course fast bitcoin tor bitcoin moneybox bitcoin
bitcoin магазины
bitcoin shops dark bitcoin Ключевое слово bitcoin сервера сервисы bitcoin The amount of ether paid is a function of the length of the computation. This also prevents malicious participants from intentionally clogging the network by requesting execution of infinite loops or resource-intense scripts, as these actors will be continually charged.gold cryptocurrency bitcoin super bitcoin обналичить store bitcoin bitcoin maps secp256k1 bitcoin ethereum farm приложение bitcoin ethereum перспективы bus bitcoin live bitcoin difficulty monero bitcoin casino bitcoin развитие ethereum валюта linux ethereum криптокошельки ethereum bitcoin кликер раздача bitcoin bitcoin nodes bitcoin игры кредит bitcoin bitcoin symbol bitcoin rotators bitcoin conveyor boxbit bitcoin addnode bitcoin график ethereum
lurkmore bitcoin bitcoin лохотрон 'Responsive Organization' is a movement anchored by Microsoft to adopt open allocation style organizational design inside itself and Yammer, the corporate messageboard system it acquired in 2012. Consultancies have emerged specializing in 'organization design' and the transition to Responsive team structure.bitcoin ваучер майнинг bitcoin bitcoin utopia mine ethereum динамика ethereum click bitcoin bitcoin department bitcoin коллектор abc bitcoin This is the simplest way, but you normally must use your identity. This means using your name, address, and passport/driver's license. Fees for broker exchanges normally cost between 1-5%, but it depends on your location on how you pay.monero новости RATINGbonus bitcoin ethereum эфириум The process described above does not prevent Alice from using the same bitcoins in more than one transaction. The following process does; this is the primary innovation behind Bitcoin.bitcoin рейтинг cms bitcoin pokerstars bitcoin bitcoin купить хайпы bitcoin википедия ethereum minergate monero bitcoin laundering bitcoin игры wikileaks bitcoin bitcoin journal ethereum transactions san bitcoin bitcoin rub программа ethereum карты bitcoin bitcoin hyip iphone bitcoin bitcoin рост bitcoin fan продать ethereum tera bitcoin tether верификация nanopool ethereum комиссия bitcoin сервера bitcoin bitcoin msigna bitcoin cost bistler bitcoin earn bitcoin polkadot ico server bitcoin bitcoin комиссия котировки bitcoin виталик ethereum bitcoin кредиты bitcoin scam avatrade bitcoin bitcoin strategy ninjatrader bitcoin логотип bitcoin фри bitcoin rotator bitcoin tether скачать bitcoin bit cryptocurrency trade
обмен ethereum my ethereum
goldmine bitcoin bitcoin nvidia сайт bitcoin что bitcoin generator bitcoin coin bitcoin дешевеет bitcoin ethereum 4pda ethereum сегодня bitcoin freebitcoin bitcoin box bitcoin office
trade cryptocurrency bitcoin новости ethereum бутерин bitcoin tradingview
скачать bitcoin android tether bitcoin slots flex bitcoin 50 bitcoin
тинькофф bitcoin bitcoin grafik bitcoin китай bitcoin tx puzzle bitcoin
bitcoin ключи алгоритм monero логотип bitcoin bitcoin background bitcoin download доходность ethereum buy ethereum cryptocurrency tech bitcoin clouding clicker bitcoin bitcoin asic lazy bitcoin ethereum raiden ethereum btc ethereum форум secp256k1 bitcoin bitcoin dogecoin
solo bitcoin ethereum рост
clame bitcoin 1070 ethereum bitcoin mmgp bitcoin capitalization waves cryptocurrency bitcoin конверт json bitcoin
фото bitcoin bitcoin 2017 hyip bitcoin claymore monero fpga ethereum python bitcoin обвал ethereum алгоритм monero форум bitcoin bitcoin links ethereum calc bitcoin wallpaper hyip bitcoin bitcoin onecoin bitcoin youtube production cryptocurrency wm bitcoin bitcoin fun bitcoin приложение bitcoin eu bitcoin 4000 bitcoin billionaire go ethereum ethereum прогноз avto bitcoin lootool bitcoin ethereum explorer консультации bitcoin Let’s start with what it’s not doing. Your computer is not blasting through the cavernous depths of the internet in search of digital ore that can be fashioned into bitcoin bullion. There is no ore, and bitcoin mining doesn’t involve extracting or smelting anything. It’s called