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Bitcoin Vs. Litecoin: What's The Difference?

Bitcoin Vs. Litecoin: What's The Difference?

Bitcoin Vs. Litecoin: What's The Difference? By Jason Fernando | Updated December 12, 2017 10:06 AM EST Hydropower: The Key to Bitcoin Mining in the Future? Over the past several years, public interest in cryptocurrencies has increased dramatically. The main focus of this interest has been Bitcoin , which, following the release of its first public client in 2009, has become the dominant name in cryptocurrency. In recent years, however, many other cryptocurrencies have entered the scene. Among these, one name which has garnered increasing interest is Litecoin. Indeed, Litecoins own developers have long stated that their intention is to create the silver to Bitcoins gold. In this article, we will explore the similarities and differences between these two leading cryptocurrencies. On the surface, Bitcoin and Litecoin share a lot in common. At the most basic level, they are of course both cryptocurrencies. Whereas state currencies such as the U.S. dollar or the yen rely on political and legal mechanisms for value and legitimacy, cryptocurrencies rely only on the cryptographic integrity of the network itself. Yet Bitcoin and Litecoin also differ in important respects. In what follows, we will address four of their most important differences, progressing from the most straightforward differences to the more complex. (Read more What Is Litecoin And How Does It Work? ) At the time of writing, Bitcoins market capitalization sits at roughly $4 billion. Whether this figure strikes you as either high or low will depend largely on your historical perspective. When we consider that Bitcoins market capitalization was barely $42,000 in July 2010, its current figure seems staggering. When, however, we consider that it has declined by roughly 66 percent since its all-time high in Decemb Continue reading >>

Litecoin Explorer

Litecoin Explorer

Exchange rates are provided by 3rd party services and are not indicative of cryptocurrencies being backed by any commodity or other form of money or having any other tangible value at all. Trading is a high risk activity, consult you financial advisor before making any decision. We are NOT financial advisors, and this site does not give trading advices. Continue reading >>

What Is The Difference Between Litecoin And Bitcoin?

What Is The Difference Between Litecoin And Bitcoin?

What is the Difference Between Litecoin and Bitcoin? In 2009, Satoshi Nakamoto launchedbitcoin 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 highest market cap of any mined cryptocurrency, after bitcoin. Here's our guide to show you the crucial difference between bitcoin and litecoin. Just like bitcoin, litecoin is a crytocurrency 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 now works for Coinbase , one of the most popular online bitcoin wallets. 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, scryp Continue reading >>

Litecoin: More Than Just The Silver To Bitcoin's Gold

Litecoin: More Than Just The Silver To Bitcoin's Gold

Litecoin: More Than Just The Silver To Bitcoin's Gold Litecoin provides an attractive mix of security, utility and upside. Is a clone that improves upon what Bitcoin delivers. Much cheaper than Bitcoin, fraction of its market cap, attractive for investors. Litecoin is one of the most prominent alt coins available in today's market place but was not the first. When it was founded by Charlie Lee on October 7, 2011, several other alt coins (many of which no longer exist) were around and competing with Bitcoin. So what has allowed Litecoin to stick around and become as huge as it has? Lee took stock of the cryptocurrency environment and made design and programming decisions based on what he saw as features that were improperly implemented in other coins and that could be used to upgrade Bitcoin's model. With that in mind, Lee developed Litecoin to "be the silver to Bitcoin's gold." Unlike the other altcoins at the time, Lee saw Litecoin coexisting with Bitcoin as a complement rather than as a competitor. Much in the same way that both gold and silver can concurrently retain value as precious metals with slightly different though overlapping utilities, Bitcoin and Litecoin could coexist. Lee thought that while Bitcoin provided one service ((gold)) that was perfect for high end, large transactions, Litecoin could provide a similar service (silver) that was better tailored for smaller, less expensive transactions. While doing so, Lee also wanted to make sure that Litecoin would not directly compete with Bitcoin. He focused on 2 major design choices to facilitate this: Litecoin would have quicker transactions than Bitcoin. Litecoin's block time (the amount of time needed to validate a transaction) was reduced by 75% to 2.5 minutes from Bitcoin's 10 minutes. Rather than relying Continue reading >>

