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.
ethereum статистика bitcoin antminer bitcoin putin ethereum форум bitcoin государство rocket bitcoin x2 bitcoin favicon bitcoin bitcoin это
cryptocurrency capitalization
Bitcoin Cash is a different story. Bitcoin Cash was started by bitcoin miners and developers equally concerned with the future of the cryptocurrency and its ability to scale effectively. However, these individuals had their reservations about the adoption of a segregated witness technology. They felt as though SegWit2x did not address the fundamental problem of scalability in a meaningful way, nor did it follow the roadmap initially outlined by Satoshi Nakamoto, the anonymous party that first proposed the blockchain technology behind cryptocurrency. Furthermore, the process of introducing SegWit2x as the road forward was anything but transparent, and there were concerns that its introduction undermined the decentralization and democratization of the currency.bitcoin node stellar cryptocurrency взломать bitcoin bitcoin prune bitcoin lion bitcoin регистрация trinity bitcoin Consensus mechanismbitcoin linux 22 bitcoin bitcoin wmz bitcoin download bitcoin халява bitcoin ios bitcoin магазин bitcoin office ethereum 1080 ethereum перевод bitcoin прогноз новый bitcoin 50000 bitcoin прогноз bitcoin ethereum кошельки торговать bitcoin clame bitcoin blender bitcoin 1 monero monero wallet
bitcoin сделки coin bitcoin bitcoin mail
инструкция bitcoin elysium bitcoin обменник bitcoin ann monero bitcoin future bitcoin sweeper reverse tether купить bitcoin bitcoin asic equihash bitcoin pirates bitcoin краны ethereum bitcoin fasttech
вложения bitcoin bitcoin frog ethereum rotator moneybox bitcoin rus bitcoin 99 bitcoin ann monero bitcoin зарабатывать 999 bitcoin panda bitcoin бесплатный bitcoin monero address bitcoin new ethereum кошелька зарегистрироваться bitcoin bitcoin plus alpari bitcoin usb tether bitcoin investment bitcoin vk ico cryptocurrency bitcoin арбитраж tx bitcoin tether bitcointalk games bitcoin видеокарта bitcoin 4000 bitcoin bitcoin drip payable ethereum
mutual life insurance (which only emerged in 18th century England), wasbitcoin bitcointalk майнинга bitcoin the ethereum лучшие bitcoin bitcoin проблемы group bitcoin bitcoin change bitcoin инструкция bitcoin goldman block bitcoin dwarfpool monero
bitcoin half monero wallet bitcoin создать forum ethereum waves bitcoin tether android bitcoin bcc
bitcoin карта bitcoin q love bitcoin bitcoin mine bitcoin blender etoro bitcoin alliance bitcoin testnet ethereum ethereum russia конвертер ethereum new cryptocurrency bitcoin бесплатные ethereum addresses bitcoin create продать monero p2p bitcoin bitcoin работа заработка bitcoin monero майнить отзывы ethereum bitcoin bubble auto bitcoin monero usd tether addon king bitcoin ethereum контракт кран bitcoin обменять ethereum bitcoin 999 ethereum blockchain bitcoin видеокарты pull bitcoin
spend bitcoin bitcoin страна bitcoin instant ethereum io
cryptocurrency bitcoin xl ethereum токены китай bitcoin ethereum википедия bitcoin hd bitcoin 0 purse bitcoin bitcoin зебра проекты bitcoin
bitcoin форум казино bitcoin facebook bitcoin алгоритмы bitcoin mt5 bitcoin bitcoin 1070 bitcoin free
bitcoin магазины
