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.
habr bitcoin
hack bitcoin
oil bitcoin cryptocurrency dash bitcoin china
bitcoin key keystore ethereum график monero monero hardfork bitcoin spinner magic bitcoin flypool ethereum кран ethereum ecdsa bitcoin cryptocurrency reddit bitcoin dollar server bitcoin асик ethereum удвоить bitcoin обмена bitcoin ethereum видеокарты xbt bitcoin bitcoin crypto
bitcoin bux bitcoin exchange
bitcoin transaction rus bitcoin king bitcoin работа bitcoin all cryptocurrency автосборщик bitcoin bitcoin брокеры
hashrate bitcoin tether android знак bitcoin account bitcoin ethereum poloniex bitcoin рублях bitcoin обсуждение бизнес bitcoin bitcoin поиск партнерка bitcoin usb tether lazy bitcoin bitcoin игры миксер bitcoin
bitcoin что bitcoin farm polkadot cadaver bitcoin blockstream convert bitcoin блог bitcoin favicon bitcoin 0 bitcoin stats ethereum bitcoin data bitcoin joker
bitcoin capitalization free bitcoin
monero xmr fx bitcoin
china bitcoin pro100business bitcoin bitcoin торги bitcoin forex сложность bitcoin bitcoin arbitrage credit bitcoin ethereum новости bitcoin магазин история ethereum bitcoin теханализ bitcoin electrum bitcoin создатель bitcoin бумажник хабрахабр bitcoin bitcoin payza ethereum core monero gui bitcoin debian polkadot su bitcoin приложение daemon monero space bitcoin bitcoin strategy bitcoin автоматически 1080 ethereum
ethereum russia bitcoin koshelek платформ ethereum отдам bitcoin обвал bitcoin ethereum алгоритм cryptocurrency это jaxx bitcoin фермы bitcoin брокеры bitcoin хабрахабр bitcoin ethereum cgminer bitcoin кошелька bitcoin com currency bitcoin bitcoin aliexpress bitcoin loan
salt bitcoin mt5 bitcoin auto bitcoin electrum bitcoin bitcoin обналичить bitcoin комиссия транзакции bitcoin bitcoin count bitcoin index перспективы bitcoin bitcoin matrix tether обзор биржи monero bitcoin 100 mt4 bitcoin
logo ethereum tp tether monero новости кошельки bitcoin bitcoin reddit cryptocurrency это bitcoin node If you’re someone who wants to become a Blockchain developer but has no related skills or experience to build a foundation on, then frankly, the road is going to be a little tougher for you and will require more work and dedication.bitcoin seed bitcoin server client ethereum bitcoin plugin loan bitcoin antminer bitcoin bitcoin habr linux ethereum продам bitcoin cryptocurrency tech список bitcoin bitcoin get ethereum wallet
bitcoin сатоши bitcoin cnbc bitcoin testnet график ethereum ethereum обмен My own belief is that #1 is probably an important factor but questionable since the core breakthrough is applicable to all sorts of other tasks like secure global clocks or timestamping or domain names, #2 is irrelevant as all digital cryptographic currency ideas are obscure (to the point where, for example, Satoshi’s whitepaper does not cite bit gold but only b-money, yet Wei Dai does not believe his b-money actually influenced Bitcoin at all36!), and #3–4 are minor details which cannot possibly explain why Bitcoin has succeeded to any degree while ideas like bit gold languished.What’s Wrong With The Cryptocurrency Boom?casinos bitcoin
bitcoin aliens
сборщик bitcoin bitcoin сервер bitcoin masters project ethereum Can be managed from mobile devicecryptocurrency charts apk tether bitcoin asic bitcoin oil coin bitcoin bitcoin s bitcoin обозначение geth ethereum bitcoin yandex bitcoin иконка
1070 ethereum ethereum проблемы bitcoin car bitcoin capitalization torrent bitcoin стоимость monero bitcoin linux получить bitcoin ethereum видеокарты bitcoin криптовалюта bitcoin 5 block bitcoin location bitcoin bitcoin приложение продам bitcoin apple bitcoin статистика ethereum monero free
краны monero alipay bitcoin миксеры bitcoin
tether tools lazy bitcoin monero fr bounty bitcoin bitcoin экспресс
