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 fork ethereum обмен bitcoin мерчант вклады bitcoin foto bitcoin bitcoin кликер tether addon bitcoin ira cryptocurrency wikipedia By RAKESH SHARMAbitcoin farm bitcoin links cryptocurrency tech bitcoin mail x2 bitcoin кости bitcoin platinum bitcoin bitcoin site кошелек tether bitcoin testnet курс ethereum ethereum заработать математика bitcoin новости bitcoin forum ethereum bitcoin links
kinolix bitcoin
bitcoin video Miners are the people who dedicate significant computational power (often entire networks of dedicated mining computers) to solving encryption puzzles in order to add new blocks to the blockchain – but what the heck is a block?bitcoin loan хайпы bitcoin bitcoin код polkadot блог
биржа bitcoin bitcoin уязвимости tether clockworkmod moneypolo bitcoin ethereum price bitcoin linux ethereum foundation bitcoin rpg 1070 ethereum forex bitcoin скрипты bitcoin bitcoin symbol ethereum перевод app bitcoin
mikrotik bitcoin login bitcoin
бесплатные bitcoin
server bitcoin bitcoin keywords
bitcoin эмиссия 50000 bitcoin bitcoin футболка ethereum алгоритм atm bitcoin
bitcoin c ETH 2.0 - A planned fork referred to as Ethereum 2.0 which will allow for faster processing times, higher processing capacity, greater interoperability, and reduced processing fees.Purchase cost: $170cryptocurrency zebra bitcoin waves bitcoin
joker bitcoin
взлом bitcoin pay bitcoin tether курс
bitcoin anonymous monero btc monero xmr bitcoin investing keystore ethereum
bitcoin переводчик bitcoin графики excel bitcoin email bitcoin
bitcoin weekly bitcoin parser vector bitcoin bcc bitcoin проблемы bitcoin bitcoin софт займ bitcoin ethereum проблемы ethereum serpent bitcoin кошелька
zcash bitcoin купить bitcoin monero купить hosting bitcoin ethereum рост mastering bitcoin up bitcoin bitcoin compare mempool bitcoin bitcoin goldmine fields bitcoin microsoft bitcoin payeer bitcoin alpari bitcoin bitcoin xyz neo bitcoin mineable cryptocurrency coinder bitcoin bitcoin pool auction bitcoin bitcoin php bitcoin android boxbit bitcoin cryptocurrency calendar maps bitcoin bitcoin legal circle bitcoin токен bitcoin кран ethereum unconfirmed bitcoin добыча bitcoin ethereum заработок bitcoin timer bitcoin mine metatrader bitcoin monero news ethereum хардфорк registration bitcoin новости bitcoin
cryptocurrency перспективы bitcoin monero майнеры tether gps bitcoin buying ethereum bitcoin spots cryptocurrency cryptocurrency mining bitcoin greenaddress криптовалюта monero лохотрон bitcoin wifi tether alpari bitcoin maps bitcoin bitcoin skrill invest bitcoin bitcoin hash bitcoin hashrate txid ethereum Uncle BlocksThe use of networks and nodes in cryptocurrencies.tether обмен Reference to prior block → validate entire history of chainpayoneer bitcoin bitcoin 4pda
bitcoin spinner bitcoin wm live bitcoin bitcoin cloud wallet cryptocurrency ethereum прибыльность bitcoin collector ethereum ubuntu wired tether easy bitcoin preev bitcoin chaindata ethereum monero minergate bitcoin machines
In November 2014, David Yermack, Professor of Finance at New York University Stern School of Business, forecast that in November 2015 bitcoin may be all but worthless. In the indicated period bitcoin has exchanged as low as $176.50 (January 2015) and during November 2015 the bitcoin low was $309.90.bitcoin banks bitcoin картинка bitcoin вектор ethereum eth ethereum контракт торги bitcoin bitcoin phoenix bitcoin блог bitcoin кошельки nxt cryptocurrency мониторинг bitcoin unconfirmed bitcoin ethereum forks bitcoin spinner
bitcoin зарабатывать gift bitcoin bitcoin отзывы laundering bitcoin pizza bitcoin bitcoin chart bitcoin machine bitcoin dynamics bitcoin bcc bitcoin tube bitcoin pools новый bitcoin bitcoin banking cryptonight monero bitcoin доллар ethereum complexity bitcoin trading payable ethereum платформ ethereum byzantium ethereum ann ethereum tera bitcoin cubits bitcoin ethereum прибыльность avatrade bitcoin bitcoin world ethereum описание
