Join our study and help us improve the website by clicking here. What is the Difference Between Litecoin and Bitcoin? In 2009, Satoshi Nakamoto launched bitcoin as the world’litecoin vs bitcoin mining 2015 form 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. Block reward details Halved every 210,000 blocks. Mining differences 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. 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.
ASIC technology available for this algorithm. However, this is soon to change, thanks to companies like Alpha Technologies, which is now taking preorders. 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 must faster than bitcoin. 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. 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. This guide reveals how to buy litecoin using fiat currency or bitcoins. What Can You Buy with Bitcoin? What are pools how and how to join them? How Does Cloud Mining Bitcoin Work?
How to Calculate Mining Profitability Can you make a ROI? Hard Fork vs Soft Fork Why and how do blockchains split? What is the Difference Between Public and Permissioned Blockchains? Can anyone read or write to the ledger? What is the Difference Between a Blockchain and a Database? What Are the Applications and Use Cases of Blockchains?