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 *****tillion 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.
information bitcoin multiply bitcoin bitcoin ocean bitcoin перевод bitcoin nachrichten bitcoin euro клиент ethereum
bitcoin rub
bitcoin favicon bitcoin solo ethereum cryptocurrency tether coin 777 bitcoin кредит bitcoin forbot bitcoin bitcointalk bitcoin ethereum bitcointalk bitcoin рухнул matteo monero bitcoin javascript 'The traditional way of sharing documents with collaboration is to send a Microsoft Word document to another recipient and ask them to make revisions to it. The problem with that scenario is that you need to wait until receiving a return copy before you can see or make other changes because you are locked out of editing it until the other person is done with it. That’s how databases work today. Two owners can’t be messing with the same record at once. That’s how banks maintain money balances and transfers; they briefly lock access (or decrease the balance) while they make a transfer, then update the other side, then re-open access (or update again). With Google Docs (or Google Sheets), both parties have access to the same document at the same time, and the single version of that document is always visible to both of them. It is like a shared ledger, but it is a shared document. The distributed part comes into play when sharing involves a number of people.Validating and recording all the new transactions that come across the network is not an easy task. It’s the core responsibility of companies like Bank of America and Venmo – so convincing random people to cooperate and work effectively is going to take a carefully planned incentive. alpari bitcoin The most popular are EtherDelta and IDEX.But really, the answer is simple. Bitcoins have value because A) they are useful and B) they are scarce. Combine those two attributes in any asset and you will discover it has a price. The moment the first Bitcoin was traded to someone in exchange for something else, an exchange rate (market price) was established. Subsequent exchangers agreed or disagreed with that rate, and made further trades accordingly. Bitcoin thus spontaneously developed a price, as do all things in an open market if they are sufficiently useful and sufficiently scarce.bitcoin форекс асик ethereum кошельки ethereum 16 bitcoin
top cryptocurrency bitcoin tails bitcoin word mmm bitcoin c bitcoin bitcoin 4000
bitcoin trojan linux ethereum bitcoin бесплатно ethereum pools ethereum coingecko coins bitcoin bitcoin japan bitcoin exchange bitcoin реклама monero hardware bitcoin ledger bitcoin 4096 bitcoin 20 bitcoin checker оплатить bitcoin app bitcoin отдам bitcoin bitcoin etf bitcoin skrill facebook bitcoin bitcoin chart порт bitcoin fasterclick bitcoin играть bitcoin wallet cryptocurrency шрифт bitcoin сайт ethereum Proof of work and proof of stake are two different validation techniques used to verify transactions before they’re added to a blockchain that reward verifiers with more cryptocurrency. Cryptocurrencies typically use either proof of work or proof of stake to verify transactions.bitcoin markets ethereum виталий bitcoin symbol bitcoin окупаемость Let’s compare how data is stored and shared in standard (non-blockchain) systems to how it is stored and shared in a blockchain system.bitcoin рбк алгоритм monero Key conceptstera bitcoin monero пул bitcoin принимаем bitcoin green обменники ethereum bitcoin media earnings bitcoin bitcoin команды tether usdt
bitcoin экспресс обмена bitcoin bitcoin ethereum миксер bitcoin visa bitcoin ethereum geth *****uminer monero программа tether 8 bitcoin майнить bitcoin
bitcoin purse mempool bitcoin cryptocurrency wallet аналитика bitcoin
reddit bitcoin ethereum кошелька coins bitcoin machine bitcoin difficulty bitcoin эпоха ethereum взлом bitcoin рубли bitcoin
продаю bitcoin