The Creator Of Litecoin Sends A Warning About Litecoin Cash

The Creator Of Litecoin Sends A Warning About Litecoin Cash

The Creator Of Litecoin Sends A Warning About Litecoin Cash {{article.article.images.featured.caption}} Opinions expressed by Forbes Contributors are their own. The author is a Forbes contributor. The opinions expressed are those of the writer. This story appears in the {{article.article.magazine.pretty_date}} issue of {{article.article.magazine.pubName}}. {{article.article.magazine.subscription_text}} A coin representing Litecoin cryptocurrency sits on a computer circuit board. Photographer: Chris Ratcliffe/Bloomberg A fork in the Litecoin blockchain this month created a new cryptocurrencycalled Litecoin Cash, trading under symbol LCC. Charlie Lee, a former Google employee and the creator of Litecoin , tweeted out a warning ,however, denying any involvement andcalling Litecoin forks"a scam." Lee believes Litecoin Cash creators are trying to capitalize on Litecoin's nameand replicate the success of Bitcoin Cash, the controversial cryptocurrency created from the hard fork that took place last year from the Bitcoin blockchain. In an interview with CoinDesk , Lee said"It confuses people into thinking Litecoin is splitting. The Litecoin community has no interest in splitting. It's just some people trying to make a quick buck. And calling it Litecoin gives them some legitimacy." The fork occurred on February 18, and according to the official Litecoin Cash website , Litecoin Cash has a "target block time of 2.5 minutes which gives 4 times the transaction bandwidth of Bitcoin, while transactions are 90% cheaper than Litecoin." All holders of Litecoinat the time of the fork were entitled to 10 LCC, news of which caused the price of Litecoin to jump after buyers rushed in to take advantage of the offer. Confusion then reigned among Coinbase customers holding Litecoin, who tweet Continue reading >>

Litecoin Cash Vs Bitcoin Cash: What To Know About Cryptocurrency Forks | Inverse

Litecoin Cash Vs Bitcoin Cash: What To Know About Cryptocurrency Forks | Inverse

Litecoin is on the verge of a major split. Litecoin Cash, expected to fork from the original project on Sunday, has caused a stir in the cryptocurrency community as insiders fear confusion around the new token. In many ways, the split bears similarities to that of the Bitcoin Cash split that occurred in August 2017, but there are some key differences between the two projects goals. Litecoin Cash is a hard fork, which means the project is breaking away from the cryptocurrency and making some big changes on the existing code. The split will occur at block 1371111, currently estimated for Sunday evening. When it happens, anyone holding Litecoin will receive 10 Litecoin Cash tokens for every Litecoin token in their wallet. Its a process all to familiar to the Bitcoin Cash team, which split away and has now become the worlds fourth-largest cryptocurrency. The token enjoyed an impressive surge in value on Friday , jumping 11.3 percent over the 24-hour period to reach a value of $1,510.22 per token and a market cap of $25.6 billion. This was in part due to news about BitPay adoption and SBI Group mining. Cryptocurrencies like bitcoin depend on consensus for change. Miners run software to interact with the token blockchain . If these miners are running differing versions of software , and the changes made in those versions arent backward compatible with older versions, it means ending up in a situation where miners are creating blocks for two entirely different chains. Agreement is key, but if a change cant bring forth an agreement, some members of the community can decide to push ahead with a fork anyway. The big incentive to avoid a hard fork is that a new cryptocurrency will have a different marketplace valuation, so a fork requires belief in the new system to rally the pri Continue reading >>

Litecoin Cash?: Its Coming, And Its Completely Bizarre

Litecoin Cash?: Its Coming, And Its Completely Bizarre

Litecoin Cash?: Its Coming, and Its Completely Bizarre While people have been forking Bitcoin left and right, and even Ethereum has its own fork, Litecoin is about to receive the same treatment. This time, the fork is calling itself Litecoin Cash. The fork will give all current Litecoin holders a 10 to 1 disbursement of LCC, and Litecoin Cash will revert the algorithm to SHA-256 (the same as bitcoin). According to this announcement which appeared on the bitcointalk forum on February 3, the developers will be created the fork based on a snapshot taken at block height 1,371,111. Anyone holding Litecoin will get ten times that amount of Litecoin Cash. The big question on everyones minds is; why? Bitcoin Cash, the most popular fork of bitcoin in 2017 had a clear reason to exist. It was partly in protest due to the Bitcoin core communitys deadlock in the argument of block sizes. Another fork, Bitcoin Gold , claimed to exist as a decentralizing force that would not rely on massive mining farms of SHA-256 miners as Bitcoin and Bitcoin Cash would. While some could argue that Litecoin mining is becoming centralized due to the presence of Scrypt ASICs, it is still nothing like bitcoin mining is today. Likewise, Litecoin has never faced any issues with its transaction fees or confirmation times, even during the most difficult and congested periods in the history of bitcoin (or Ethereum for that matter). The tagline of the announcements reads: Were forking Litecoin and making it SHA256. Yep! This cryptic statement is followed by a few more details on the motivation for the project. It seems not to have been created to solve a specific problem faced by all users of cryptocurrency and instead seems to be only for miners with SHA-256 mining equipment. In a section labeled Just WHY?, Continue reading >>

Litecoin Fork: What Is Litecoin Cash And When Will The Crypto Token Split?