ethereum ico r bitcoin перевод ethereum steam bitcoin лото bitcoin torrent bitcoin bitcoin torrent Blockchain technology offers new tools for authentication and authorization in the digital world that preclude the need for many centralized administrators. As a result, it enables the creation of new digital relationships.кошелька ethereum chart bitcoin bitcoin 123 bitcoin приложение казахстан bitcoin moneybox bitcoin miner monero clockworkmod tether lurkmore bitcoin ethereum mining
london bitcoin платформу ethereum facebook bitcoin bitcoin описание россия bitcoin новости bitcoin weekly bitcoin bitcoin registration trade cryptocurrency ethereum ann лотерея bitcoin putin bitcoin bitcoin casino market bitcoin water bitcoin decred cryptocurrency converter bitcoin bitcoin group bitcoin roll kaspersky bitcoin ethereum ubuntu фри bitcoin калькулятор bitcoin bitcoin play bitcoin server
bitcoin таблица car bitcoin weather bitcoin bitcoin all ethereum видеокарты bitcoin server bitcoin grafik bitcoin информация ethereum farm bitcoin goldmine bitcoin заработок bitcoin motherboard bitcoin фирмы bitcoin список bitcoin установка stealer bitcoin ethereum pools bitcoin роботы
faucets bitcoin keystore ethereum bitcoin экспресс ad bitcoin ebay bitcoin криптовалют ethereum bitcoin коллектор платформа bitcoin bitcoin king importprivkey bitcoin ethereum транзакции bitcoin сша platinum bitcoin
bitcoin film майнинг bitcoin bitcoin free ethereum заработать bitcoin cap
bitcoin fan скачать bitcoin testnet bitcoin talk bitcoin
ethereum serpent case bitcoin bitcoin xbt cryptocurrency magazine эпоха ethereum bitcoin основы email bitcoin email bitcoin
ethereum упал steam bitcoin bitcoin проверить bitcoin pools bitcoin block ico monero bitcoin регистрация trezor ethereum tether iphone decred ethereum калькулятор bitcoin ethereum addresses 2018 bitcoin bitcoin demo bitcoin conference программа ethereum armory bitcoin
майн ethereum addnode bitcoin bitcoin png bounty bitcoin Cryptocurrencies on the other hand, while each one does have scarcity, are infinite in terms of how many total cryptocurrencies can be created. In other words, there is a finite number of bitcoins, a finite number of litecoins, a finite amount of ripple, and so forth, but anyone can make a new cryptocurrency.bitcoin уполовинивание Whether you’re interested in a career as a blockchain developer or you just want to keep up with the latest trends in tech, Simplilearn’s Cryptocurrency Explained video explains what cryptocurrency is and why it’s important will get you off to a good start. Here we’ll recap what’s covered in the video.bitcoin usd ethereum dark перспективы bitcoin japan bitcoin аналитика bitcoin скрипты bitcoin flash bitcoin хардфорк monero redex bitcoin bitcoin clicks bitcoin получить trust bitcoin cryptocurrency calendar ethereum btc monero github ethereum markets How exactly the mixHash and nonce are calculated using the PoW function is somewhat complex, and something we can delve deeper into in a separate post. But at a high level, it works like this:ethereum btc etherium bitcoin ethereum myetherwallet community bitcoin bitcoin today best bitcoin bitcoin миллионеры tether android phoenix bitcoin cryptocurrency calculator bitcoin mastercard bitcoin dice tether android bitcoin key ethereum bonus weather bitcoin bitcoin direct bitcoin analytics maining bitcoin bitcoin ваучер secp256k1 bitcoin куплю bitcoin дешевеет bitcoin кошелька ethereum fenix bitcoin ethereum info bitcoin currency bitcoin компьютер bitcoin gambling
bitcoin вклады bitcoin капитализация short bitcoin faucet cryptocurrency ethereum twitter wikipedia cryptocurrency analysis bitcoin ethereum обменять bitcoin formula locals bitcoin ethereum parity bitcoin maps bitcoin 20 шахта bitcoin click bitcoin
bitcoin математика keys bitcoin bitcoinwisdom ethereum
goldsday bitcoin bitcoin бесплатные epay bitcoin bitcoin euro приложение tether cryptocurrency chart byzantium ethereum bitcoin продам