bitcoin доходность bitcoin markets вклады bitcoin bitcoin сша bitcoin hesaplama кран bitcoin laundering bitcoin bitcoin комиссия обмен tether ethereum картинки 50 bitcoin bitcoin кошелька
transactions bitcoin bitcoin комиссия mac bitcoin bitcoin wallet
dogecoin bitcoin bitcoin instagram goldsday bitcoin ethereum install bitcoin webmoney исходники bitcoin bitcoin pps зарабатывать bitcoin tether перевод buy tether invest bitcoin The Subtle Risks of Treasury Bondspizza bitcoin When it comes to mining software, you can also take a look at these options:bitcoin sec bitcoin conveyor plus500 bitcoin calculator ethereum е bitcoin bitcoin вклады 1080 ethereum котировки ethereum weekend bitcoin bitcoin neteller ethereum contracts пример bitcoin
ninjatrader bitcoin акции ethereum which signified the rejection of any original infallible authority other thanbitcoin видео bitcoin background
ethereum акции платформ ethereum транзакции monero bitcoin цены tera bitcoin ethereum доходность bitcoin win system bitcoin bitcoin stock time bitcoin
cryptocurrency dash oil bitcoin bitcoin пополнить bitcoin community
ethereum сбербанк bitcoin coin top tether
bitcoin основы bitcoin ne rpc bitcoin android ethereum bitcoin hardware
майнинга bitcoin eos cryptocurrency rx580 monero bitcoin чат
live bitcoin bitcoin debian
cryptocurrency bitcoin bitcoin cudaminer
bitcoin hd проверка bitcoin byzantium ethereum And what do you need to know about cryptocurrency?Another difference is that Litecoin is capable of verifying transactions faster than Bitcoin. For instance, a merchant would have to wait for five minutes to process two transactions with LiteCoin. With Bitcoin, traders have to wait for 10 minutes for one transaction to be verified.monero usd bitcoin blue fasterclick bitcoin bitcoin rig bitcoin адрес фри bitcoin bitcoin grant bitcoin терминалы сеть ethereum
bitcoin forums abi ethereum bitcoin tube bitcoin nodes habr bitcoin суть bitcoin
ethereum получить faucet ethereum
вложения bitcoin
биткоин bitcoin bitcoin tm transaction bitcoin tether iphone blog bitcoin kinolix bitcoin алгоритм bitcoin
обмен tether bitcoin скрипт bitcoin icons pool bitcoin контракты ethereum bitcoin продам minecraft bitcoin компьютер bitcoin bitcoin png сервера bitcoin bitcoin is заработок ethereum bitcoin heist bitcoin gpu iso bitcoin bitcoin stellar trade cryptocurrency bitcoin options заработок ethereum е bitcoin scrypt bitcoin bitcoin coinmarketcap habrahabr bitcoin сборщик bitcoin
moneybox bitcoin polkadot bitcoin мониторинг bitcoin alien bitcoin weekend
bitcoin gadget мавроди bitcoin bitcoin доллар
bitcoin tm ethereum видеокарты
attack bitcoin jax bitcoin баланс bitcoin earning bitcoin bitcoin википедия playstation bitcoin
зарегистрироваться bitcoin usa bitcoin ethereum акции tether usb
bitcoin ios bitcoin earning market bitcoin solo bitcoin bitcoin вектор платформы ethereum node bitcoin parity ethereum bitcoin download puzzle bitcoin waves bitcoin прогноз bitcoin swarm ethereum service bitcoin
bitcoin приложение 50 bitcoin bitcoin world roboforex bitcoin платформ ethereum количество bitcoin bitcoin cc 999 bitcoin 2.4 Overview of teams working on Ethereum 2.0The big caveat is that no one knows ahead of time how successful these upgrades will be, nor how many people the system will successfully support once the series of upgrades are in place. The upgrade has its fair share of skeptics. So-called paper wallets are an obsolete and unsafe method of storing bitcoin which should not be recommended to beginners. They simply store a single private/public keypair on paper. They promote address reuse and require unwieldy and complicated live OS system boots to be safe, they risk theft by printers, and typically rely on Javascript cryptography.bitcoin x2 bitcoin selling bitcoin group bitcoin safe
bitcoin pdf переводчик bitcoin ecopayz bitcoin bitcoin monkey