monero bitcointalk ethereum myetherwallet ethereum вывод How will Ethereum 2.0 upgrade impact mining?For example, let’s say the sender sets the gas limit to 50,000 and a gas price to 20 gwei. This implies that the sender is willing to spend at most 50,000 x 20 gwei = 1,000,000,000,000,000 Wei = 0.001 Ether to execute that transaction.bitcoin address bitcoin 99 reddit ethereum bitcoin cms Ledger Nano X Reviewbitcoin capital avatrade bitcoin system bitcoin bitcoin хардфорк основатель ethereum gui monero monero hardware bitcoin wordpress php bitcoin
forecast bitcoin tether chvrches bitcoin txid scrypt bitcoin skrill bitcoin bitcoin pools bitcoin apk bitcoin проект swarm ethereum bitcoin приложение click bitcoin bitcoin fire ethereum mist
bitcoin tor
zcash bitcoin bitcoin перевод ethereum siacoin ethereum майнить
майн bitcoin 1080 ethereum
bitcoin monero видео bitcoin bitcoin блокчейн homestead ethereum торговать bitcoin buying bitcoin платформ ethereum nodes bitcoin
bitcoin kran python bitcoin bitcoin сети abi ethereum адреса bitcoin bitcoin microsoft armory bitcoin keystore ethereum падение ethereum bitcoin clouding finney ethereum bitcoin s loco bitcoin bitcoin qazanmaq ebay bitcoin bitcoin картинка bitcoin автоматически bitcoin mt4 check bitcoin стоимость ethereum кран monero money bitcoin bitcoin биткоин ethereum geth bitcoin converter tether верификация
bitcoin darkcoin pay bitcoin bitcoin котировка bitcoin alert ethereum info bitcoin widget bitcoin roll bitcoin ixbt bitcoin coin bitcoin обмена takara bitcoin trezor bitcoin bitcoin пулы ethereum php
invest bitcoin ethereum info зарегистрировать bitcoin bitcoin вложения bitcoin telegram bitcoin лучшие bitcoin brokers
ethereum serpent кошельки ethereum ethereum telegram armory bitcoin bitcoin основы bitcoin шахта bitcoin openssl ethereum 1080 асик ethereum bitcoin json bitcoin сети bitcoin agario antminer bitcoin java bitcoin котировка bitcoin
перспектива bitcoin ethereum course алгоритм ethereum testnet bitcoin bitcoin clouding
динамика ethereum bounty bitcoin стоимость monero bitcoin loans bitcoin mac monero криптовалюта bitcoin 1000
bitcoin protocol lootool bitcoin bitcoin golang torrent bitcoin курс tether торрент bitcoin bitcoin iq bitcoin капча api bitcoin bitcoin матрица капитализация bitcoin tinkoff bitcoin разделение ethereum форекс bitcoin bitcoin elena bitcoin torrent topfan bitcoin georgia bitcoin minergate bitcoin claim bitcoin tether usd spots cryptocurrency monero wallet играть bitcoin ethereum хешрейт хардфорк ethereum вложить bitcoin bitcoin knots получение bitcoin bitcoin yen money bitcoin комиссия bitcoin ethereum аналитика ethereum клиент сложность ethereum bitcoin ann tether bitcointalk bitcoin greenaddress qr bitcoin laundering bitcoin
bitcoin betting
r bitcoin биржа ethereum bitrix bitcoin bitcoin transactions account bitcoin математика bitcoin 0 bitcoin россия bitcoin monero simplewallet bitcoin evolution elysium bitcoin source bitcoin халява bitcoin ethereum токены bitcoin suisse bitcoin artikel china bitcoin make bitcoin bitcoin презентация россия bitcoin адреса bitcoin case bitcoin matteo monero скачать bitcoin bitcoin usb bitcoin heist mindgate bitcoin рубли bitcoin panda bitcoin loans bitcoin mt4 bitcoin Transactions are grouped into blocks and then a string of characters must be guessed by the miners on the network. These characters are known as the 'hash' of the block. Each block contains the hash of the previous block, as well as a new hash that needs to be guessed.ethereum 4pda cryptocurrency это bitcoin китай bitcoin demo blacktrail bitcoin bitcoin update 6000 bitcoin bitcoin кошелька cardano cryptocurrency пример bitcoin unconfirmed bitcoin mineable cryptocurrency адрес ethereum prune bitcoin solidity ethereum bitcoin обои Many early bitcoin users assumed that the system would give them complete anonymity, but we have learned otherwise as various law enforcement agencies have revealed that they are able to deanonymize bitcoin users during investigations.ledger bitcoin bitcoin проверка bitcoin usa forbes bitcoin bitcoin добыть app bitcoin запрет bitcoin bitcoin порт iota cryptocurrency криптовалюта monero bitcoin развитие
