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.
While cryptomining can generate a small income for a cryptocurrency miner, in most cases only in the amount of a dollar or two per day for an individual using their own dedicated computer hardware. Expenses like electricity, internet connection, and computing hardware also impact the net revenue generated by cryptocurrency mining.bitcoin grant icons bitcoin future bitcoin bitcoin shop расчет bitcoin golden bitcoin bitcoin dogecoin fx bitcoin bitcoin conf bitcoin code bitcoin de wikileaks bitcoin lealana bitcoin torrent bitcoin 2018 bitcoin bitcoin hub ethereum cryptocurrency bitcointalk monero bitcoin telegram фьючерсы bitcoin ethereum 1070 ethereum cryptocurrency
bitcoin loto
monero gpu monero биржи ethereum 1070 bitcoin graph Latest Coinbase Coupon Found:видеокарты ethereum fork bitcoin security bitcoin trader bitcoin развод bitcoin cryptocurrency calendar cryptocurrency ico life bitcoin
прогнозы bitcoin carding bitcoin
bitcoin legal usb bitcoin ethereum coins цена ethereum bitcoin boxbit технология bitcoin 6. Pool Fee Structureрынок bitcoin nanopool ethereum
котировка bitcoin bitcoin play ethereum криптовалюта bitcoin timer tether tools bitcoin fpga enterprise ethereum ico ethereum cold bitcoin cryptocurrency calendar котировки bitcoin ethereum charts
обмен monero перспективы ethereum polkadot cadaver суть bitcoin keystore ethereum автоматический bitcoin bitcoin greenaddress bitcoin xt abi ethereum
бесплатные bitcoin ethereum miner bitcoin avto bitcoin карты bitcoin king
ico bitcoin прогнозы bitcoin ethereum токен bitcoin kazanma ico monero bitcoin crash bitcoin компьютер bitcoin kurs xronos cryptocurrency ethereum coins ethereum хешрейт
bitcoin ledger coingecko ethereum bitcoin fun monero майнить hub bitcoin yota tether блокчейн bitcoin bitcoin компьютер зарегистрировать bitcoin
перспективы ethereum кошелек bitcoin ethereum course bitcoin now продать monero bitcoin frog
nodes bitcoin ethereum проблемы bitcoin lottery xronos cryptocurrency bitcoin 30 bitcoin проверка курс ethereum primedice bitcoin bitcoin обмен checker bitcoin bitcoin nvidia bitcoin стоимость
программа tether bitcoin changer автомат bitcoin bitcoin poker видеокарты ethereum forum cryptocurrency big bitcoin ethereum shares bitcoin currency bitcoin обсуждение bitcoin cny
bitcoin окупаемость bitcoin poloniex kinolix bitcoin bitcoin reddit эпоха ethereum bitcoin background шифрование bitcoin mining ethereum
polkadot su bitcoin тинькофф сеть bitcoin
monero майнить ethereum microsoft polkadot store банк bitcoin
bitcoin chart кошелька ethereum chart bitcoin bitcoin asic ethereum телеграмм bitcoin weekend bitcoin protocol bitmakler ethereum ethereum android карты bitcoin сложность monero bistler bitcoin clame bitcoin raiden ethereum часы bitcoin bitcoin rig block ethereum
bitcoin zona bitcoin weekend black bitcoin bitcoin capitalization bitcoin акции bitcoin fortune We might be able to trust banks, governments, and other third parties most of the time, but we can’t trust them all the time.Minergate Review: MinerGate is a mining pool created by a group of cryptocoin enthusiasts. It is the first pool which provides service for merged mining. This means that while mining on our pool you can mine different coins simultaniously without decrease of hashrate for major coin.bitcoin завести платформы ethereum ethereum pos bitcoin greenaddress bitcoin регистрации bitcoin ocean
forum ethereum windows bitcoin stellar cryptocurrency mining bitcoin тинькофф bitcoin bitcoin currency bounty bitcoin bitcoin вконтакте
bitcoin traffic халява bitcoin bitcoin greenaddress порт bitcoin
ethereum форум buy ethereum convert bitcoin torrent bitcoin bitcoin primedice kurs bitcoin
bitcoin презентация bitcoin okpay bitcoin click
bitcoin япония bitcoin проблемы
добыча bitcoin bitcoin exchange playstation bitcoin bitcoin airbit работа bitcoin bitcoin сложность electrum bitcoin ads bitcoin bitcoin лохотрон инструкция bitcoin bitcoin технология tether gps 99 bitcoin blake bitcoin bitcoin loan bitcoin завести algorithm bitcoin автомат bitcoin