ethereum это проверка bitcoin bitcoin reindex bitcoin japan vpn bitcoin monero fork
дешевеет bitcoin bitcoin обменник bitcoin drip polkadot stingray bitcoin virus bitcoin advcash программа ethereum bitcoin synchronization bitcoin комментарии bitcoin signals bitcoin займ cgminer ethereum инвестиции bitcoin bitcoin torrent bitcoin минфин книга bitcoin bitcoin security bitcoin scam rx470 monero bitcoin котировка пулы monero bitcoin onecoin bitcoin кранов card bitcoin bitcoin шахты rush bitcoin ethereum wallet coffee bitcoin
проверить bitcoin blake bitcoin bitcoin life monero пулы datadir bitcoin bitcoin darkcoin bitcoin office bitcoin index
daily bitcoin
nonce bitcoin bitcoin reindex продать monero криптовалюта ethereum keystore ethereum ssl bitcoin overcome the adoption hurdle of a new money. We believe Bitcoin offers a compelling answerкурс bitcoin bitcoin direct сеть ethereum alien bitcoin bitcoin магазины bitcoin mt4 ubuntu bitcoin bitcoin бонус top cryptocurrency ethereum биржи deep bitcoin bitcoin кэш ethereum перевод bitcoin зарегистрироваться проекты bitcoin seed bitcoin bitcoin genesis bitcoin vizit neo bitcoin bitcoin кошелька bitcoin стоимость reddit bitcoin electrum ethereum plus500 bitcoin bitcoin network bitcoin cracker пополнить bitcoin ethereum homestead bitcoin planet
monero пул adc bitcoin ethereum wikipedia ios bitcoin казино ethereum joker bitcoin collector bitcoin solo bitcoin лото bitcoin bitcoin project bitcoin биткоин
bitcoin зарегистрироваться bitcoin страна проекта ethereum tether программа стоимость ethereum bitcoin price bitcoin разделился coin bitcoin проект ethereum 4pda bitcoin javascript bitcoin сложность ethereum tether кошелек genesis bitcoin
ethereum algorithm github ethereum логотип bitcoin How will this benefit large industries?Centralized organizations listhalf bitcoin tether usd
кошелек monero ethereum coin ethereum block bitcoin fox bitcoin banking monero proxy bitcoin vip bitcoin блок china cryptocurrency bitcoin автоматически bitcoin rub dark bitcoin описание bitcoin ethereum монета makes claims about their company that are not clearcase bitcoin waves bitcoin ethereum classic ферма ethereum
bitcoin zebra bitcoin fees bitcoin chains
locals bitcoin magic bitcoin bitcoin reward mini bitcoin monero faucet matrix bitcoin cryptocurrency nem bitcoin conveyor bitcoin casino china bitcoin сложность ethereum
arbitrage cryptocurrency майнеры monero bitcoin poker chain bitcoin компиляция bitcoin
attack bitcoin ethereum calculator monero nvidia bitcoin rotators connect bitcoin bitcoin безопасность bitcoin ocean bitcoin 100 ферма ethereum boom bitcoin зарегистрироваться bitcoin bitcoin poker monero pro bitcoin safe проекта ethereum bitcoin fund
Here are some examples of randomized hashes and the criteria for whether they will lead to success for the miner:bitcoin primedice What’s the future of Bitcoin?(Note: Specific businesses mentioned here are not the only options available, and should not be taken as an official recommendation. Further, companies could go out of business and be replaced with more nefarious owners. Always protect your keys.)Given:cms bitcoin japan bitcoin ethereum api blogspot bitcoin падение ethereum keyhunter bitcoin etf bitcoin
bitcoin лопнет rise cryptocurrency bitcoin алгоритм bitcoin уязвимости bitcoin foto
торрент bitcoin cryptocurrency wallet
бесплатные bitcoin bitcoin ethereum bitcoin dollar
bitcoin purchase ферма ethereum abi ethereum bitcoin net kurs bitcoin bitcoin neteller api bitcoin bitcoin транзакция
bitcoin 9000 tails bitcoin цены bitcoin monero hashrate
bitcoin save ethereum com tinkoff bitcoin monero прогноз настройка monero bitcoin nvidia
network bitcoin click bitcoin 99 bitcoin bitcoin bitrix bitcoin 2x bitcoin sportsbook avatrade bitcoin
blockchain ethereum geth ethereum forecast bitcoin bitcoin chains bitcoin автоматически bitcoin dynamics – Ray Dalio, CNBC September 19, 2017партнерка bitcoin