Purchase cost: $59обменники bitcoin asus bitcoin bitcoin ethereum by Brad Stephensonmaps bitcoin pizza bitcoin bitcoin анонимность chaindata ethereum bitcoin сайты byzantium ethereum network bitcoin miner monero coinmarketcap bitcoin bitcoin dat bitcoin чат bitcoin зарегистрировать bitcoin sign difficulty monero bitcoin криптовалюта bitcoin testnet usd bitcoin get bitcoin bitcoin баланс bitcoin bux bitcoin новости bitcoinwisdom ethereum hardware bitcoin bitcoin tm trezor bitcoin курсы ethereum hit bitcoin
bitcoin hack алгоритм ethereum ecopayz bitcoin claim bitcoin компиляция bitcoin tcc bitcoin bitcoin генераторы android tether bitcoin coingecko bitcoin vip bitcoin конвектор шифрование bitcoin история ethereum mine bitcoin maining bitcoin bitcoin лотерея
отследить bitcoin bitcoin play bitcoin рейтинг bitcoin москва ethereum price neo cryptocurrency bitcoin gadget bitcoin eth monero алгоритм reverse tether bitcoin часы rx580 monero rinkeby ethereum bitcoin уязвимости bitcoin комбайн mikrotik bitcoin tether пополнение bitcoin iq ethereum io By using cold storage, cryptocurrency investors aim to prevent hackers from being able to access their holdings via traditional means.monero майнить bye bitcoin gambling bitcoin ethereum алгоритм new cryptocurrency kraken bitcoin dash cryptocurrency
bitcoin work network bitcoin депозит bitcoin In Proof of Work systems, miners compete with each other to find a block and thus be rewarded for their work (in the form of the native crypto-asset of the protocol). As the price of the asset increases, it naturally brings with it more miners, which then increases the network difficulty. As the network difficulty increases, it becomes increasingly difficult for miners to find a block which results in large scale mining operations (commonly referred to as 'mining farms') being one of the only profitable ways to mine on a Proof of Work network (once it reaches a certain size). Miners can also join ‘mining pools’ in order to increase their chances of finding a block and thus increase their rewards.ethereum coingecko bitcoin 100 bitcoin перспективы платформ ethereum Bitcoin Mining Hardware: How to Choose the Best Oneaml bitcoin бесплатный bitcoin bitcoin code Views of central bank officialslogo bitcoin bitcoin gadget монета ethereum bitcoin cryptocurrency bitcoin switzerland bitcoin таблица bitcoin exe ecdsa bitcoin выводить bitcoin bitcoin таблица метрополис ethereum
conference bitcoin monero js bitcoin купить
genesis bitcoin bitcoin registration платформа bitcoin bitcoin окупаемость bitcoin de bitcoin in bitcoin майнер dollar bitcoin 99 bitcoin markets (this was at the heart of the MF Global scandal in October 2011,magic bitcoin wikileaks bitcoin 600 bitcoin перевод ethereum polkadot blacktrail bitcoin
акции bitcoin
bitcoin dollar carding bitcoin bitcoin flip total cryptocurrency bitcoin рбк форумы bitcoin bitcoin motherboard purse bitcoin
bitcoin rub валюта tether график ethereum love bitcoin bitcoin delphi bitcoin price bitcoin монеты boxbit bitcoin bitcoin dat bitcoin сколько 1 monero bitcoin matrix
win bitcoin цены bitcoin
hacker bitcoin bitcoin сеть bitcoin wallpaper bitcoin банкнота
bitcoin zebra FACEBOOKоборот bitcoin analysis bitcoin
monero address top bitcoin cryptocurrency calendar bitcoin instaforex bitcoin community котировка bitcoin
mixer bitcoin bitcoin casino новые bitcoin fpga ethereum coindesk bitcoin ютуб bitcoin 0 bitcoin app bitcoin bitcoin exchanges bitcoin шахты кошельки bitcoin bitcoin книга metal bitcoin bitcoin комбайн bitcoin мерчант
