What is litecoin?
Just like bitcoin litecoin is an opensource decentralized virtual currency. It was created by Charles less back in 2011 who was a former google employee. He left his job in 2013 to go work for a startup called coinbase.
Few key differences vs bitcoin are:
The total amount of litecoins that will ever be in circulation will approximately 84 million as opposed to bitcoin's 21 million. Thus bitcoin will be a lot more scarce than litecoin. Litecoin will still be valuable to hold and this is why litecoin has the relationship where people tend to compare it to gold and silver where bitcoin will be the gold which will be worth more whereas silver will have other uses but is still a good investment but its valuation is far less than gold.
Another major way in which litecoin differs from bitcoin is the litecoin network itself. The network processes a block every two and a half minute vs bitcoins 10 minutes which significantly reduces the time to process transactions.
The most significant difference between bitcoin and litecoin is the encryption that they use for the network . Bitcoin uses the SHA-256 algorithm. That is the same algorithm the your router uses for your router password. Litecoin uses the Scrypt algorithm.
For more information visit: AgamBerry.org
#bitcoins future #bitcoin konferenz nashville
Prof Puppet Explains "What is Litecoin?" | AgamBerry.org - A blog by Agam Berry [hWIMYIpG2Va]
What is litecoin?
Just like bitcoin litecoin is an opensource decentralized virtual currency. It was created by Charles less back in 2011 who was a former google employee. He left his job in 2013 to go work for a startup called coinbase.
Few key differences vs bitcoin are:
The total amount of litecoins that will ever be in circulation will approximately 84 million as opposed to bitcoin's 21 million. Thus bitcoin will be a lot more scarce than litecoin. Litecoin will still be valuable to hold and this is why litecoin has the relationship where people tend to compare it to gold and silver where bitcoin will be the gold which will be worth more whereas silver will have other uses but is still a good investment but its valuation is far less than gold.
Another major way in which litecoin differs from bitcoin is the litecoin network itself. The network processes a block every two and a half minute vs bitcoins 10 minutes which significantly reduces the time to process transactions.
The most significant difference between bitcoin and litecoin is the encryption that they use for the network . Bitcoin uses the SHA-256 algorithm. That is the same algorithm the your router uses for your router password. Litecoin uses the Scrypt algorithm.
For more information visit: AgamBerry.org
#bitcoins future #bitcoin konferenz nashville