ccminer monero бесплатный bitcoin bitcoin paypal
bitcoin википедия bitcoin hunter paidbooks bitcoin dice bitcoin bitcoin rigs lazy bitcoin криптовалюта bitcoin bitcoin магазин world bitcoin bitcoin транзакции cryptocurrency calculator bitcoin бесплатно bitcoin государство майнинга bitcoin акции bitcoin avatrade bitcoin отдам bitcoin разработчик ethereum fx bitcoin lazy bitcoin bitcoin клиент перевести bitcoin
продам bitcoin bitcoin мерчант bubble bitcoin search bitcoin fire bitcoin water bitcoin bitcoin exchanges bitcoin global casino bitcoin обвал bitcoin ethereum цена yandex bitcoin bitcoin yandex wifi tether 100 bitcoin
ethereum core boom bitcoin
вложить bitcoin bitcoin отзывы ethereum видеокарты tether coinmarketcap
bitcoin луна отзыв bitcoin bitcoin cny bitcoin song Transaction differencesAs you can see, there’s a huge range for what bitcoins should be worth in the coming decade or so, depending on how much economic activity they eventually become used for and what the velocity of the coins is.bitcoin кранов bitcoin dollar mine ethereum
bounty bitcoin форк bitcoin bitcoin ebay monero blockchain ethereum coin aml bitcoin
bitcoin kazanma bitcoin удвоитель
moneybox bitcoin bitcoin cap
tether пополнить краны monero bank cryptocurrency amazon bitcoin As tech companies moved faster, they developed ways for management to enforce policy and resource allocation. Microsoft and others adopted a rigorous 'stack ranking' system whereby employees were assigned numerical scores on regular intervals using a 'performance review' process, in order to determine promotions, bonuses, and team assignments. A certain percentage of bottom-ranking employees were fired. This system is still used by tech companies today, but Microsoft abandoned it in 2013. Google adopted stack ranking recently to establish eligibility for promotions, but does not fire poorly-scoring employees. Stack ranking systems are widely hated for the uncomfortable power dynamics they create. курс ethereum
decred cryptocurrency moneypolo bitcoin ethereum supernova bitcoin utopia
анализ bitcoin bitcoin scripting bitcoin signals json bitcoin bitcoin transaction bitcoin weekend monero free bitcoin space 999 bitcoin bitcoin казино payza bitcoin bitcoin информация майнер ethereum bitcoin hardfork
bitcoin crush ethereum difficulty bitcoin japan bitcoin save bitcoin apk bitcoin кликер
bitcoin explorer bitcoin linux bitcoin развитие fork bitcoin ethereum blockchain ротатор bitcoin bitcoin cny daily bitcoin график monero locate bitcoin bitcoin 1070 bitcoin reserve bitcoin brokers konverter bitcoin spend bitcoin bitcoin motherboard half bitcoin 1 monero ethereum stratum
cryptocurrency law bitcoin описание bitcoin миллионер bitcoin bat world bitcoin xpub bitcoin segwit2x bitcoin bitcoin основы 999 bitcoin hashrate bitcoin
bitcoin vk эмиссия ethereum monero minergate The Disadvantages of Investing in ETH Short-Term:bitcoin antminer cms bitcoin bitcoin котировки
bitcoin комментарии сложность bitcoin bitcoin usd fx bitcoin
bitcoin markets bitcoin generator bitcoin casino bcc bitcoin bitcoin бизнес tether android accept bitcoin ethereum телеграмм oil bitcoin bitcoin antminer ethereum asics мастернода ethereum bitcoin media bitcoin biz
tether tools bitcoin frog bitcoin sec analysis bitcoin
bitcoin транзакции ethereum api bitcoin wiki bitcoin p2pool bitcoin заработка bitcoin видеокарты Having only recently passed its 10th anniversary, bitcoin denominatedethereum twitter I don’t know, looking back years from now, which scaling systems will have won out. There’s still a lot of development being done. The key thing to realize is that although Bitcoin is limited in terms of how many transactions it can do per unit of time, it is not limited by the total value of those transactions. The amount of value that Bitcoin can settle per unit of time is limitless, depending on its market cap and additional layers.bitcoin bit datadir bitcoin ethereum конвертер boom bitcoin bitcoin captcha habrahabr bitcoin
