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.
bitcoin комиссия Think about a real-world container that carries lots of boxes from destination A to destination B. In the world of cryptocurrency, the container is the 'block' and each box that is on the container is an individual transaction.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
анализ bitcoin bitcoin nachrichten bitcoin рынок использование bitcoin bitcoin графики chain bitcoin registration bitcoin metal bitcoin air bitcoin pixel bitcoin bitcoin проект accepts bitcoin
bitcoin информация solo bitcoin sportsbook bitcoin bitcoin gift up bitcoin cryptocurrency ico ethereum pools bitcoin play ethereum com bitcoin half bitcoin paypal utxo bitcoin polkadot stingray mini bitcoin They can be printed at the subjective whims of the controllersbitcoin alliance биржи ethereum робот bitcoin bitcoin история
bitcoin click car bitcoin ethereum api рубли bitcoin bitcoin rub bitcoin фарм circle bitcoin ecdsa bitcoin js bitcoin titan bitcoin сети ethereum bitcoin комиссия bitcoin монеты genesis bitcoin bitcoin купить bitcoin cards особенности ethereum bitcoin шахта bitcoin circle
bitcoin лотерея mac bitcoin аккаунт bitcoin fpga ethereum
india bitcoin bitcoin инвестиции space bitcoin information bitcoin хайпы bitcoin freeman bitcoin bitcoin value x bitcoin bitcoin kz bitcoin виджет
ethereum контракт dwarfpool monero money bitcoin
project ethereum токен ethereum crococoin bitcoin bitcoin bazar ethereum algorithm
генераторы bitcoin rise cryptocurrency bitcoin cap
bitcoin автосерфинг your bitcoin bitcoin play monero minergate брокеры bitcoin bitcoin зарабатывать bitcoin аналоги Sharepuzzle bitcoin bitcoin rub iso bitcoin чат bitcoin kinolix bitcoin bitcoin hashrate rigname ethereum bitcoin приват24
пулы ethereum bitcoin pps calc bitcoin green bitcoin bitcoin price bitcoin бот ethereum blockchain goldmine bitcoin
ethereum настройка bitcoin 123 tether верификация fpga ethereum bitcoin компания ethereum валюта wallet cryptocurrency bitcoin капча difficulty bitcoin coin bitcoin The world has never seen this before, and there is now a certain inevitability that markets around the world will gradually gravitate toward this superior money. Money is a good like all others, in that it competes for the attention of those using it.обменники ethereum bitcoin картинка падение ethereum bitcoin расчет bitcoin рулетка графики bitcoin bitcoin widget calculator cryptocurrency ethereum перевод fast bitcoin grayscale bitcoin криптовалюту bitcoin дешевеет bitcoin bitcoin landing bitcoin уязвимости ethereum miners bitcoin ne bitcoin click
bitcoin mail polkadot ico
bitcoin info приложение tether 60 bitcoin miningpoolhub ethereum
dark bitcoin cryptocurrency tech обмена bitcoin bitcoin google bitcoin world bitcoin monkey facebook bitcoin
ethereum block bitcoin ваучер bitcoin гарант boom bitcoin ethereum алгоритм moneypolo bitcoin программа ethereum сделки bitcoin british bitcoin bitcoin agario bitcoin заработок ethereum ethereum txid отзывы ethereum ethereum org bitcoin youtube bitcoin рухнул bitcoin mastercard tether io bitcoin завести
bitcoin clouding инвестиции bitcoin bloomberg bitcoin payable ethereum cryptocurrency кошелька bitcoin datadir bitcoin анонимность bitcoin bitcoin мерчант кредиты bitcoin Another key disadvantage of including bitcoin in an IRA is the fees. Bitcoin trading through an IRA is different from regular stock trading or from trading at cryptocurrency exchanges, which are not custodians. The potential tax benefits of trading bitcoin through a self-directed IRA account come with their own set of challenges. The most important of these is the expense of added fees and risk. Because firms offering self-directed IRA services are not bound by broker fiduciary duties, investors are on the hook if they do not assess risks associated with crypto markets. суть bitcoin ethereum blockchain
windows bitcoin kurs bitcoin bitcoin double protocol bitcoin bitcoin money secp256k1 bitcoin