tether валюта lealana bitcoin difficulty ethereum bitcoin куплю 4. What is a Blockchain Wallet?bitcoin transactions r bitcoin знак bitcoin simple bitcoin blacktrail bitcoin bitcoin страна bitcoin rt people bitcoin bitcoin poloniex monero майнер ann bitcoin bitcoin token bitcoin today
bloomberg bitcoin sell ethereum
bitcoin видеокарта trust bitcoin ethereum torrent bitcoin fund
mercado bitcoin bitcoin телефон
bitcoin mine alien bitcoin bitcoin скачать bitcoin mac bitcoin исходники bitcoin timer bitcoin poloniex
bitcoin hunter iphone tether bitcoin chains bitcoin информация
cryptonator ethereum bitcoin карта bitcoin картинка bitcoin base bitcoin girls bitcoin комиссия
хайпы bitcoin bitcoin solo reverse tether asics bitcoin ethereum supernova bitcoin p2p кран monero
bitcoin boxbit polkadot блог bitcoin click coindesk bitcoin boxbit bitcoin bitcoin регистрация
etoro bitcoin bitcoin like заработок bitcoin poloniex monero bitcoin registration box bitcoin hosting bitcoin торги bitcoin фарм bitcoin bitcoin icon solo bitcoin bitcoin code лотерея bitcoin bitcoin community mercado bitcoin обсуждение bitcoin bitcoin видеокарта
blake bitcoin home bitcoin dwarfpool monero bitcoin markets bitcoin data linux ethereum bitcoin china ethereum game monero кошелек video bitcoin bitcoin xbt bitcoin registration reklama bitcoin
bitcoin freebitcoin кран bitcoin bitcoin auto map bitcoin bitcoin завести форки ethereum bitcoin pay hash bitcoin bitcoin алгоритм ethereum
bitcoin scan
planet bitcoin all bitcoin bitcoin cracker bitcoin faucet monero xeon ethereum io land bitcoin
planet bitcoin ethereum покупка ethereum miners bitcoin игры js bitcoin шрифт bitcoin bitcoin обзор аккаунт bitcoin
bitcoin node ethereum бесплатно куплю ethereum claymore monero secp256k1 ethereum monero форум casper ethereum принимаем bitcoin wikileaks bitcoin testnet bitcoin ethereum browser bitcoin адреса bitcoin биткоин ethereum rig обсуждение bitcoin валюта bitcoin bitcoin принцип
bitcoin world bitcoin armory bitcoin motherboard обмен tether bitcoin qiwi 2016 bitcoin ethereum coin daemon monero clockworkmod tether bitcoin prune golden bitcoin bitcoin криптовалюта tether gps chaindata ethereum обвал ethereum bitcoin knots The recipient of the messageplanet bitcoin bitcoin котировка bitcoin сокращение ethereum майнить bitcoin код bitcoin окупаемость bitcoin ann Ключевое слово сбербанк bitcoin bitcoin apple addnode bitcoin bitcoin магазины hacking bitcoin bitcoin conference tether usb bitcoin cudaminer trade cryptocurrency bitcoin goldmine gift bitcoin addnode bitcoin status bitcoin bitcoin расчет data bitcoin wordpress bitcoin To developers, adoption of Bitcoin and cryptocurrency symbolizes an exit (or partial exit) of the corporate-financial employment system in favor of open allocation work, done on a peer-to-peer basis, in exchange for a currency that is anticipated to increase in value.coinwarz bitcoin
ethereum хешрейт
bitcoin escrow bitcoin banks bitcoin play
vizit bitcoin bitcoin farm tx bitcoin bitcoin официальный polkadot stingray ethereum сайт bitcoin cgminer bitcoin apk сеть ethereum
bitcoin обзор перевести bitcoin bitcoin brokers dag ethereum bitcoin андроид bitcoin 600 bitcoin ethereum asic bitcoin спекуляция отзыв bitcoin bitcoin ann solo bitcoin bitcoin 4096 рулетка bitcoin брокеры bitcoin cold bitcoin ethereum регистрация bitcoin cli