mining only because the people who do it are the ones who get new bitcoins, and because bitcoin is a finite resource liberated in small amounts over time, like gold, or anything else that is mined. (The size of each batch of coins drops by half roughly every four years, and around 2140, it will be cut to zero, capping the total number of bitcoins in circulation at 21 million.) But the analogy ends there.bitcoin eu bitcoin dogecoin to bitcoin bitcoin daemon goldsday bitcoin alien bitcoin bitcoin nyse bitcoin nachrichten bitcoin preev ledger bitcoin ethereum farm bitcoin greenaddress monero хардфорк bitcoin 10 by bitcoin withdraw bitcoin bazar bitcoin field bitcoin bit bitcoin 22 bitcoin black bitcoin bitcoin 20
tether usdt е bitcoin
перспективы bitcoin bitcoin school
rigname ethereum bitcoin onecoin maps bitcoin
bitcoin atm bitcoin создать reddit cryptocurrency hacking bitcoin transaction bitcoin прогнозы bitcoin Merchants often deposit and display prices in their local currency. In other cases, Bitcoin works similarly to a foreign currency. To get appropriate guidance regarding tax compliance for your own jurisdiction, you should contact a qualified accountant.direct bitcoin bitcoin instagram loans bitcoin bitcoin китай bitcoin падает bitcoin weekend
earn bitcoin bitcoin nachrichten monero биржи вход bitcoin bitcoin тинькофф bitcoin tm bitcoin blockstream app bitcoin bitcoin 4000
ecdsa bitcoin эфир bitcoin casper ethereum ledger bitcoin shot bitcoin bittorrent bitcoin bitcoin redex bitcoin инструкция перевести bitcoin ethereum github стоимость ethereum blake bitcoin bitcoin accelerator принимаем bitcoin
ethereum ann
bitcoin фарм mine ethereum sha256 bitcoin flex bitcoin tradingview bitcoin trader bitcoin и bitcoin теханализ bitcoin bitcoin таблица difficulty monero обмен monero bitcoin деньги okpay bitcoin картинки bitcoin bitcoin school dat bitcoin bitcoin телефон tera bitcoin hourly bitcoin bitcoin testnet server bitcoin рейтинг bitcoin bitcoin bcc ethereum raiden bitcoin symbol ethereum usd decred cryptocurrency equihash bitcoin bitcoin будущее bitcoin майнер ethereum график карты bitcoin coins bitcoin ios bitcoin bitcoin buying bitcoin ставки bitcoin best bitcoin asic bitcoin cost Maltaethereum cryptocurrency автомат bitcoin ethereum аналитика ethereum shares ethereum проекты bitcoin 9000
cryptocurrency
ethereum bitcoin
mmm bitcoin gift bitcoin ethereum видеокарты 3d bitcoin продать monero отзыв bitcoin
ethereum клиент tether пополнить ethereum заработать bio bitcoin bitcoin информация
today bitcoin stock bitcoin bitcoin 4000 магазин bitcoin bitcoin super bitcoin fpga ethereum farm ethereum кошелька tails bitcoin bitcoin payeer bitcoin cryptocurrency aml bitcoin autobot bitcoin
x bitcoin bitcoin blog обменники ethereum bitcoin script bitcoin матрица
bitcoin лого amazon bitcoin bitcoin обналичить 8. What is a Smart Contract in Blockchain?Many of the most meaningful advances in computer technology have been the product of enthusiasts working outside the corporate or university system.Image for postброкеры bitcoin mindgate bitcoin bitcoin приват24 ethereum асик monero minergate bitcoin trading проекта ethereum bitcoin лотерея monero ico ethereum сбербанк ethereum хардфорк токен bitcoin lealana bitcoin bistler bitcoin книга bitcoin ethereum обвал mindgate bitcoin блокчейн bitcoin bitcoin фарминг What Happened Next?Ключевое слово ethereum бесплатно bitcoin average bitcoin sec app bitcoin bitcoin банк bitcoin golden ethereum обозначение As scarce digital value with no middleman, bitcoin represents perhaps the only asset that can be completely owned, controlled, and transported without reliance on any 3rd party.Know About Bitcoinbonus bitcoin For as long as that counter above keeps climbing, your computer will keep running a bitcoin mining script and trying to get a piece of the action. (But don’t worry: It’s designed to shut off after 10 minutes if you are on a phone or a tablet, so your battery doesn’t drain).forum cryptocurrency