Litecoin Fork: What Is Litecoin Cash And When Will The Crypto Token Split?

Litecoin fork: What is Litecoin Cash and when will the crypto token split? THE price of Litecoin was up by 30 percent on Wednesday ahead of its hard fork launch, but what is Litecoin Cash and when will the crypto token spilt? What is Litecoin Cash and when will the crypto token spilt? Litecoin Cash is the hard fork of the fifth largest cryptocurrency on the market. The new cryptocurrency is promising new tokens to existing holders at block 1,371,111 when it launches on Sunday February 18. Litecoin Cash will spilt from the Litecoin blockchain at around 5pm ET (11pm GMT) on Sunday and will give every Litecoin holder 10 new coins for every one Litecoin they own. The new coin, LCC, will use bitcoins SHA-256 algorithm for the mining purposes that creates new tokens, whereas the original Litecoin uses Scrypt which verifies transactions. Litecoin: Could Litecoin reach the same high as Bitcoin? The company does not claim to be affiliated with Litecoin in any way. The Litecoin Cash foundation website states: Were using the Litecoin Cash name simply because it has become customary in recent months for a coin which forks a blockchain to prefix its name with the name of the coin being forked. This practice has become a widely understood convention. Were not associated or affiliated with Charlie Lee or any of the Litecoin team in any way; we are big fans though. The announcement of Litecoin Cash was made on February 3, and was quickly denounced by Litecoin founder Charlie Lee. PSA: The Litecoin team and I are not forking Litecoin. Any forks that you hear about is a scam trying to confuse you to think it's related to Litecoin. Don't fall for it and definitely don't enter your private keys or seed into their website or client. Be careful out there! Charlie Lee [LTC] (@SatoshiLite) 4 Continue reading >>

Litecoin Cash - The First Litecoin Fork

Litecoin Cash - The First Litecoin Fork

LONDON, Feb. 12, 2018 /PRNewswire/ --Litecoin Cash has announced that the countdown has begun towards the release of a new cryptocurrency that will be born from a hard fork of Litecoin (LCC). At Litecoin block 1371111, Litecoin Cash (LCC) will be created. Everyone holding Litecoin will automatically receive 10 Litecoin Cash for every Litecoin they own. While Litecoin has always been mined with Scrypt, Litecoin Cash is a proof of work cryptocurrency securing the network using the SHA256 hashing algorithm. This allows an extension of life for older Bitcoin mining hardware, which is no longer powerful enough to mine Bitcoin; the lower anticipated difficulty of mining Litecoin Cash will put such legacy hardware to effective use. Litecoin Cash has significant advantages compared to the other main SHA256-mined coins, Bitcoin (BTC) and Bitcoin Cash (BCH). While those currencies both have a 10-minute block time, Litecoin Cash's 2.5-minute block target allows much faster transaction confirmation. Compared to Litecoin itself, the new fork features superior mining difficulty retargeting, via the proven DarkGravity algorithm used by Dash. Transaction fees are also reduced by 90 percent to provide incentive for real-world use. In order to ensure a fair launch, Litecoin Cash implements slow-start control to block rewards and intend to pre-release a bootstrap file to prevent a blockchain download race once the wallets become available (slated to happen shortly after the fork block). The network will use a new address prefix and replay attack prevention to eliminate inter-chain issues and minimize user confusion. The markets have become accustomed to Bitcoin hard forks over recent months, but Litecoin Cash brings the concept to a new space and potentially a new set of users. As such, Continue reading >>