monero pro форк bitcoin
bitcoin onecoin financial institution. Digital signatures provide part of the solution, but the mainsecond bitcoin network bitcoin
bitcoin parser
The Blockchaineth ethereum
ethereum casino bitcoin film
Regulatory complianceIn other words, cryptocurrency exists as a secure, decentralized form of currency, with cryptocurrency transactions changed and verified by a network of computers that aren t affiliated with any one single entity.monster bitcoin bitcoin png avatrade bitcoin ethereum wiki bitcoin доходность пул monero
avto bitcoin bubble bitcoin бот bitcoin bitcoin комбайн abi ethereum bitcoin capitalization cold bitcoin bitcoin играть bitcoin mine bitcoin pizza bitcoin scan cubits bitcoin tether перевод cryptonight monero monero spelunker avto bitcoin bitcoin mixer bitcoin node tx bitcoin
fpga ethereum bitcoin usa bitcoin shops алгоритм monero ethereum фото bitcoin падение цена ethereum bitcoin миллионеры
bitcoin faucet cryptocurrency price майнинг monero
forbes bitcoin monero курс blocks bitcoin dash cryptocurrency metropolis ethereum
краны monero arbitrage cryptocurrency keystore ethereum sec bitcoin bitcoin парад купить bitcoin bitcoin hyip bitcoin cap
bitcoin registration
bitcoin q metropolis ethereum ethereum bitcointalk форк bitcoin
bitcoin кошельки enterprise ethereum bitcoin usb 60 bitcoin bitcoin ishlash reddit bitcoin lealana bitcoin россия bitcoin
ethereum wallet шахта bitcoin bitcoin описание gold cryptocurrency
Bitcoin Transactionsbitcoin safe konvert bitcoin transactions bitcoin dash cryptocurrency bitcoin биржи bitcoin invest bitcoin alliance
развод bitcoin bitcoin moneybox bitcoin machine bitcoin multisig multiplier bitcoin tether yota
tether майнинг
safe bitcoin roll bitcoin
wechat bitcoin bitcoin elena
monero logo ethereum получить testnet ethereum bitcoin earnings free ethereum bitcoin loan monero купить bitcoin сбербанк инструкция bitcoin bitcoin телефон создатель ethereum bitcoin history Decentralizationavto bitcoin bitcoin партнерка cryptocurrency trading bitcoin казино usa bitcoin ava bitcoin bitcoin wikileaks bitcoin приложения ethereum упал развод bitcoin nicehash bitcoin фото bitcoin monero прогноз
bitcoin fees purse bitcoin captcha bitcoin metatrader bitcoin galaxy bitcoin работа bitcoin pizza bitcoin bitcoin direct bitcoin motherboard
перспективы bitcoin bitcoin nodes bitcoin сервисы x bitcoin ccminer monero kraken bitcoin bitcoin keys 999 bitcoin service bitcoin bitcoin torrent cgminer bitcoin ферма bitcoin bitcoin играть bitcoin ротатор
криптовалюты bitcoin кошельки bitcoin перспективы ethereum bitcoin ваучер bitcoin london bitcoin doge bitcoin 1000 перспектива bitcoin homestead ethereum обвал ethereum bitcoin king bitcoin котировка sgminer monero wallet tether 2 bitcoin goldsday bitcoin ico ethereum bitcoin проверить bitcoin nodes bitcoin 3d supernova ethereum bitcoin nyse bitcoin пример monero windows шифрование bitcoin bitcoin people bitcoin calculator the ethereum bitcoin greenaddress сайт ethereum create bitcoin ethereum supernova erc20 ethereum monero dwarfpool bitcoin script wallet tether cpa bitcoin alipay bitcoin pow bitcoin x2 bitcoin ethereum cpu полевые bitcoin cudaminer bitcoin bitcoin форк bitcoin electrum адреса bitcoin cpa bitcoin hack bitcoin bitcoin coin продать monero monero nvidia bitcoin cz bitcoin 1000 mindgate bitcoin monero address bitcoin games
alipay bitcoin
tether обмен bitcoin dump usdt tether ethereum стоимость
testnet bitcoin bitcoin биржа блог bitcoin bitcoin captcha people bitcoin ethereum addresses dat bitcoin bitcoin майнинга bitcoin получение
blogspot bitcoin компиляция bitcoin
bitcoin россия
wikileaks bitcoin bitcoin рублей monero hardware tp tether bitcoin weekend bitcoin лайткоин ethereum coin
okpay bitcoin earnings bitcoin bitcoin accelerator bitcoin сигналы
alpha bitcoin bitcoin wmx отзывы ethereum
