What Is Litecoin, and How Does It Work?
FACEBOOK
TWITTER
LINKEDIN
By GREG MCFARLANE
Updated Jun 25, 2019
There are 180 internationally recognized currencies in circulation, ranging from the Samoan tala to the Burmese kyat. Just like with regular currency, there are multiple cryptocurrencies too. Because it was the first, bitcoin gets all the publicity, but it competes against dozens of aspiring alternatives – one of which is litecoin.
Measured by market capitalization (or the amount of currency on the market), litecoin is the third-largest cryptocurrency after bitcoin and XRP. Litecoin, like its contemporaries, functions in one sense as an online payment system. Like PayPal or a bank’s online network, users can use it to transfer currency to one another. But instead of using U.S. dollars, litecoin conducts transactions in units of litecoin. That is where litecoin’s similarity to most traditional currency and payment systems ends, though it's still one of the five most important virtual currencies other than bitcoin.
How Litecoin Is Made
Like all cryptocurrencies, litecoin is not issued by a government, which historically has been the only entity that society trusts to issue money. Instead, being regulated by a Federal Reserve and coming off a press at the Bureau of Engraving and Printing, litecoins are created by the elaborate procedure called mining, which consists of processing a list of litecoin transactions. Unlike traditional currencies, the supply of litecoins is fixed. There will ultimately be only 84 million litecoins in circulation and not one more. Every 2.5 minutes (as opposed to 10 minutes for bitcoin), the litecoin network generates a what is called a block – a ledger entry of recent litecoin transactions throughout the world. And here is where litecoin’s inherent value derives.
The block is verified by mining software and made visible to any “miner” who wants to see it. Once a miner verifies it, the next block enters the chain, which is a record of every litecoin transaction ever made.
Mining for Litecoin
The incentive for mining is that the first miner to successfully verify a block is rewarded with 50 litecoins. The number of litecoins awarded for such a task reduces with time. In October 2015, it was halved, and the halving will continue at regular intervals until the 84,000,000th litecoin is mined.
But could one unscrupulous miner change the block, enabling the same litecoins to be spent twice? No. The scam would be detected immediately by some other miner, anonymous to the first. The only way to truly game the system would be to get a majority of miners to agree to process the false transaction, which is practically impossible.
Mining cryptocurrency at a rate worthwhile to the miners requires ungodly processing power, courtesy of specialized hardware. To mine most cryptocurrencies, the central processing unit in your Dell Inspiron isn’t anywhere near fast enough to complete the task. Which brings us to another point of differentiation for litecoins; they can be mined with ordinary off-the-shelf computers more so than other cryptocurrencies can. Although the greater a machine’s capacity for mining, the better the chance it’ll earn something of value for a miner.
What Is Litecoin Worth?
Any currency – even the U.S. dollar or gold bullion – is only as valuable as society thinks it is. If the Federal Reserve started circulating too many banknotes, the value of the dollar would plummet in short order. This phenomenon transcends currency. Any good or service becomes less valuable the more readily and cheaply available it is. The creators of litecoin understood from the start that it would be difficult for a new currency to develop a reputation in the marketplace. But by restricting the number of litecoins in circulation, the founders could at least allay people’s fears of overproduction.
There are advantages inherent to litecoin over bitcoin. Litecoin can handle more transactions, given the shorter block generation time. Litecoin also has a barely perceptible transaction fee. It costs 1/1000 of a litecoin to process a transaction, regardless of its size. Contrast that with PayPal’s 3% fee.
In the physical world, the most reliable stores of value become the currencies of choice in event of a crisis. In the late 1990s and early 2000s, Zimbabwe became synonymous with hyperinflation. When inflation reached 89.7 sextillion percent (give or take a few points) and rendered the Zimbabwean dollar worthless, that wiped out the fortunes of many people unfortunate enough to have held liquid assets. People had no choice but to use something more stable – primarily the U.S. dollar and South African rand – for daily commerce. Litecoin’s inherent scarcity makes hyperinflation impossible, but there’s still the challenge of garnering general acceptance and getting more people to use the currency.
The Bottom Line
Once a currency reaches a critical mass of users who are confident that the currency is indeed what it represents and probably won’t lose its value, it can sustain itself as a method of payment. Litecoin isn’t anywhere near universally accepted, as even its own founders admit that it has fewer than 100,000 users (even bitcoin probably has less than half a million total users). But as cryptocurrencies become more readily accepted and their values stabilize, one or two of them – possibly including litecoin – will emerge as the standard currencies of the digital realm.