4 Cryptocurrencies With Much Faster Block Times Than Bitcoin

4 Cryptocurrencies With Much Faster Block Times Than Bitcoin

4 Cryptocurrencies With Much Faster Block Times Than Bitcoin 4 Cryptocurrencies With Much Faster Block Times Than Bitcoin JP Buntinx February 19, 2017 Featured , Viral One thing a lot of people do not like about bitcoin is how it takes an average of 10 minutes before a transaction receives a network confirmation. Various other cryptocurrencies, also known as altcoins, try to improve this block time by quite a margin. Some projects focusing on faster block times are more successful than others, though. Litecoin is often referred to as the silver to bitcoins gold. Albeit not everyone may see it that way, Litecoin brings some very intriguing developments in the world of cryptocurrency, that much is certain. Compared to bitcoins block time, Litecoin generates network blocks 4 times as fast on the network. It takes an average of 2.5 minutes for this process to complete, which is quite an improvement. For a cryptocurrency that offers privacy and anonymity features, Monero has proven to be quite a quick altcoin when it comes to generating new blocks on the network. With an average block time of just two minutes, Monero succeeds in providing users with anonymity features at 1/5th of the time bitcoin generates a block, which does not include any anonymity features. It is interesting to note Monero used to have an even faster block time at one point in time. The developers decreased the block time to 60 seconds when Monero was first launched, yet they reverted it back to 120 seconds once the network started to settle. While 60 second block times may sound more preferable, 120 seconds does the job just fine for Monero. Many people believe Ethereum is the worlds fastest cryptocurrency in terms of block generation time, but that is not the case It has to be said, Ethereum is somewh Continue reading >>

Litecoin Mining (the Ultimate

Litecoin Mining (the Ultimate "how To" Guide) | Genesis Mining

The cryptocurrency litecoin made national news headlines this year, mostly for its rapid growth. News outlet CNBC reported that Litecoin hit a record high, up nearly 1,400 percent this year. Litecoin rose in rankings to the fourth-largest cryptocurrency in the world, and it wasnt the only cryptocurrency experiencing growth bitcoin, ethereum and many others were inching up as well. The litecoin community, however, activated a technology upgrade this year, which sparked additional interest. Segregated Witness, which is also known as SegWit , increased the cryptocurrencys capability and transaction speed, which are important factors in the mining process. Prospective miners just starting out and those who have mined other cryptocurrencies but not litecoin in the past may wonder, What is the best way to get started? Here is a helpful guide to review before setting up a litecoin mining rig of your own. Litecoin is often compared to the digital currency bitcoin, and for good reason. Litecoin was heavily influenced by bitcoin when Charlie Lee developed it in 2011. The theory and the setup are similar to that of bitcoin; however, there are a few major differences that set the two cryptocurrencies apart. The lifetime cap of the currencies is different. Litecoin has a lifetime cap of 84 million coins, which is about four times more than bitcoin. In contrast, bitcoin has a cap of 21 million coins, and the currency is further along in its growth cycle, meaning that fewer coins are available. Fewer coins available can translate to a higher value for each coin. Litecoin has faster block generation. The holy grail of mining is faster block generation. Rewards are earned only when blocks are generated, so the faster you can generate those blocks, the better. Litecoins block generation Continue reading >>

Litecoin Is Surging After 'litecoin Cash' Forks

Litecoin Is Surging After 'litecoin Cash' Forks

Litecoin is surging after 'litecoin cash' forks Litecoin cash officially split from litecoin on Sunday. Both litecoin and the new cryptocurrency are up Tuesday, but have no relation in anything other than name. You can track the price of litecoin in real-time here>> Litecoin is up more than 9% Tuesday morning after the cryptocurrency's first "hard fork" produced litecoin cash over the weekend. The split officially happenedat litecoin block 1371111, processed at approximately 11 a.m. ET Sunday, at which time litecoin holders had the option to receive 10 of the new cryptocurrency for every 1 litecoin they already held. Since the fork, Litecoin has gained 12%, while the offshoot - which is not associated with the original litecoin in any way - has more than tripled, and was trading at $7.40 at the time of writing . Litecoin creator Charlie Lee has previously warned that any litecoin offshoots could be potential scams. "Any forks that you hear about is [sic] a scam trying to confuse you to think its related to litecoin," he tweeted. "Dont fall of it and definitely dont enter your private keys or seed into their website or client." Still, the team behind litecoin cash maintains the new coin will make several improvements over the original litecoin - and that it is far from a scam. Specifically, the team claims litecoin cashs new algorithm, called DarkGravity, allows the mining difficulty to be adjusted on every cryptographic block. Litecoins mining difficulty can only be adjusted every 2016 blocks. This allows the network to be more flexible to demand for mining power. "While this [naming] convention isn't ideal, it will be instantly understood by most hearing the name that Litecoin Cash is a hard fork of Litecoin," Litecoin Cash foundation's design lead, Michael Wyszynski Continue reading >>