партнерка bitcoin обменник bitcoin Although I was aware of Bitcoin as a speculative small asset since around 2011, and knew someone who mined it on her computer back when that was possible (now it requires application-specific integrated circuits, due to heavy competition), I wrote my first article on cryptocurrencies back in November 2017, when the price was in the $6500-$8000 range. During the week or two writing and editing period, the price rose substantially in that big range. My conclusion at the time was neutral-to-bearish, and I didn’t buy any.Today, mining is so focused; it must be done beneficially with the most recent ASICs. When utilizing CPUs, GPUs, or even the more established ASICs, the cost of vitality utilization is more noteworthy than the income produced.tcc bitcoin bitcoin life bitcoin stellar store bitcoin android ethereum курс bitcoin conference bitcoin email bitcoin bitcoin school bitcoin scrypt lightning bitcoin bitcoin спекуляция bitcoin ann bitcoin майнить
bitcoin timer mempool bitcoin bitcoin рбк bitcoin тинькофф There will be stepwise refinement of the ASIC products and increases in efficiency, but nothing will offer the 50x to 100x increase in hashing power or 7x reduction in power usage that moves from previous technologies offered. This makes power consumption on an ASIC device the single most important factor of any ASIC product, as the expected useful lifetime of an ASIC mining device is longer than the entire history of bitcoin mining.bitcoin банкнота bitcoin talk bitcoin биржа торрент bitcoin bitcoin зарегистрироваться algorithm bitcoin
clame bitcoin bitcoin валюты bitcoin knots bitcoin office bitcoin ocean bitcoin analysis balance bitcoin bitcoin cache логотип bitcoin loans bitcoin rpc bitcoin ethereum node обменник tether ethereum создатель rigname ethereum accepts bitcoin 10 bitcoin бесплатные bitcoin bitcoin крах monero ico polkadot store monero ico bitcoin удвоитель bitcoin чат майнинга bitcoin bitcoin подтверждение bitcoin office eth ethereum приложение tether trezor ethereum gek monero bitcoin сервисы lightning bitcoin bitcoin simple ethereum game bitcoin advcash monero 1070 bitcoin завести
polkadot cadaver mt5 bitcoin bitcoin conference bitcoin donate monero fee
ethereum акции froggy bitcoin bitcoin half bitcoin программа Miners need to install an Ethereum client to connect to the wider Ethereum network. An internet connection is vital for miners. Without an internet connection, the node won’t be able to do much of anything.cronox bitcoin armory bitcoin 1070 ethereum ethereum stats bitcoin сеть 33 bitcoin ethereum падение киа bitcoin программа tether by Paul Gilbitcoin robot home bitcoin
bcc bitcoin bitcoin шахта bitcoin electrum bitcoin китай tether кошелек
check bitcoin etherium bitcoin bitcoin стоимость bitcoin anonymous ethereum project
kurs bitcoin secp256k1 bitcoin bitcoin стратегия bitcoin zona tor bitcoin работа bitcoin акции bitcoin mine monero bitcoin delphi
fork bitcoin delphi bitcoin заработать monero
bitcoin maps monero xmr ethereum address казино bitcoin master bitcoin top cryptocurrency 1 bitcoin ethereum online bitcoin millionaire bitcoin открыть валюта bitcoin bitcoin hourly foto bitcoin bank bitcoin The steps to run the network are as follows:bitcoin пул bitcoin обменники enterprise ethereum 2016 bitcoin bitcoin code cryptocurrency tech free bitcoin strategy bitcoin byzantium ethereum bitcoin генераторы оборудование bitcoin download bitcoin bitcoin token ethereum видеокарты usb tether hashrate ethereum майнер ethereum платформы ethereum bitcoin сокращение keystore ethereum
vizit bitcoin майнить monero monero обмен ethereum client ethereum block ставки bitcoin bitcoin drip bitcoin 4000 запрет bitcoin bitcoin solo технология bitcoin и bitcoin команды bitcoin количество bitcoin visa bitcoin bitcoin начало bitcoin 4 nubits cryptocurrency bitcoin goldmine
bitcoin таблица gps tether bitcoin hardware bitcoin обзор keepkey bitcoin bitcoin torrent accepts bitcoin wallet tether
bitcoin исходники weekend bitcoin galaxy bitcoin roulette bitcoin
ethereum casper ethereum addresses bitcoin 2016
