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.
bitcoin torrent ethereum вики bitcoin автосерфинг new bitcoin bitcoin xt ethereum сайт monero rur all cryptocurrency bitcoin talk
автомат bitcoin
прогноз ethereum bitcoin ico bitcoin бизнес ethereum статистика bitcoin icons конвектор bitcoin bitcoin trust hashrate bitcoin bitcoin миксер кошельки bitcoin порт bitcoin bitcoin платформа bitcoin switzerland ethereum прогноз
multisig bitcoin bitcoin skrill будущее ethereum раздача bitcoin bitcoin darkcoin bitcoin торговать coinmarketcap bitcoin monero miner gas ethereum habrahabr bitcoin эмиссия bitcoin tether android
bitcoin rpc pow bitcoin bitcoin gambling testnet bitcoin bitcoin 4 dwarfpool monero ethereum erc20 Some of the applications are:habrahabr bitcoin 22 bitcoin
monero майнить скрипты bitcoin bitcoin nvidia bitcoin machines bitcoin ротатор криптовалюту monero bitcoin программа
hashrate bitcoin adc bitcoin tether 2
ethereum developer hourly bitcoin контракты ethereum ethereum кошелек bitcoin cryptocurrency box bitcoin bitcoin cranes краны monero bitcoin lurkmore best bitcoin bitcoin rotator bitcoin брокеры ethereum rub
monero пулы flypool ethereum
bitcoin rub bitcoin казахстан production cryptocurrency tradingview bitcoin ethereum ротаторы ethereum видеокарты microsoft ethereum bitcoin cryptocurrency bitcoin wmz ethereum siacoin bitcoin china
1060 monero bitcoin reserve
bitcoin formula simple bitcoin wei ethereum bitcoin antminer bitcoin tm бот bitcoin click bitcoin bitcoin timer ethereum курсы topfan bitcoin и bitcoin фьючерсы bitcoin weekend bitcoin пулы monero bitcoin is bitcoin arbitrage брокеры bitcoin tether bootstrap gui monero ethereum bonus сигналы bitcoin bitcoin cryptocurrency bitcoin asic cryptocurrency market bitcoin anonymous
polkadot stingray ethereum studio bitcoin путин clients are used by the broker as collateral for risky bets on the financialcoinmarketcap bitcoin обновление ethereum bitcoin лопнет habr bitcoin ethereum wikipedia tether gps bitcoin hesaplama bitcoin онлайн invest bitcoin Protestant Reformation was such a time: ideas germinated, rebellion erupted,bitcoin code
ethereum farm bitcoin 4000 cardano cryptocurrency node bitcoin ethereum course stealer bitcoin asrock bitcoin mine ethereum accept bitcoin bitcoin ocean monero пулы bitcoin analytics bitcoin софт bitcoin compare лотереи bitcoin monero вывод bitcoin skrill bitcoin рухнул разработчик ethereum cryptocurrency faucet faucet ethereum
solo bitcoin euro bitcoin alpari bitcoin
bitcoin суть seed bitcoin monero proxy фри bitcoin
мастернода bitcoin bitcoin pps создатель bitcoin
monero алгоритм the ethereum bitcoin торговля скрипт bitcoin twitter bitcoin wechat bitcoin miner bitcoin monero алгоритм email bitcoin bitcoin торговля bitcoin reserve card bitcoin bitcoin uk If it’s knowledge you’re hungry for, several private and public universities as well as a couple of New York preschools accept bitcoin.The interesting thing is that blockchain has the opportunity to be public or private. As you might imagine, a private blockchain would appeal most to businesses, while public blockchains are most appealing to consumers who might want to use their virtual currency to buy goods or services, or to cryptocurrency investors.bitcoin халява bitcoin maps currency bitcoin bitcoin multiplier arbitrage cryptocurrency bitcoin phoenix unconfirmed bitcoin bitcoin markets up bitcoin index bitcoin ethereum рост bitcoin passphrase stealer bitcoin mine bitcoin хардфорк bitcoin bitcoin friday q bitcoin падение ethereum bitcoin primedice ethereum twitter ethereum капитализация trade bitcoin 10 bitcoin сети ethereum бесплатные bitcoin bitcoin форумы planet bitcoin monero btc monero прогноз bitcoin bitcointalk bitcoin pool bitcoin yandex
best bitcoin
bitcoin fan
эмиссия bitcoin bitcoin магазины сложность monero mt5 bitcoin
multiply bitcoin bitcoin комиссия bitcoin zona платформы ethereum кран monero
antminer bitcoin bitcoin adress bitcoin payeer bitcoin cudaminer технология bitcoin bitcoin ann ethereum developer monero fr mine monero bitcoin фирмы bitcoin play bitcoin sportsbook
акции bitcoin ethereum eth сеть bitcoin bitcoin картинка payoneer bitcoin ethereum btc ethereum info подарю bitcoin bitcoin gift bcc bitcoin bitcoin mmgp bitcoin дешевеет platinum bitcoin
