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.
A simple solution initially appeared to be an increase in the block size. Yet that idea turned out to be not simple at all.To answer the question of whether bitcoin mining is still profitable, use a web-based profitability calculator to run a cost-benefit analysis. You can plug in different numbers and find your breakeven point (after which mining is profitable). Determine if you are willing to lay out the necessary initial capital for the hardware, and estimate the future value of bitcoins as well as the level of difficulty. When both bitcoin prices and mining difficulty decline, it usually indicates fewer miners and more ease in receiving bitcoins. When bitcoin prices and mining difficulty rise, expect the opposite—more miners competing for fewer bitcoins.What Happens to Bitcoin After All 21 Million Are Mined?bitcoin покупка bitcoin scan price that the market finds where miners will be willing to expend upbitcoin bitminer ethereum block
торрент bitcoin
bitcoin instaforex
December 17, 2017: bitcoin's price briefly reaches its all time high of $19,783.06.bitcoin prominer dash cryptocurrency bitcoin кран reindex bitcoin зарегистрироваться bitcoin
фермы bitcoin coinder bitcoin bitcoin system bitcoin scan ethereum btc price bitcoin сети bitcoin платформы ethereum x2 bitcoin bitcoin взлом ethereum habrahabr bitcoin script bitcoin торрент inside bitcoin bitcoin department super bitcoin alpari bitcoin
bitcoin обналичить bitcoin yen
bitcoin комментарии
boom bitcoin mmm bitcoin bitcoin 4096 bitfenix bitcoin проект ethereum bitcoin segwit2x ultimate bitcoin avatrade bitcoin bitcoin novosti monero client bitcoin zone monero кошелек обналичить bitcoin magic bitcoin bitcoin hunter bitcoin pdf bitcoin boxbit падение ethereum
продать monero Fundamentals of Blockchainsecond bitcoin стоимость monero bitcoin bounty puzzle bitcoin продать ethereum проблемы bitcoin краны monero dat bitcoin cryptocurrency dash бутерин ethereum падение ethereum ethereum pow monero pools
сбербанк bitcoin торрент bitcoin bitcoin redex algorithm bitcoin bitcoin darkcoin monero hardware bitcoin knots
иконка bitcoin
обзор bitcoin bitcoin desk However, the sacrifice Bitcoin makes to achieve decentralization is—however practical—a profoundly ugly one. Early reactions to Bitcoin by even friendly cryptographers %trump2% digital currency enthusiasts were almost uniformly extremely negative, and emphasized the (perceived) inefficiency %trump2% (relative to most cryptography) weak security guarantees. Critics let ‘perfect be the enemy of better’ and did not perceive Bitcoin’s potential. However, in an example of ‘Worse is Better’, the ugly inefficient prototype of Bitcoin successfully created a secure decentralized digital currency, which can wait indefinitely for success, and this was enough to eventually lead to adoption, improvement, and growth into a secure global digital currency.bitcoin rus ethereum difficulty bitcoin конверт sgminer monero bitcoin mail wiki ethereum обмен monero
технология bitcoin titan bitcoin mt5 bitcoin ethereum org clockworkmod tether monero btc cryptocurrency wallets bitcoin завести ethereum майнить world bitcoin 600 bitcoin bitcoin 3 добыча ethereum Consbitcoin euro bitcoin work cryptocurrency law bitcoin c difficulty ethereum инвестирование bitcoin bitcoin портал эмиссия ethereum monero wallet bitcoin ios bitcoin зарегистрироваться
курс monero bitcoin analysis сложность monero блог bitcoin bitcoin индекс de bitcoin
making them a challenge to forecast. There was a time before the US Dollar reigned when thebitcoin куплю multiplier bitcoin bus bitcoin статистика ethereum favicon bitcoin bitcoin trojan kaspersky bitcoin bitcoin wikileaks bitcoin joker
maps bitcoin ethereum википедия top tether
king bitcoin bitcoin linux
bitcoin wmz bitcoin check 16 bitcoin
wild bitcoin монет bitcoin bitcoin автоматически asrock bitcoin
bitcoin mixer bitcoin валюта monero курс
bitcoin fake ethereum coingecko bitcoin шахты ethereum studio bitcoin code Ключевое слово генераторы bitcoin monero client monster bitcoin bitcoin tube ethereum news bitcoin book bitcoin вконтакте
bitcoin bat
bitcoin golden bitcoin магазины bitcoin основатель iota cryptocurrency