Litecoin Vs. Bitcoin | Digital Trends

Litecoin Vs. Bitcoin | Digital Trends

Posted on February 4, 2018 - 6:00AM 2.4.18 - 6:00AM Although Bitcoin remains the flagship cryptocurrency to many, that hasnt stopped hundreds of developers from releasing hundreds of alternative coins over the years. One of the first to hit the scene was Litecoin in 2011, making it one of the oldest altcoins and a powerful cryptocurrency in its own right, with a market worth billions. But what if you pit Litecoin vs. Bitcoin? Is one cryptocurrency better than the other everywhere, or do they both have their strengths? In this breakdown, well match the two head to head to see which one youre best off buyng, whatever you want to use them for. If youre interested in more cryptocurrency comparisons, check out our guide to Ethereum, and how it measures up compared to bitcoin . Although making money wasnt the original idea for cryptocurrencies, thats what many buyers and sellers use them for, not least because almost all have spiked in value in recent months. Many early owners have made huge amounts of money over the past year.Thats not to say any of it is a guarantee. Cryptocurrencies of all types arenotoriously volatile, and have been especially so in recent times. Bitcoin went from being worth around $1,000 at the start of 2017 to close to $20,000 in December, before settling to around $12,000 at the start of 2018. Litecoin had a similarly meteoric rise . It rose from just $4 in January 2017 to more than $370 at its peak less than 12 months later. At the time of writing, its corrected to $150. This is a pattern thats been repeated among most cryptocurrencies, however. With Litecoin at least, there is a lot of name recognition. As one of the oldest cryptocurrencies, its established and has a longer history than almost all others of retaining its value over time. Its also s Continue reading >>

[ann][lcc] Litecoin Cash | Sha256 Ltc Fork @ Block 1371111 | 10:1 Claim Ratio

[ann][lcc] Litecoin Cash | Sha256 Ltc Fork @ Block 1371111 | 10:1 Claim Ratio

[ANN][LCC] Litecoin Cash | SHA256 LTC fork @ block 1371111 | 10:1 claim ratio We're forking Litecoin... and making it SHA256. Yep! Fork Block - At block 1371111, Litecoin Cash hard-forked away from the Litecoin blockchain. 10:1 Claim Ratio - For every 1 LTC you held at the fork block, you'll receive 10 LCC. SHA256 Mining - After the fork block, Litecoin Cash switched to SHA256 proof-of-work hashes. This enables a new use for previously obsolete Bitcoin mining hardware. Network Resilience - Mining difficulty is recalculated every block, using Evan Duffield's proven DarkGravity V3 algorithm from Dash. This provides more predictable block times as well as network protection from multipool hopping. Optimised for the Real World - Target block time of 2.5 minutes gives 4 times the transaction bandwidth of Bitcoin, while transactions are 90% cheaper than Litecoin. Slow-Start Control - To prevent dominant early miners having an unfair advantage, block rewards will start at 1.25 LCC and grow to 250 LCC over the first 2000 blocks after the fork. The first 24 blocks after the fork will be mined at minimum difficulty. After this, DarkGravity will adjust the difficulty based on observed block generation time. The 250 LCC block reward (equivalent to 25 LTC) will halven at the same chain heights as Litecoin. Small Premine - Less than 1% of total money supply at fork time (~0.65% of total money supply) will be paid to a development fund. To learn more, please visit our website . There is no other fast, cheap SHA256 coin with good difficulty adjustment. SHA256 miners have little practical choice of hashpower destination, and if they do mine blocks they're being paid in a currency with 10 minute block times. We believe we can offer an excellent SHA256 coin for general usage. We love Lit Continue reading >>

What Is Litecoin? - Invest In Blockchain

What Is Litecoin? - Invest In Blockchain

written by Jacob Bushmaker October 10, 2017 Litecoin has quickly risen from obscurity to become one of the worlds most popular, well known and most valuable cryptocurrencies in the world. According to Litecoins website , the currency is described as: Apeer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities. Simply put, Litecoin is a low cost, decentralized cryptocurrency used to pay for everyday items instantly. Litecoin ranks as one of the top five most valuable cryptocurrency in the world by market cap, behind Bitcoin, Ethereum, Ripple and Bitcoin Cash.As of writing this article, Litecoins market cap is nearly 2.8 billion dollars, with over a 1100% year to date return on investment. Litecoin was developed by Charlie Lee while he was still working for Google and went live on October 7th, 2011. This makes Litecoin one of the oldest cryptocurrencies. The source code itself was a fork off of the Bitcoin Core Client with a few notable changes and improvements such as decreased block generation time, utilizing different hashing algorithms and decreasing the time needed to process payments. More on the differences between Bitcoin and Litecoin can be found later in this article. Charlie left Google in 2013 to work for Coinbase full-time. Coinbase now is one of the largest cryptocurrency exchanges in the world. Charlie has since left Coinbase and now works full-time on Litecoin. In September of 2017, Litecoin hit a record high of nearly $100USD, but has since dropped around 50% after Chinas regulatory changes regarding cryptocurrencies. For further reading on these topics see: China Bans ICOs (Or Do They? ) for more inform Continue reading >>

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