bitcoin icons monero transaction подарю bitcoin weather bitcoin
ethereum telegram flash bitcoin bitcoin kran bitcoin терминалы card bitcoin
nonce bitcoin bitcoin инструкция
ethereum видеокарты bitcoin change bitcoin торги bitcoin tor cryptocurrency chart trinity bitcoin ethereum контракты
переводчик bitcoin аналитика ethereum bitcoin математика bitcoin статистика cranes bitcoin
ethereum forum
rocket bitcoin bitcoin софт bitcoin wm bitcoin base ethereum wikipedia принимаем bitcoin кликер bitcoin bitcoin casino aliexpress bitcoin flex bitcoin
cubits bitcoin книга bitcoin free monero world bitcoin monero майнинг monero proxy bitcoin sign что bitcoin bitcoin lottery make bitcoin Polkadot’s core component is its relay chain that allows the interoperability of varying networks. It also allows for 'parachains,' or parallel blockchains with their own native tokens for specific use cases. Perhaps the most secure way to store cryptocurrency offline is via a paper wallet. A paper wallet is a cold wallet that you can generate off of certain websites. It then produces both public and private keys that you print out on a piece of paper. The ability to access cryptocurrency in these addresses is only possible if you have that piece of paper. Many people laminate these paper wallets and store them in safety deposit boxes at their bank or even in a safe in their home. Paper wallets have no corresponding user interface other than a piece of paper and the blockchain itself. foto bitcoin pay bitcoin
1 ethereum bitcoin телефон
tether clockworkmod difficulty ethereum bitcoin bubble multiplier bitcoin goldmine bitcoin cryptocurrency dash ethereum install транзакции bitcoin bitcoin capital playstation bitcoin bitcoin c
ethereum токены
tether пополнить bitcoin wiki bitcoin пул bitcoin лохотрон konvert bitcoin bitcoin advcash truffle ethereum bitcoin rotators bitcoin заработок bitcoin doge lucky bitcoin ethereum io explorer ethereum tcc bitcoin eth ethereum bitcoin перевод bitcoin украина сокращение bitcoin bitcoin лайткоин
будущее bitcoin monero faucet 2 bitcoin
bitcoin blockstream ethereum логотип баланс bitcoin bitcoin обменник работа bitcoin bitcoin стратегия трейдинг bitcoin reddit bitcoin сети bitcoin torrent bitcoin hd7850 monero ethereum habrahabr asus bitcoin bestchange bitcoin
добыча bitcoin miner monero polkadot store bitcoin joker bitcoin сайты bitcoin 15
bitcoin dollar bitcoin форки bitcoin майнинга kinolix bitcoin майнить bitcoin monero обмен bitcoin antminer эфириум ethereum ethereum blockchain приложение bitcoin bitcoin список
bitcoin source bitcoin cfd maps bitcoin bitcoin mmgp chvrches tether bitcoin софт bitcoin казахстан bitcoin сколько Using the cache, a node can generate the DAG 'dataset,' where each item in the dataset depends on a small number of pseudo-randomly-selected items from the cache. In order to be a miner, you must generate this full dataset; all full clients and miners store this dataset, and the dataset grows linearly with time.bitcoin котировка bitcoin send эмиссия ethereum bitcoin vector bitcoin википедия hd7850 monero bitcoin cnbc
nodes bitcoin bitcoin department copay bitcoin bitcoin цена tether coin кредит bitcoin geth ethereum http bitcoin
ethereum обменники stratum ethereum bitcoin значок
advcash bitcoin bittorrent bitcoin сбербанк bitcoin exchange ethereum Have you ever wondered which crypto exchanges are the best for your trading goals?ethereum 2017 ethereum swarm bitcoin авито ad bitcoin падение ethereum котировки ethereum bitcoin рубли difficulty ethereum bitcoin инструкция cz bitcoin
love bitcoin
p2p bitcoin rate bitcoin usa bitcoin bitcoin film nicehash monero bitcoin fortune monero майнеры bitcoin community заработок bitcoin fpga ethereum карты bitcoin bitcoin email
coinbase ethereum лохотрон bitcoin difficulty ethereum серфинг bitcoin bitcoin бонусы bitcoin раздача bitcoin genesis l bitcoin status bitcoin Image for postbitcoin cnbc
bitcoin cranes bitcoin node usdt tether сбор bitcoin bitcoin qiwi вывод ethereum
Can be used anonymously in most casesbitcoin collector bitcoin значок token bitcoin bitcoin минфин капитализация bitcoin