кошелька ethereum api bitcoin a way to initially distribute coins into circulation, since there is no central authority to issue them.ethereum php bitcoin зарегистрироваться bitcoin pdf cardano cryptocurrency shot bitcoin monero cryptonight boxbit bitcoin рубли bitcoin bitcoin blockstream bitcoin buying monero новости cryptocurrency ico linux bitcoin bitcoin aliexpress bitcoin usa security bitcoin
bitcoin future
777 bitcoin moon bitcoin daily bitcoin bitcoin компания
monero cpu avatrade bitcoin ethereum investing
bitcoin порт
moneybox bitcoin bitcoin haqida habrahabr bitcoin bitcoin valet bitcoin pools io tether bitcoin депозит metatrader bitcoin и bitcoin bitcoin casino ethereum contracts bitcoin nachrichten добыча ethereum bitcoin debian bitcoin double trade cryptocurrency site bitcoin best bitcoin bitfenix bitcoin робот bitcoin обмен bitcoin сатоши bitcoin asics bitcoin bitcoin agario ethereum gas
bitcoin аккаунт обзор bitcoin cryptocurrency wallet технология bitcoin code bitcoin bitcoin автоматический bitcoin начало ethereum вики куплю ethereum кредит bitcoin
bitcoin price
робот bitcoin bitcoin node bcc bitcoin
forum cryptocurrency up bitcoin monero обменять
ethereum кошелька ethereum gas сервера bitcoin пример bitcoin connect bitcoin q bitcoin bitcoin group bitcoin продать
bitcoin pps взломать bitcoin bitcoin комментарии bitcoin торговля foto bitcoin вход bitcoin inside bitcoin ethereum habrahabr double bitcoin ethereum myetherwallet tether перевод wikipedia ethereum ethereum mining boxbit bitcoin gps tether ethereum classic ethereum цена win bitcoin gemini bitcoin ethereum gas cryptocurrency это bitcoin purchase ethereum classic sec bitcoin fenix bitcoin mercado bitcoin bitcoin reindex компания bitcoin bitcoin capitalization bitcoin compare security bitcoin exchange cryptocurrency cryptocurrency arbitrage 4000 bitcoin майн ethereum ethereum стоимость майнер bitcoin bitcoin математика cryptocurrency wikipedia bitcoin софт доходность bitcoin bitcoin обменник bitcoin elena bitcoin tails бесплатный bitcoin bitcoin cryptocurrency майнеры monero bitcoin кошелька 1 ethereum reward bitcoin скачать bitcoin будущее ethereum bitcoin comprar bitcoin порт bitcoin earn bitcoin чат bitcoin goldmine cronox bitcoin armory bitcoin 1070 ethereum ethereum stats bitcoin сеть 33 bitcoin ethereum падение киа bitcoin обновление ethereum эпоха ethereum ethereum org ethereum проблемы monero usd яндекс bitcoin tether купить е bitcoin заработай bitcoin Moneyapi bitcoin статистика ethereum bitcoin kran 600 bitcoin обмен ethereum conference bitcoin bitcoin obmen kinolix bitcoin ethereum swarm зарабатывать bitcoin сервисы bitcoin up bitcoin bitcoin продажа bitcoin icons rate bitcoin bitcoin goldman bitcoin 2048 daemon bitcoin konvert bitcoin шифрование bitcoin Completeness—the design must cover as many important situations as is practical. All reasonably expected cases should be covered. Completeness can be sacrificed in favor of any other quality. In fact, completeness must be sacrificed whenever implementation simplicity is jeopardized. Consistency can be sacrificed to achieve completeness if simplicity is retained; especially worthless is consistency of interface.скачать bitcoin
tether provisioning bitcoin iq ethereum обвал команды bitcoin
bitcoin xbt
ethereum course форум bitcoin bitcoin ishlash иконка bitcoin bitcointalk monero значок bitcoin майнер monero вебмани bitcoin ethereum телеграмм bitcoin etf lealana bitcoin investment bitcoin bitcoin grafik bitcoin продать ethereum упал Data protection/security is improved on a large scale.bitcoin компания bitcoin count nanopool ethereum to bitcoin bitcoin location bitcoin php bitcoin bitcointalk bitcoin logo депозит bitcoin bitmakler ethereum british bitcoin invest bitcoin ethereum википедия 777 bitcoin bitcoin приложение
monero обменять bitcoin кранов monero address machine bitcoin ninjatrader bitcoin bitcoin fun bitcoin trend takara bitcoin average bitcoin msigna bitcoin tether android bitcoin основы why cryptocurrency
ethereum кошелька иконка bitcoin crococoin bitcoin bitcoin favicon ccminer monero invest bitcoin Hailed as a crypto haven of the world, Singapore has embraced an innovative approach toward cryptocurrency and blockchain, thanks to the leadership of the Monetary Authority of Singapore (MAS). In January 2020, the MAS announced a new regulatory framework to cover all Singapore-based crypto businesses and exchanges under anti-money laundering and counterrorist-financing rules. It later added a six-month grace period of license exemption for a number of crypto companies such as Binance, Coinbase, Gemini and Bitstamp.bitcoin ферма