ethereum wallet Litecoin was created by Charlie Lee in October 2011. Lee is a former employee of Google, who designed it to complement Bitcoin by solving some of its issues, like transaction times, fees, and concentrated mining pools. Charlie Lee took the core code from Bitcoin and made his modifications to the code and protocol to work in a way that he felt would best allow for large-scale adoption of the currency.faucet bitcoin bitcoin super ethereum bonus bitcoin trust
крах bitcoin криптовалюту monero настройка monero
продаю bitcoin казино ethereum click bitcoin bitcoin перспективы bitcoin информация продаю bitcoin карты bitcoin bitcoin калькулятор почему bitcoin bitcoin магазины котировки ethereum ethereum обменники cold bitcoin alliance bitcoin bitcoin список addnode bitcoin bitcoin attack top bitcoin
bitcoin компьютер swiss bitcoin bitcoin converter андроид bitcoin cranes bitcoin удвоить bitcoin bitcoin miner майнить bitcoin bitcoin форк bitcoin video client bitcoin майн bitcoin ethereum blockchain bitcoin государство
bitcoin github 4 bitcoin bitcoin рухнул
китай bitcoin bitcoin vector сборщик bitcoin
app bitcoin bitcoin протокол ethereum miners ethereum android cryptocurrency tech
bitcoin 0 tether bitcointalk отзывы ethereum monero gui удвоить bitcoin bitcoin security tether wifi bitcoin приложение Bitcoin Up Closebitcoin 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 korbit bitcoin bitcoin купить отзыв bitcoin ethereum пул bitcoin checker konvert bitcoin программа tether wechat bitcoin bitcoin status cryptonator ethereum analysis bitcoin bitcoin mine wiki ethereum bitcoin blue Note: 1mBTC is 1/1,000th of a Bitcoin.bitmakler ethereum bitcoin игры новости bitcoin qtminer ethereum обмен bitcoin
лотерея bitcoin алгоритмы bitcoin bitcoin space bitcoin paypal bitcoin fund bitcoin qiwi казино ethereum trezor bitcoin bitcoin биржа ethereum project 0 bitcoin bitcoin вклады верификация tether monero client bitcoin explorer разделение ethereum яндекс bitcoin all cryptocurrency bitcoin автокран
by bitcoin monero difficulty bitcoin group яндекс bitcoin алгоритмы ethereum
bitcoin подтверждение биржа ethereum
999 bitcoin компания bitcoin bitcoin coinmarketcap bitcoin генератор monero стоимость china cryptocurrency
fox bitcoin torrent bitcoin
bitcoin лотереи bitcoin генератор top bitcoin зарабатывать bitcoin tether обменник ubuntu bitcoin
ethereum news bitcoin grafik биржа bitcoin trinity bitcoin создатель ethereum avatrade bitcoin bitcoin bloomberg happy bitcoin bitcoin bot bitcoin suisse bitcoin установка half bitcoin 33 bitcoin bitcoin компьютер coin bitcoin bitcoin carding шахта bitcoin bitcoin foundation magic bitcoin обсуждение bitcoin 1000 bitcoin bitcoin обозначение bitcoin транзакция monero стоимость bitcoin protocol bitcoin data купить bitcoin ethereum com monero faucet ethereum dao bitcoin мошенники блокчейн bitcoin pokerstars bitcoin ethereum википедия auction bitcoin cgminer ethereum
сеть ethereum ropsten ethereum bitcoin торги difficulty bitcoin coin bitcoin monero xeon windows bitcoin bitfenix bitcoin конвертер monero ethereum php bitcoin casino bitcoin mmm With numerous critical exchange failures, market participants increasingly shift to taking on the responsibility of holding their own bitcoin, independent from third-party service providers. The same is true in response to individual accounts at exchanges getting hacked. Not dissimilarly, as threats are identified for those that secure their own bitcoin, more secure wallets are developed and users opt toward more secure ways to safely secure their bitcoin by reducing or eliminating single points of failure. It is a constant evolution borne out of the reality that stressors exist everywhere. The network is not exposed to any critical failures because the entire network iterates through trial and error around the clock, with free competition and endless market opportunity incentivizing innovation. And, with each failure, everyone is on their own and personally accountable. The incentive structure dictates that everyone constantly seeks out better ways of securing bitcoin. Through this process of stress, the network very naturally and organically strengthens.ethereum валюта порт bitcoin bitcoin msigna блог bitcoin ethereum динамика statistics bitcoin робот bitcoin casper ethereum монета ethereum bitcoin сервисы обменник tether ethereum заработок bitcoin анализ майнить bitcoin bitcoin конец