статистика ethereum bitcoin отзывы bitcoin msigna bitcoin iq bitcoin фермы abi ethereum bitcoin эмиссия bitcoin weekly monero обменник
bitcoin виджет bitcoin картинки bitcoin xl покупка ethereum ethereum курсы cryptocurrency tech bitcoin icon exchanges bitcoin bitcoin symbol
Servers (nodes) that support the network of minersblender bitcoin cz bitcoin Multiple hard drives and graphics cards being used to mine digital currencies. cryptocurrency calculator boom bitcoin monero logo bitcoin s bitcoin биткоин ethereum новости ethereum rotator bitcoin описание ethereum usd cz bitcoin форум bitcoin
инструкция bitcoin bitcoin миллионер ethereum контракты bounty bitcoin ethereum контракты
bitcoin aliexpress адрес bitcoin game bitcoin home bitcoin bitcoin converter bitcoin россия bitcoin ммвб луна bitcoin
bitcoin россия эпоха ethereum bitcoin donate бизнес bitcoin hd bitcoin ethereum форум виталик ethereum
buying bitcoin ethereum pos bitcoin price game bitcoin bitcoin обсуждение network bitcoin bitcoin bazar основатель bitcoin bitcoin сервера ethereum рост ethereum russia nicehash monero график monero bitcoin кошелек проверка bitcoin forum ethereum tether plugin bitcoin plugin ethereum asics bitcoin расшифровка mt5 bitcoin tor bitcoin
korbit bitcoin avatrade bitcoin bitcoin оборот secp256k1 ethereum доходность ethereum
сайт ethereum
bitcoin софт bitcoin сети iso bitcoin вложить bitcoin bitcoin рухнул bitcoin обвал ethereum addresses
roulette bitcoin
трейдинг bitcoin bitcoin рейтинг sun bitcoin bitcoin greenaddress
reddit cryptocurrency bitcoin оборот
уязвимости bitcoin bitcoin png ethereum ротаторы кошель bitcoin lurkmore bitcoin blender bitcoin polkadot lamborghini bitcoin bitcoin ebay adbc bitcoin статистика ethereum transactions bitcoin bitcoin etf ethereum создатель bistler bitcoin контракты ethereum segwit2x bitcoin Simplifying Business to Businessbitcoin часы Initial cost of setting up the hardware.bitcoin keywords ethereum testnet ethereum pools ethereum addresses bitcoin биржи monero client analysis bitcoin security bitcoin conference bitcoin bestchange bitcoin monero краны ethereum install продажа bitcoin ethereum telegram bitcoin автокран This example may seem complex – but it illustrates what range of new possibilities there are for completely different models of work and business.While privacy fuels the rapid adoption of Monero, it also brings with it several challenges. For instance, the non-traceability and privacy features allow them to be used for disreputable purposes and at questionable marketplaces, including those like drugs and gambling. This is one of the reasons why markets that were popular on the dark web, like AlphaBay and Oasis, showed increased use of Monero before they were shut down.5hardware bitcoin надежность bitcoin форк bitcoin рулетка bitcoin bitcoin dollar
bitcoin рухнул monero hashrate faucets bitcoin hourly bitcoin red bitcoin car bitcoin vip bitcoin tether пополнение bitcoin теханализ linux bitcoin bitcoin xbt simple bitcoin dat bitcoin bitcoin mt4 bitcoin дешевеет steam bitcoin There are also other Bitcoin clients made by other developers that adhere to the Bitcoin protocol. As more developers create alternative clients, less power will lie with the developers of the original Bitcoin client.bitcoin мерчант forum bitcoin стоимость bitcoin ethereum 1070 mikrotik bitcoin bitcoin государство ethereum отзывы exchange bitcoin хабрахабр bitcoin xronos cryptocurrency
pool monero boxbit bitcoin ethereum обмен accepts bitcoin bitcoin apple pirates bitcoin king bitcoin bitcoin etherium blockchain ethereum hash bitcoin
bitcoin oil bitcoin dice ethereum news iota cryptocurrency сайты bitcoin ethereum добыча android tether пицца bitcoin работа bitcoin pdf bitcoin pow ethereum часы bitcoin эмиссия ethereum ethereum news ico ethereum bitcoin 2017 bitcoin доходность secp256k1 ethereum explorer ethereum майнинг monero bitcoin site bitcoin конвертер bitcoin описание monero minergate сатоши bitcoin ethereum видеокарты
bitcoin прогнозы ethereum динамика bitcoin banking эмиссия ethereum
добыча bitcoin bitcoin суть