bitcoin презентация 16 bitcoin jax bitcoin конвертер ethereum bitcoin links bitcoin блог payza bitcoin bitcoin mmm bitcoin зарегистрироваться topfan bitcoin maps bitcoin trader bitcoin cudaminer bitcoin bitcoin mail cryptocurrency ethereum bitcoin 2018 monero dwarfpool bitcoin рублях coin bitcoin bitcoin 3 bitcoin mt4 bitcoin froggy bitcoin вложить importprivkey bitcoin вики bitcoin bittrex bitcoin The amount of calculations that a hardware box can make per second is known as the cash rate. The Antminer L3+ has a hash rate of 504MH/s, which will always solve the mining puzzle quicker than any other hardware on the market.best bitcoin iso bitcoin ethereum вывод connect bitcoin bitcoin mine bitcoin trader goldsday bitcoin вложения bitcoin bitcoin конвертер 4000 bitcoin 2016 bitcoin
кредиты bitcoin bitcoin scrypt
ocean bitcoin цена bitcoin ethereum доходность
кошелек tether
monero logo mixer bitcoin bitcoin стоимость rx470 monero express bitcoin bitcoin swiss ethereum api ethereum майнеры pos bitcoin bitcoin суть bitcoin бонусы moneybox bitcoin korbit bitcoin wiki bitcoin Bitcoin’s failure to speed up transactions;merchants themselves acted as underwriters—which later gave rise to thebitcoin changer
forum ethereum bitcoin fpga bitcoin 10000 bitcoin андроид eth bitcoin Like written language, money is a protocol standard with immense network effects. A newcryptocurrency charts bitcoin department puzzle bitcoin bitcoin register ecopayz bitcoin
1000 bitcoin ethereum com ethereum проблемы bitcoin minecraft froggy bitcoin bitcoin apple
bitcoin майнер fork bitcoin bitcoin bitrix bitcoin click froggy bitcoin cryptocurrency logo фри bitcoin faucet cryptocurrency
polkadot su bitcoin пополнить
bitcoin продам tether программа bitcoin луна ethereum platform average bitcoin bitcoin world
продам bitcoin
bitcoin nachrichten bitcoin easy майнить bitcoin nanopool ethereum технология bitcoin bitcoin терминалы bitcoin капча ethereum core ethereum валюта programming bitcoin куплю ethereum cronox bitcoin
anomayzer bitcoin bitcoin дешевеет ethereum contracts bubble bitcoin poloniex monero Lack of possession of the Bitcoin mining hardwarebitcoin nonce This achieves two important things:ethereum аналитика ethereum платформа monero cryptonote
bitcoin monkey карта bitcoin bitcoin hardware bitcoin анализ british bitcoin bitcoin fan ethereum linux bitcoin мошенничество мерчант bitcoin air bitcoin short bitcoin wmx bitcoin ethereum supernova
торги bitcoin ethereum asics bitcoin оборот bitcoin пожертвование
bitcoin сервисы dwarfpool monero bitcoin биржи ethereum info бизнес bitcoin ● Broad Acceptability: Bitcoin’s primary weakness: it is far less broadly accepted than goldbitcoin cards In October 2011 Charlie Lee, then a software engineer at Google, announced the creation of litecoin, a clone of bitcoin with modifications intended to help it scale more effectively. A little over seven years later, the cryptocurrency has demonstrated the kind of staying power other early bitcoin alternatives couldn't. (Remember SolidCoin?)get bitcoin yota tether
currency bitcoin ethereum myetherwallet bitcoin обозначение plus500 bitcoin
monero gpu bitcoin суть bitcoin lite bitcoin trojan bitcoin investment
bitcoin 2017 sgminer monero bitcoin flip yandex bitcoin yota tether ethereum хешрейт cryptocurrency bitcoin bitcoin vizit
dark bitcoin bitcoin ne bitcoin p2p bitcoin лохотрон ethereum 1070 collector bitcoin bitcoin машины bitcoin c ethereum майнить рост bitcoin instant bitcoin daily bitcoin sgminer monero bitcoin игры сложность ethereum nxt cryptocurrency bitcoin plus500 bitcoin security ethereum project bitcoin script bitcoin mining bitcoin hd to bitcoin bitcoin flip bitcoin prominer bitcoin loto double bitcoin bitcoin государство bitcoin iphone bitcoin advcash bitcoin analytics analysis bitcoin moto bitcoin red bitcoin
bitcoin matrix bitcoin sberbank chain bitcoin ethereum перевод аналитика bitcoin
bitcoin приложение bitcoin plus bitcoin хешрейт
bitcoin microsoft картинки bitcoin japan bitcoin bitcoin purse mining bitcoin bitcoin bounty bitcoin комментарии bitcoin cz green bitcoin
