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.
tp tether bitcoin world
bitcoin кредит
bitcoin rigs bitcoin novosti bitcoin расшифровка ethereum биржа monero xeon local ethereum контракты ethereum ethereum myetherwallet bitcoin мошенничество flypool ethereum ethereum биткоин bitcoin atm
bitcoin установка china bitcoin tether tools будущее bitcoin ethereum usd bitcoin nonce second bitcoin bitcoin expanse bitcoin price bitcoin purchase
fx bitcoin card bitcoin
chain bitcoin биржи ethereum терминал bitcoin The Electronic Frontier Foundation, a non-profit group, started accepting bitcoins in January 2011, then stopped accepting them in June 2011, citing concerns about a lack of legal precedent about new currency systems. The EFF's decision was reversed on 17 May 2013 when they resumed accepting bitcoin.пожертвование bitcoin трейдинг bitcoin Learn how to mine Monero, in this full Monero mining guide.Private websites on a hosted server can be taken down by the government. We saw this in amazing clarity recently when MegaUpload was taken down by the US government, even before any trial or finding of criminal activity had been accomplished. It should be assumed that the government can take down any site it wishes, with or without the legal cover of legislation like SOPA and PIPA (which merely give legal blessing to powers already assumed and demonstrated). So this means that any website that dealt in Bitcoins could be removed and shut down. The exchanges would be the first target.Monero is designed to be resistant to application-specific integrated circuit (ASIC) mining, which is commonly used to mine other cryptocurrencies such as Bitcoin. It can be mined somewhat efficiently on consumer grade hardware such as x86, x86-64, ARM and GPUs, and as a result it is popular among malware-based miners.bitcoin сша phoenix bitcoin сети bitcoin options bitcoin ethereum dark bitcoin adress bitcoin инструкция Based on recent hash rate data, it appears the mining market may have gotten past the post-halving capitulation period (from May into July), and now is looking pretty healthy. Bitcoin’s difficulty adjustment reached a new high point this week, for the first time since its March sell-off.A paper wallet works with your software wallet to transfer funds from your software wallet to the public address shown on your paper wallet. First, you park your funds in a software wallet, then you transfer the funds from your software wallet to the public address printed on the paper wallet.bitcoin автосборщик monero обменник coin bitcoin bitcoin koshelek monero miner bitcoin game doubler bitcoin bitcoin index список bitcoin jaxx bitcoin ethereum картинки blogspot bitcoin advcash bitcoin bitcoin упал
get bitcoin
обменять monero
weather bitcoin ethereum news
bitcoin widget bitcoin cgminer график ethereum bitcoin count bitcoin реклама uk bitcoin bitcoin лого cryptocurrency top casper ethereum market bitcoin bitcoin calc armory bitcoin
bitcoin club bitcoin change bitcoin заработок uk bitcoin bitcoin bloomberg wikipedia ethereum bitcoin algorithm ethereum rub bitcoin хабрахабр знак bitcoin bitcoin зебра
pools bitcoin bitcoin express bitcoin ваучер daily bitcoin donate bitcoin bitcoin flex bitcoin nachrichten bitcoin покупка bitcoin statistic сатоши bitcoin bitcoin лого
magic bitcoin оплата bitcoin
etoro bitcoin cryptocurrency tech mac bitcoin sberbank bitcoin кредит bitcoin cryptocurrency prices bitcoin принцип иконка bitcoin kraken bitcoin bitcoin инвестиции
home bitcoin bitcoin 4000 Not surprisingly, this kind of situation tends to lead to bickering among the team. Again, the metaphor holds as one would expect this kind of behavior from a married couple with crippling debt. Teams draw battle lines. They add acrimony on top of the frustration and embarrassment of the problem itself.форекс bitcoin cryptocurrency bitcoin magazine ethereum network ethereum os cold bitcoin bitcoin casino konverter bitcoin bot bitcoin bcn bitcoin bitcoin новости monero майнить bitcoin получить курс tether bitcoin rotator bitcoin компьютер bux bitcoin reverse tether bitcoin биржа options bitcoin ethereum miner fx bitcoin ethereum bitcoin сайт ethereum bitcoin начало bitcoin авито bitcoin paw bitcoin gadget bitcoin magazine bitcoin oil *****a bitcoin monero dwarfpool bcn bitcoin boxbit bitcoin ethereum android bitcoin 100 ethereum stats bitcoin страна cryptocurrency calendar bitcoin source lamborghini bitcoin ethereum проекты
field bitcoin trade bitcoin bitcoin стоимость протокол bitcoin
new bitcoin bitcoin swiss доходность ethereum bitcoin office bitcoin основы блог bitcoin bitcoin wsj proxy bitcoin bitcoin source bitcoin mining bitcoin multiplier
Throughout the rest of the first half of 2018, bitcoin's price fluctuated between $11,480 and $5,848. On 1 July 2018, bitcoin's price was $6,343. The price on 1 January 2019 was $3,747, down 72% for 2018 and down 81% since the all-time high.Image for postdag ethereum ферма ethereum all cryptocurrency bitcoin экспресс bitcoin обозначение добыча bitcoin Where do cryptocurrencies get their value?bitcoin прогноз tor bitcoin On 6 December 2017 the software marketplace Steam announced that it would no longer accept bitcoin as payment for its products, citing slow transactions speeds, price volatility, and high fees for transactions.bitcoin kazanma bitcoin 33 ethereum torrent maining bitcoin bitcoin автокран json bitcoin gadget bitcoin фермы bitcoin icons bitcoin bitcoin simple monero address
bitcoin hash
bitcoin checker bitcoin chains bitcoin cc кости bitcoin algorithm ethereum обменники bitcoin nvidia bitcoin bitcoin weekend ethereum rig bitcoin рухнул
x2 bitcoin кошелька bitcoin alliance bitcoin bitcoin даром
трейдинг bitcoin курсы bitcoin играть bitcoin bitcoin stock счет bitcoin ethereum mist майнер monero ethereum валюта we may be surprised by what can be built with Bitcoin (much as we were surprised byDue to Litecoin's use of the scrypt algorithm, FPGA and ASIC devices made for mining Litecoin are more complicated to create and more expensive to produce than they are for Bitcoin, which uses SHA-256.wiki ethereum bitcoin trinity ethereum wikipedia usa bitcoin
bounty bitcoin ethereum casper 1 bitcoin bitcoin bubble fpga ethereum bitcoin click
dogecoin bitcoin проекта ethereum
bitcoin ledger vector bitcoin monero xeon alliance bitcoin bitcoin get ethereum ubuntu nova bitcoin алгоритм bitcoin bitcoin network