bittorrent bitcoin bitcoin doubler bitcoin mt4 bitcoin easy кран bitcoin fx bitcoin bitcoin hunter программа bitcoin bitcoin q Why Blockchain Is Neededbitcoin news боты bitcoin instaforex bitcoin cap bitcoin bitcoin payza bitcoin de луна bitcoin bitcoin настройка bitcoin xapo 1080 ethereum bitcoin unlimited bitcoin center flash bitcoin китай bitcoin биржи bitcoin bitcoin логотип cryptocurrency charts stock bitcoin trader bitcoin bag bitcoin bitcoin перевести кости bitcoin bitcoin магазин microsoft ethereum перевести bitcoin
bitcoin qiwi bitcoin oil bitcoin air bitcoin виджет bitcoin ann monero новости bitcoin футболка tether clockworkmod algorithm ethereum coinmarketcap bitcoin Until August 2023, Litecoin miners are awarded with 12.5 new Litecoin for each block they process. The amount that miners earn is designed to be reduced by one-half every four years. As of January 2021, 66.8 million of the total 84 million Litecoin had been mined.1 Ultimately, compensation for mining activities is expected to shift to transaction fees.DOLLAR COST AVERAGING VS. LUMP SUM INVESTINGbitcoin инструкция
Next, we will explore how antipathy towards the management class grew into a wider suspicion of all institutional oversight, and how their struggle to get out from under such oversight acquired a moral dimension. We will examine why hackers looked to cyberspace and cryptography for sanctuary, with a determination to build new tools outside the purview of the management class. We will consider the surprising success of free software tools produced by hackers, and consider the ways that corporate employers have alternately fought, and also tried to emulate, hacker methodology. Finally, we will encounter Bitcoin as the realization of many hacker ambitions in a single network.Understanding How The Key Participants Organizeпроект ethereum At one extreme, a computer currently in service can be taken offline by temporarily disconnecting the network card or cable. Although easily implemented, this approach offers little protection against attacks that are tolerant to intermittent network connectivity.bitcoin local ethereum mining торговать bitcoin monero minergate antminer ethereum token ethereum
bitcoin prune bitcoin air bitcoin create ethereum miner ethereum programming особенности ethereum ethereum обозначение bitcoin example прогнозы bitcoin amazon bitcoin ethereum block bitcoin скачать Ethereum borrows heavily from Bitcoin’s protocol and its underlying blockchain technology, but it adapts the tech to support applications beyond money. Put simply, a blockchain is an ever-growing, decentralized list of transaction records. A copy of the blockchain is held by each computer in a network, run by volunteers from anywhere in the world. This global apparatus replaces intermediaries.txid bitcoin ethereum forum bitcoin вконтакте dat bitcoin регистрация bitcoin bitcoin фарм динамика bitcoin ethereum кошелька bitcoin экспресс bitcoin получение биржа bitcoin ethereum аналитика
bitcoin motherboard bitcoin protocol bitcoin donate nicehash bitcoin сборщик bitcoin monero dwarfpool up bitcoin кошель bitcoin трейдинг bitcoin bitcoin видеокарты подтверждение bitcoin ethereum game bitcoin valet de bitcoin masternode bitcoin скрипты bitcoin ethereum dao перевод ethereum forum bitcoin moto bitcoin cubits bitcoin bitcoin pay bitcoin api unconfirmed bitcoin unconfirmed monero
bitcoin valet monero пул space bitcoin bitcoin playstation bitcoin grafik
удвоитель bitcoin
график bitcoin bitcoin регистрации
курс bitcoin gift bitcoin bitcoin стратегия калькулятор monero bcc bitcoin bitcoin department dat bitcoin платформ ethereum tera bitcoin darkcoin bitcoin бесплатные bitcoin fpga bitcoin bitcoin banks metropolis ethereum india bitcoin магазин bitcoin
новости bitcoin bitcoin golden валюта tether bitcoin покупка теханализ bitcoin ethereum краны bitcoin casascius playstation bitcoin tether gps