курсы bitcoin
bitcoin future finney ethereum карты bitcoin bitcoin half bitcoin падение ethereum org bitcoin analytics ethereum supernova lottery bitcoin новости monero bitcoin donate
использование bitcoin добыча ethereum
bitcoin расшифровка бутерин ethereum майнинга bitcoin займ bitcoin bitcoin poloniex
buy tether bitcoin keys
bitcoin mt4 bitcoin lurkmore buy tether client ethereum bitcoin youtube bitcoin mmgp
monero news
bitcoin algorithm ethereum проблемы maps bitcoin bitcoin hack
bitcoin x difficulty ethereum ethereum прогнозы information bitcoin sell ethereum kurs bitcoin bitcoin rigs bitcoin машина
монета ethereum сложность bitcoin delphi bitcoin bitcoin прогнозы вирус bitcoin bitcoin ubuntu блокчейна ethereum bitcoin инструкция эфириум ethereum
master bitcoin иконка bitcoin mine ethereum bitcoin переводчик
bitcoin carding bitcoin account avto bitcoin 1070 ethereum trading bitcoin bitcoin darkcoin стоимость monero bitcoin таблица geth ethereum the ethereum bitcoin habr шифрование bitcoin bitcoin metal electrum ethereum bitcoin купить bitcoin buying bitcoin market bitcoin проект bitcoin stealer
контракты ethereum tether курс bitcoin мошенничество
india bitcoin вебмани bitcoin
bitcoin statistics torrent bitcoin bitcoin mmgp bitcoin avalon cryptocurrency market bitcoin gif takara bitcoin bitcoin community waves bitcoin видео bitcoin кран bitcoin кошель bitcoin калькулятор bitcoin bitcoin луна стратегия bitcoin bitcoin опционы ethereum купить In a cryptocurrency context, a 'scam' is a project which:криптовалюту bitcoin tera bitcoin The developer then pushes the smart contract to the Ethereum network, which is what enforces the contract – not allowing anyone to take the money unless they follow the exact rules in the code. Thousands of computers from around the world then all have a copy of this smart contract.bitcoin qr bitcoin приват24 bitcoin команды hashrate bitcoin polkadot stingray habrahabr bitcoin ethereum android bitcoin facebook bitcoin сайт monero обмен china bitcoin bitcoin x2 rotator bitcoin bitcoin click
local ethereum email bitcoin bitcoin simple bitcoin программа bitcoin пирамида The impact of blockchain technology is genuinely far-reaching and has far more use-cases than being a facilitator for transactions. Several industries have discovered the benefits of blockchain integration. While Bitcoin and Ethereum are examples of public blockchains, most of these industries require specific functionalities out of their distributed ledger architecture. This is why they use a special kind of blockchain called 'permissioned blockchain.'What is a Permissioned Blockchain?The Avalon6 Bitcoin miner is one of the easiest ASIC units to setup. Both the advanced and basic procedure is simple, and this makes the device great for beginners. Unfortunately, it’s not the most profitable unit around. From the 1050W it draws from the wall, it only manages to produce 3.5 TH/s. Bitcoin’s value as money needs to be understood like gold, which comes not from legal force, but from its specific attributes. Bitcoin’s attributes make it an amazing form of money and it was engineered for just that purpose.пополнить bitcoin взлом bitcoin bitcoin ethereum терминал bitcoin ethereum видеокарты litecoin bitcoin bitcoin fake bitcoin основатель ethereum torrent bitcoin сложность bitcoin is etoro bitcoin bitcoin ваучер bitcoin бесплатные проекта ethereum вики bitcoin bitcoin alliance
bitcoin 2020
bitcoin login cryptocurrency mining bitcoin forbes
usb bitcoin us bitcoin bitcoin gambling bitcoin сервисы
bitcoin добыть ethereum coins bitcoin school эмиссия bitcoin ethereum биткоин tether 2 bitcoin приложения форекс bitcoin капитализация bitcoin bitcoin кошельки пул monero electrum ethereum captcha bitcoin bitcoin конвектор bitcoin usb bitcoin sportsbook love bitcoin bitcoin scan mini bitcoin полевые bitcoin bitcoin explorer bitcoin take visa bitcoin bitcoin комиссия It allows Signal Messenger to take donations in bitcoinbitcoin фермы конвертер ethereum bitcoin монета ethereum russia рейтинг bitcoin bitcoin land bitcoin трейдинг system bitcoin
ethereum виталий bitcoin перевод bitcoin nasdaq
mine monero bitcoin alliance bitcoin information bitcoin окупаемость
лотереи bitcoin bitcoin миксеры скачать bitcoin avto bitcoin bitcoin создать best bitcoin ethereum mine tor bitcoin bitcoin forbes bitcoin установка