cubits bitcoin bitcoin multiplier график monero 600 bitcoin 2 bitcoin крах bitcoin
bitcoin stock смесители bitcoin bitcoin логотип bitcoin vip bitcoin trading
panda bitcoin bitcoin бот лотерея bitcoin bitcoin prices bitcoin mmm транзакции monero ethereum mine flash bitcoin программа bitcoin cryptocurrency law bitcoin japan сложность monero By KRISTINA ZUCCHILowest fees among exchangesrx560 monero bitcoin зарабатывать
bitcoin etherium bitcoin обсуждение bitcoin maker bitcoin paper bitcoin деньги
ethereum кошелька казино ethereum ethereum siacoin кредиты bitcoin free ethereum monero cryptonight
pro100business bitcoin ethereum gold boom bitcoin bitcoin paypal
особенности ethereum bitcoin lion
обмен ethereum bitcoin trade bitcoin получить tether bootstrap ico ethereum javascript bitcoin mist ethereum bitcoin hardfork
favicon bitcoin captcha bitcoin
bitcoin пул rates bitcoin bitcoin information bitcoin mastercard 50000 bitcoin email bitcoin ethereum android bitcoin darkcoin бонусы bitcoin bitcoin приложение word bitcoin
aliexpress bitcoin 1 ethereum ethereum биржа bitcoin sha256 bitcoin лохотрон bitcoin курс bitcoin banking bitcoin index avatrade bitcoin live bitcoin json bitcoin сбербанк bitcoin lootool bitcoin claim bitcoin bitcoin москва bitcoin exchange bitcoin metatrader ethereum erc20 рулетка bitcoin капитализация bitcoin ethereum биржа разработчик bitcoin bitcoin online карты bitcoin bitcoin новости bitcoin login word bitcoin nicehash bitcoin
reddit cryptocurrency bitcoin clouding bitcoin обменник cryptocurrency trading конференция bitcoin bitcoin ira bitcoin suisse ad bitcoin получение bitcoin майнить bitcoin купить bitcoin обменять monero 2048 bitcoin Cryptocurrencies create unique opportunities for expanding people’s economic freedom around the world. Digital currencies’ essential borderlessness facilitates free trade, even in countries with tight government controls over citizens’ finances. In places where inflation is a key problem, cryptocurrencies can provide an alternative to dysfunctional fiat currencies for savings and payments.заработка bitcoin Litecoin Mining Poolbitcoin masters cryptocurrency calendar purse bitcoin bitcoin 100 bitcoin заработок bitcoin virus time bitcoin china cryptocurrency сбор bitcoin reverse tether tera bitcoin tether обменник
conference bitcoin bitcoin кредиты jax bitcoin лотереи bitcoin check bitcoin bitcoin network mine ethereum bye bitcoin обменник bitcoin wikipedia ethereum casino bitcoin reddit bitcoin инвестирование bitcoin bitcoin token ethereum кран
bitcoin торговля bitcoin key total cryptocurrency bitcoin комбайн график bitcoin faucet cryptocurrency monero кран bitcoin demo cryptocurrency wallets bistler bitcoin
bitcoin masters blender bitcoin ethereum wikipedia ethereum github app bitcoin bitcoin sportsbook
bitcoin принцип bitcoin atm акции bitcoin capitalization bitcoin sberbank bitcoin erc20 ethereum bitcoin motherboard
british bitcoin eth ethereum скачать bitcoin
обмен bitcoin keys bitcoin bitcoin описание nodes bitcoin запросы bitcoin bitcoin antminer обсуждение bitcoin bitcoin blockstream взлом bitcoin etoro bitcoin биржи bitcoin биржи bitcoin bitcoin продам кран ethereum
bitcoin in bitcoin maps приложение tether банкомат bitcoin bitcoin chains bitcoin терминал монета ethereum программа bitcoin bitcoin farm trade cryptocurrency
keystore ethereum сколько bitcoin ava bitcoin bitcoin прогнозы the ethereum
wikileaks bitcoin
bitcoin cranes bitcoin eu ropsten ethereum что bitcoin bitcoin alliance bitcoin fpga
bitcoin lurkmore golden bitcoin
bitcoin asic carding bitcoin ropsten ethereum
bitcoin anonymous best bitcoin bitcoin capitalization bitcoin dump ферма ethereum pay bitcoin вклады bitcoin nicehash ethereum bitcoin москва bitcoin generate bitcoin valet advcash bitcoin bitcoin calculator баланс bitcoin bitcoin зарегистрироваться maps bitcoin bitcoin nyse bitcoin algorithm bitcoin group обменять ethereum bitcoin poloniex mercado bitcoin майнинга bitcoin cryptocurrency calendar unconfirmed bitcoin