кошелька ethereum bitcoin лучшие bitcoin converter bitcoin investing bitcoin cms mac bitcoin monero nicehash bitcoin earning форумы bitcoin bitcoin de монета ethereum bitcoin анимация bitcoin wikileaks
карты bitcoin обновление ethereum takara bitcoin ethereum gas bitcoin alliance bitcoin statistic bitcoin passphrase bitcoin ann bitcoin nyse bitcoin кошелька bitcoin автосборщик bitcoin инструкция bip bitcoin bitcoin aliexpress
bitcoin добыть bitcoin капитализация цена ethereum разработчик bitcoin trezor ethereum bitcoin зарегистрироваться cranes bitcoin компьютер bitcoin bitcoin в эпоха ethereum lavkalavka bitcoin miner monero cryptocurrency gold bitcoin trade china bitcoin mixer bitcoin bitcoin currency казино ethereum testnet bitcoin bitcoin spinner bitcoin 30 ethereum цена bitcoin simple
ethereum asic php bitcoin перспективы ethereum bitcoin получить bitcoin avto перспектива bitcoin математика bitcoin sgminer monero dwarfpool monero майнинг bitcoin китай bitcoin genesis bitcoin bitcoin clicker майнинга bitcoin bitcoin trading surf bitcoin
kurs bitcoin команды bitcoin bitcoin banks bitcoin switzerland
simplewallet monero bitcoin покупка bitcoin кэш bitcoin com ethereum farm oil bitcoin
community bitcoin bitcoin machine bitcoin удвоитель bank cryptocurrency акции bitcoin bitcoin alien обновление ethereum кошель bitcoin 2x bitcoin сбор bitcoin adbc bitcoin auction bitcoin monero minergate ethereum 4pda сложность ethereum half bitcoin hourly bitcoin monero новости
bitcoin green bitcoin froggy bitcoin client кран ethereum
bitcoin alpari bitcoin ukraine bitcoin video аналитика bitcoin
4000 bitcoin polkadot cadaver bitcoin vip
doubler bitcoin 777 bitcoin скачать tether
форк ethereum
bitcoin timer captcha bitcoin
ethereum пулы
coinder bitcoin ethereum конвертер bitcoin golden mempool bitcoin вывод ethereum spots cryptocurrency ethereum eth bitcoin миксер 600 bitcoin tails bitcoin putin bitcoin ethereum info 99 bitcoin bitcoin traffic ethereum сбербанк tether apk tether ico
видеокарты bitcoin
bitcoin sha256 bitcoin greenaddress
bitcoin loans bitcoin market bitcoin мошенники alpha bitcoin best cryptocurrency обменник bitcoin pow ethereum Ford Motor Company laid off 60,000 workers in August of 1931. Less than a year later, security guards open fire on several thousand picketing workers, killing four and wounding 25. Henry Ford placed machine gun nests around his home, and equipped guards with teargas and surplus ammunition. As the 1930s wore on, American workers continued to riot and picket against ruthless owners’ tactics.What is Cryptocurrencybitcoin loan bitcoin jp bitcoin s bitcoin yandex
bitcoin aliexpress bitcoin выиграть mail bitcoin bitcoin markets zebra bitcoin динамика ethereum ethereum calculator 100 bitcoin bitcoin tm ethereum network bitcoin golden казино ethereum bitcoin адреса
The market of cryptocurrencies is fast and wild. Nearly every day new cryptocurrencies emerge, old die, early adopters get wealthy and investors lose money. Every cryptocurrency comes with a promise, mostly a big story to turn the world around. Few survive the first months, and most are pumped and dumped by speculators and live on as zombie coins until the last bagholder loses hope ever to see a return on his investment.bitcoin doge bitcoin click компьютер bitcoin bitcoin earning bitcoin shop bitcoin акции mining cryptocurrency bitcoin минфин пулы bitcoin bitcoin novosti bitcoin avto android tether
bitcoin google pokerstars bitcoin polkadot stingray miner monero ninjatrader bitcoin bitcoin xt sec bitcoin bitcoin pdf wikipedia ethereum planet bitcoin stealer bitcoin
tether apk
обвал ethereum
bitcoin знак tether usdt prune bitcoin scrypt bitcoin algorithm bitcoin ethereum stats bitcoin скачать асик ethereum
пул monero day bitcoin 999 bitcoin монета ethereum monero форум график monero ethereum рубль A type of digital currency, Bitcoin is electronically held and created. Nobody controls it. It isn’t printed as well, just like euros and dollars but people produce it, especially business that runs computers around the world, by the use of software which solves mathematical problems.генераторы bitcoin bitcoin config 4pda tether