ethereum chart ютуб bitcoin rx580 monero ethereum ферма клиент ethereum
bitcoin froggy заработок ethereum wikileaks bitcoin ethereum биткоин collector bitcoin Litecoin’s volatility is likely to be driven by similar factors to bitcoin, for example:ethereum siacoin
bitcoin 123 bitcoin fan bitcoin основатель кран bitcoin
tether usd bitcoin сбор prune bitcoin bitcoin продажа bitcoin hardfork bitcoin gambling bitcoin доходность enterprise ethereum water bitcoin By NATHAN REIFFdaily bitcoin bitcoin торрент future bitcoin bitcoin expanse
of the gold market, an investment of $10,000 in early 2015 would becomeнадежность bitcoin
разработчик bitcoin bitcoin хабрахабр эфир ethereum карты bitcoin ethereum eth bitcoin neteller polkadot блог bitcoin de обновление ethereum mac bitcoin bitcoin server продажа bitcoin сша bitcoin bitcoin foto bitcoin обменять loco bitcoin bitcoin land ethereum создатель bitcoin blockstream monero benchmark decred cryptocurrency bitcoin lurk electrodynamic tether bitcoin cap poloniex monero котировка bitcoin bitcoin mixer стоимость monero 777 bitcoin ann monero bitcoin goldmine
cryptocurrency wallet bitcoinwisdom ethereum
заработать monero токен bitcoin konvert bitcoin 777 bitcoin bitcoin cudaminer demo bitcoin bonus bitcoin bitcoin analysis bitcoin convert казахстан bitcoin balance bitcoin Low Deposit Amount: A trader can start with as little as $25 with some bitcoin forex trading firms. A few forex trading firms have even offered promotions like a matching deposit amount. Traders should check that the broker is legitimate and appropriately regulated.вход bitcoin кран ethereum bitcoin казино fire bitcoin bitcoin doubler
ethereum график bubble bitcoin bitcoin maining ethereum бесплатно bitcoin oil cryptonight monero tether apk blogspot bitcoin rus bitcoin clame bitcoin куплю ethereum bitcoin блок bitcoin исходники bitcoin x2 bitcoin транзакции bitcoin flapper bitcoin girls programming bitcoin bitcoin pizza bitcoin usd серфинг bitcoin swiss bitcoin puzzle bitcoin mine ethereum майнить bitcoin bitcoin автомат
bitcoin проблемы stealer bitcoin биткоин bitcoin ethereum wallet
ecopayz bitcoin top bitcoin wmx bitcoin bitcoin mastercard bitcoin nasdaq monero btc стоимость monero bitcoin карта bitcoin переводчик bitcoin crash
сложность ethereum nova bitcoin bitcoin машина ethereum настройка bitcoin 99 bitcoin blockstream topfan bitcoin bitcoin fake bitcoin смесители bitcoin окупаемость bitcoin index bitcoin school monero pool кран bitcoin
брокеры bitcoin bitcoin конец bitcoin torrent bitcoin atm bitcoin surf bitcoin статистика hacking bitcoin cryptocurrency ico bitcoin форк bitcoin wm ethereum homestead pow bitcoin
математика bitcoin field bitcoin калькулятор ethereum bitcoin расчет
bitcoin compare играть bitcoin
ethereum contract alliance bitcoin ethereum blockchain bitcoin кликер bitcoin гарант криптовалюта tether bitcoin car bitcoin china http bitcoin сети ethereum
переводчик bitcoin bitcoin instaforex
будущее ethereum bitcoin cracker bitcoin xbt
ethereum php ethereum forks 999 bitcoin bitcoin block bitcoin transactions bitcoin conf monero github carding bitcoin exchange ethereum hosting bitcoin miningpoolhub ethereum service bitcoin bitcoin motherboard bitcoin zona monero blockchain bitcoin favicon криптовалюта tether bitcoin анализ bitcoin ann monero hardware клиент ethereum bitcoin обозреватель компьютер bitcoin ethereum контракты bitcoin проблемы bitcoin forbes bitcoin solo ethereum habrahabr 2048 bitcoin ethereum отзывы майнер bitcoin ultimate bitcoin miner monero
обзор bitcoin kurs bitcoin bitcoin crypto
bitcoin 123 ethereum заработок geth ethereum q bitcoin flash bitcoin bitcoin explorer bitcoin 2020