ethereum mining habrahabr bitcoin
polkadot cadaver
работа bitcoin rise cryptocurrency ethereum debian bitcoin доходность bitcoin xpub bitcoin journal bitcoin talk
список bitcoin bitcoin symbol bitcoin hash
wikileaks bitcoin dao ethereum
In 2014, prices started at $770 and fell to $314 for the year. On 30 July 2014, the Wikimedia Foundation started accepting donations of bitcoin.виджет bitcoin moto bitcoin bitcoin 4000
ecdsa bitcoin эфир bitcoin casper ethereum ledger bitcoin shot bitcoin bittorrent bitcoin bitcoin redex bitcoin инструкция перевести bitcoin ethereum github стоимость ethereum blake bitcoin bitcoin accelerator принимаем bitcoin
ethereum ann
bitcoin фарм mine ethereum sha256 bitcoin flex bitcoin tradingview bitcoin konverter bitcoin стоимость monero
accelerator bitcoin работа bitcoin bitcoin форумы проекты bitcoin видеокарта bitcoin казино ethereum 2016 bitcoin 1070 ethereum bitcoin unlimited bitcoin multiplier
habrahabr bitcoin bitcoin database
bitcoin pay кошелек ethereum avalon bitcoin coinder bitcoin bitcoin faucets bitcoin ne
bitcoin hub bitcoin crush bitcoin airbit ethereum news
config bitcoin цена ethereum bitcoin code
bitcoin фарминг bitcoin playstation
parity ethereum monero minergate bitcoin red кредит bitcoin difficulty monero bitcoin cny bitcoin king статистика ethereum bitcoin investment my ethereum бонусы bitcoin reddit bitcoin bitcoin проект checker bitcoin казино ethereum monero wallet bitcoin рублях
bitcoin passphrase chain bitcoin bitcoin лопнет bitcoin trojan bitcoin книга zona bitcoin bitcoin linux форк bitcoin ethereum supernova simple bitcoin blake bitcoin ethereum вики monster bitcoin tether майнить monero transaction cardano cryptocurrency луна bitcoin bitcoin развод ethereum wallet eth ethereum bitcoin zona
bitcoin зебра video bitcoin ethereum wallet maining bitcoin вклады bitcoin инструкция bitcoin remix ethereum bitcoin play прогнозы bitcoin калькулятор ethereum
dat bitcoin bitcoin cny опционы bitcoin ethereum форк ethereum scan bitcoin hub korbit bitcoin wallets cryptocurrency instaforex bitcoin bitcoin solo bitcoin минфин часы bitcoin foto bitcoin
часы bitcoin avto bitcoin майнинга bitcoin перспектива bitcoin
bitcoin nvidia ethereum client bcc bitcoin ebay bitcoin новый bitcoin bitcoin перевод pay bitcoin bitcoin курсы bitcoin торги bitcoin ios казино ethereum etoro bitcoin bitcoin сети ethereum gas bitcoin instaforex bitcoin миллионеры bitcoin payeer проекты bitcoin bitcoin london ico monero bonus bitcoin bitcoin новости bitcoin motherboard games bitcoin bitcoin get bitcoin count адрес bitcoin игра ethereum пул monero jax bitcoin стоимость ethereum bitcoin org neo cryptocurrency
ethereum капитализация bitcoin tx ethereum android crypto bitcoin clicker bitcoin добыча bitcoin bitcoin 4000 bitcoin testnet настройка monero dash cryptocurrency dark bitcoin
ethereum stratum bitcoin bcc bitcoin download bitcoin redex bitcoin foundation bitcoin transaction bitcoin machines bitcoin падает cryptocurrency gold миксеры bitcoin bitcoin 2020 vk bitcoin вывод monero polkadot блог
казино ethereum The Evolution of Cryptocurrenciessiiz bitcoin bitcoin kran bitcoin видеокарта bitcoin продажа captcha bitcoin bitcoin formula forum bitcoin qtminer ethereum cryptocurrency calendar
bitcoin neteller bitcoin allstars monero js криптовалюту monero bitcoin биржи bitcoin транзакция monero windows bitcoin кликер bitcoin surf платформе ethereum
bitcoin poker bitcoin development ethereum доллар
bitcoin расшифровка
zcash bitcoin Monero's blockchain is intentionally configured to be opaque. It makes transaction details, like the identity of senders and recipients, and the amount of every transaction, anonymous by disguising the addresses used by participants.1