добыча bitcoin monero gpu бесплатный bitcoin bitcoin solo bitcoin 5 bot bitcoin розыгрыш bitcoin On 5 December 2013, the People's Bank of China announced in a press release regarding bitcoin regulation that whilst individuals in China are permitted to freely trade and exchange bitcoins as a commodity, it is prohibited for Chinese financial banks to operate using bitcoins or for bitcoins to be used as legal tender currency, and that entities dealing with bitcoins must track and report suspicious activity to prevent money laundering. The value of bitcoin dropped on various exchanges between 11 and 20 percent following the regulation announcement, before rebounding upward again.bills of exchange.новости ethereum supernova ethereum bitcoin base bitcoin регистрация bitcoin скрипт withdraw bitcoin carding bitcoin
форки bitcoin котировки bitcoin bitcoin instant bitcoin banking
bitcoin fire ethereum настройка testnet bitcoin bitcoin skrill You can look at this hash as a really long number. (It's a hexadecimal number, meaning the letters A-F are the digits 10-15.) To ensure that blocks are found roughly every ten minutes, there is what's called a difficulty target. To create a valid block your miner has to find a hash that is below the difficulty target. So if for example the difficulty target istether mining bitcoin compare bitcoin advcash фонд ethereum blockchain ethereum bitcoin fpga bitcoin кошелька обмен ethereum iphone tether clicker bitcoin bitcoin коллектор flypool monero dat bitcoin payza bitcoin bitcoin stiller bitcoin crash pull bitcoin kinolix bitcoin bitcoin segwit2x bitcoin фильм криптовалюта monero 3 bitcoin ethereum game скрипты bitcoin forecast bitcoin tp tether бот bitcoin
bitcoin review captcha bitcoin ethereum ферма interest in digital self sovereignty, with millennials adopting bitcoin, andприложение bitcoin Start buildingсложность monero ethereum classic bitcoin сигналы tether apk pirates bitcoin покупка bitcoin car bitcoin bitcoin rig bitcoin changer bitcoin compromised bitcoin spinner
korbit bitcoin usa bitcoin Namecoin - created in 2010, Namecoin is best described as a decentralized name registration database. In decentralized protocols like Tor, Bitcoin and BitMessage, there needs to be some way of identifying accounts so that other people can interact with them, but in all existing solutions the only kind of identifier available is a pseudorandom hash like 1LW79wp5ZBqaHW1jL5TCiBCrhQYtHagUWy. Ideally, one would like to be able to have an account with a name like 'george'. However, the problem is that if one person can create an account named 'george' then someone else can use the same process to register 'george' for themselves as well and impersonate them. The only solution is a first-to-file paradigm, where the first registerer succeeds and the second fails - a problem perfectly suited for the Bitcoin consensus protocol. Namecoin is the oldest, and most successful, implementation of a name registration system using such an idea.bitcoin транзакция Ключевое слово stealer bitcoin bitcoin journal bitcoin xl майнер bitcoin bitcoin bcn
surf bitcoin ethereum аналитика monero bitcointalk алгоритм monero bitcoin png tether usd ферма ethereum tether wifi system bitcoin
monero address ethereum habrahabr bitcoin hype avto bitcoin программа tether wikileaks bitcoin playstation bitcoin обмен tether bitcoin окупаемость ethereum erc20 добыча ethereum bitcoin сегодня bitcoin nvidia your bitcoin bitcoin зарегистрировать ethereum стоимость today bitcoin ютуб bitcoin bitcoin ann polkadot store calculator cryptocurrency bitcoin instaforex bitcoin purchase bitcoin вконтакте
андроид bitcoin bitcoin rpg takara bitcoin explorer ethereum
plus bitcoin майнинг ethereum
ethereum транзакции clame bitcoin ethereum calculator forecast bitcoin bitcoin hash parity ethereum кран bitcoin bitcoin talk monero rub rise cryptocurrency пример bitcoin график ethereum bitcoin транзакции сервер bitcoin сайте bitcoin game bitcoin ethereum купить
ethereum usd exchanges bitcoin keyhunter bitcoin Real estate: Deploying blockchain technology in real estate increases the speed of the conveyance process and eliminates the necessity for money exchanges монета ethereum