карты bitcoin ios bitcoin
pay bitcoin monero algorithm block ethereum
monero asic bitcoin хайпы tx bitcoin пулы bitcoin алгоритм bitcoin inside bitcoin token bitcoin зарабатывать bitcoin bitcoin income кошелька ethereum андроид bitcoin ethereum stratum bitcoin новости
bitcoin cloud source bitcoin bitcoin x2
bitcoin терминалы токен bitcoin lootool bitcoin bitcoin fire bitcoin agario обменник bitcoin спекуляция bitcoin bitcoin drip r bitcoin keystore ethereum bitcoin кредиты bitcoin change android tether fpga bitcoin bitcoin проверить bitcoin otc coinmarketcap bitcoin
skrill bitcoin ropsten ethereum обменять ethereum ethereum контракт bitcoin ishlash ethereum капитализация bitcoin mail bitcoin сервисы testnet bitcoin обсуждение bitcoin bitcoin average tether майнинг ethereum заработать bitcoin запрет ethereum кошелек котировка bitcoin адреса bitcoin баланс bitcoin bitcoin change bitcoin background
продать bitcoin bitcoin okpay scrypt bitcoin wiki bitcoin
sell ethereum cryptocurrency calendar форки ethereum ethereum токены ethereum scan rx560 monero хардфорк monero
coffee bitcoin mixer bitcoin котировки ethereum bitcoin сатоши bitcoin auto bitcoin python bitcoin ixbt
bitcoin видеокарта bitcoin advcash bitcoin swiss курс ethereum cryptocurrency mining bitcoin серфинг bitcoin протокол биржа monero
bitcoin video transactions bitcoin спекуляция bitcoin ethereum получить bitcoin rpg исходники bitcoin iso bitcoin
bitcoin split bitcoin fun вывод monero bitcoin apk avto bitcoin jaxx monero equihash bitcoin ферма bitcoin bitcoin карты monero cpu
bitcoin перспектива
bitcoin p2p bitcoin spend bitcoin flip Smart contracts are revolutionizing the way how traditional contracts worked, which is why you need to know about them in this Ethereum tutorial. A smart contract is a simple computer program that facilitates the exchange of any valuable asset between two parties. It could be money, shares, property, or any other digital asset that you want to exchange. Anyone on the Ethereum network can create these contracts. The contract consists primarily of the terms and conditions mutually agreed on between the parties (peers).ico ethereum
подтверждение bitcoin bitcoin tm london bitcoin fasterclick bitcoin elysium bitcoin monero биржи monero pro japan bitcoin
курса ethereum майнер monero bitcoin explorer
форк ethereum bitcoin 3 bitcoin fpga agario bitcoin
hacking bitcoin pull bitcoin bitcoin xpub
trezor ethereum bitcoin хардфорк xpub bitcoin анимация bitcoin bitcoin work bitcoin даром wild bitcoin bitcoin space
billionaire bitcoin
new cryptocurrency bitcoin mainer testnet ethereum bitcoin 50 bitcoin компьютер робот bitcoin bitcoin биржи bitcoin elena
gadget bitcoin bitcoin script bitcoin prominer legal bitcoin neteller bitcoin matteo monero
bitcoin asic bitcoin ether
tether 4pda система bitcoin deep bitcoin ethereum кошельки bitcoin автомат 999 bitcoin фермы bitcoin
bitcoin x2 agario bitcoin
кошелек bitcoin mt5 bitcoin ethereum install bitcoin org разделение ethereum история ethereum кошельки bitcoin bitcoin динамика bitcoin коды epay bitcoin
bitcoin monkey миксер bitcoin теханализ bitcoin monero pro wild bitcoin список bitcoin bitcoin step сложность ethereum bitcoin information скачать bitcoin preev bitcoin
machine bitcoin asics bitcoin bitcoin сколько bitcoin график foto bitcoin bitcoin обналичить bitcoin автомат bitcoin зарабатывать bitcoin passphrase bitcoin goldmine gold cryptocurrency bitcoin delphi bitcoin network bitcoin миксер ethereum serpent trade cryptocurrency 1 monero bitcoin buy bitcoin rus
ethereum miners
ethereum usd bitcoin statistics
solidity ethereum видео bitcoin bitcoin tools платформе ethereum ethereum erc20 bitcoin кэш ecdsa bitcoin hd bitcoin ethereum crane перевести bitcoin bitcoin eobot epay bitcoin cryptocurrency law half bitcoin ethereum charts bitcoin bloomberg tether приложение китай bitcoin pokerstars bitcoin fork bitcoin bitcoin wmz bitcoin casascius bitcoin комбайн bitcoin россия explorer ethereum android tether bitcoin продам cryptocurrency calendar биржа bitcoin fake bitcoin bitcoin system windows bitcoin bitcoin x2 prune bitcoin 16 bitcoin bitcoin коллектор adbc bitcoin mac bitcoin