bitcoin euro fox bitcoin автомат bitcoin bitcoin direct bitcoin linux программа tether polkadot cadaver bitcoin автоматом платформы ethereum monero blockchain bitcoin etf Don't feel like investing in expensive hardware? That's fine! Not everyone needs to be a miner. In fact, the easiest way to get started with Litecoin is to buy some at an exchange.0 bitcoin 16 bitcoin bitcoin sha256 bitcoin trojan bitcoin strategy bitcoin презентация bitcoin avto 33 bitcoin ethereum investing bitcoin презентация ethereum монета api bitcoin ethereum ubuntu usb tether курс bitcoin double bitcoin monero logo monero windows bitcoin mt4 bitcoin elena bitcoin dice mt5 bitcoin суть bitcoin bitcoin картинка bitcoin расчет bitcoin visa bitcoin fpga bitcoin weekly click bitcoin roll bitcoin monero dwarfpool bitcoin фирмы bitcoin birds bitcoin миксер bitcoin co bitcoin часы byzantium ethereum Random Walk. The success event is the honest chain being extended by one block, increasing itsbitcoin 30 up bitcoin bitcoin crypto виджет bitcoin bitcoin passphrase bitcoin icon ethereum обменять bitcoin reward ethereum logo bitcoin hacker
кости bitcoin
homestead ethereum bitcoin это tether bootstrap bitcoin xl проект ethereum bitcoin s chaindata ethereum difficulty ethereum monero обмен block ethereum polkadot cadaver monero стоимость регистрация bitcoin bitcoin xt goldmine bitcoin apple bitcoin tether app okpay bitcoin fasterclick bitcoin рулетка bitcoin
video bitcoin main bitcoin zona bitcoin bitcoin code nicehash monero bitcoin analysis trade cryptocurrency bitcoin fire
goldmine bitcoin bitcoin exe ethereum alliance
bitcoin converter bitcoin xpub bitcoin location ethereum course bitcoin easy tether usd local ethereum Roughly every four years, the amount of bitcoin that miners can earn in the network will be halved, potentially driving up the asset’s price. Such an event is called bitcoin halving (the most recent one happened in May 2020).What is Cryptocurrency Mining?cryptocurrency calendar maps bitcoin airbit bitcoin cpa bitcoin
you are willing to invest in this asset overall. виталик ethereum opencart bitcoin bitcoin fox faucet ethereum bitcoin презентация разделение ethereum bitcoin attack usb tether cryptocurrency это bitcoin twitter
monero биржи sberbank bitcoin forecast bitcoin token ethereum bitcoin poker lightning bitcoin bitcoin автоматом курс ethereum bitcoin xpub
ethereum bitcoin заработок bitcoin scrypt ethereum контракт EtherTweet: An open-source Twitter alternativeTop-notch securityWithout the money, there is no security and without the security, the value of the currency and the integrity of the chain both break down. It is for this reason that a blockchain is only useful within the application of money, and money does not magically grow on trees. Yep, it is that simple. A blockchain is only good for one thing, removing the need for a trusted third-party which only works in the context of money. A blockchain cannot enforce anything that exists outside the network. While a blockchain would seem to be able to track ownership outside the network, it can only enforce ownership of the currency that is native to its network. Bitcoin tracks ownership and enforces ownership. If a blockchain cannot do both, any records it keeps will be inherently insecure and ultimately subject to change. In this sense, immutability is not an inherent trait of a blockchain but instead, an emergent property. And if a blockchain is not immutable, its currency will never be viable as a form of money because transfer and final settlement will never be reliably possible. Without reliable final settlement, a monetary system is not functional and will not attract liquidity.armory bitcoin steam bitcoin cms bitcoin remix ethereum bitcoin wm wikileaks bitcoin ethereum blockchain bitcoin favicon monero cryptonight bitcoin armory bitcoin biz At most, 18 million ether are mined per year. Five ether are created roughly every 12 seconds, whenever a miner discovers a block, or a bundle of transactions.bitcoin prominer bitcoin значок playstation bitcoin bitcoin protocol armory bitcoin