pull bitcoin secp256k1 bitcoin bitcoin сша bitcoin node bitcoin сколько xmr monero ethereum php primedice bitcoin bounty bitcoin ios bitcoin bitcoin map eth ethereum bitcoin луна майнинга bitcoin bitcoin xpub bitcoin обозреватель ethereum vk бесплатно bitcoin adc bitcoin скрипт bitcoin Two persons may exchange messages, conduct business and negotiate electronic contracts without ever knowing the true name or legal identity of the other. It is only natural that governments will try to slow or halt the spread of this technology, citing national security concerns, use of the technology by criminals and fears of societal disintegration.wm bitcoin ферма bitcoin ethereum calc tether верификация bitcoin смесители bittrex bitcoin bitcoin froggy bitcoin conveyor ethereum цена bitcoin scripting bitcoin 3 проверка bitcoin bitcoin инвестирование основатель ethereum ccminer monero ethereum вики bitcoin official рейтинг bitcoin создать bitcoin bitcoin скачать депозит bitcoin bitcoin картинки ethereum курсы
secp256k1 ethereum jaxx bitcoin putin bitcoin One of the commonest critiques of Bitcoin, often emanating from central bankers or economists, is that it is not a currency because it lacks price stability. Typically, the mandate of central bankers is to optimize for relatively stable purchasing power (although currency depreciation at two percent a year is considered tolerable in the US) and other objectives like full employment. Lacking any mechanism to manage exchange rates, Bitcoin is considered a priori not a currency. Implicit in the conventional view of what constitutes a sovereign currency is some notion of management; just ask Christine Lagarde:bitcoin монеты bestexchange bitcoin ethereum обменять tether bootstrap ethereum форум курса ethereum bitcoin комментарии bitcoin shop dag ethereum mt4 bitcoin 4000 bitcoin hub bitcoin equihash bitcoin xbt bitcoin bitcoin stock security bitcoin казино ethereum eobot bitcoin ethereum erc20 bitcoin fasttech ethereum btc ropsten ethereum ethereum эфириум ethereum обозначение bitcoin maps бесплатный bitcoin monero proxy
bitcoin 0
bitcoin бумажник abi ethereum bitcoin 2020
capitalization bitcoin mine bitcoin расшифровка bitcoin bitcoin novosti 16 bitcoin bitcoin online генераторы bitcoin bitcoin farm скрипт bitcoin ethereum контракты alipay bitcoin bitcoin сколько расчет bitcoin
birds bitcoin игра ethereum card bitcoin testnet bitcoin etf bitcoin bitcoin free bitcoin компьютер ASICs are much more powerful than CPUs and GPUs, meaning that they will have a much better chance of winning the mining reward.boxbit bitcoin bitcoin loan хайпы bitcoin bitcoin код polkadot блог
биржа bitcoin bitcoin уязвимости tether clockworkmod moneypolo bitcoin ethereum price bitcoin linux ethereum foundation bitcoin rpg 1070 ethereum forex bitcoin скрипты bitcoin bitcoin symbol ethereum перевод app bitcoin
mikrotik bitcoin login bitcoin
бесплатные bitcoin
server bitcoin bitcoin keywords
bitcoin эмиссия 50000 bitcoin bitcoin футболка ethereum алгоритм atm bitcoin
bitcoin c miner monero The journal encourages authors to digitally sign a file hash of submitted papers, which will then be timestamped into the bitcoin blockchain. Authors are also asked to include a personal bitcoin address in the first page of their papers.котировка bitcoin ethereum txid rate bitcoin monero btc краны monero ethereum habrahabr ethereum android форк ethereum бутерин ethereum faucets bitcoin bitcoin txid ethereum faucet gift bitcoin bitcoin gif ethereum pow вклады bitcoin value bitcoin капитализация bitcoin blogspot bitcoin dogecoin bitcoin bitcoin rates bitcoin xapo bitcoin reddit ethereum платформа ethereum web3 bitcoin linux взлом bitcoin bitcoin информация iphone tether 2016 bitcoin local ethereum bitcoin gif byzantium ethereum сатоши bitcoin настройка monero bitcoin wm bitcoin average opencart bitcoin This database is typically shared across a large network containing many computers (known as 'nodes') and it is completely public. I say 'typically' because it can technically be formed by any number of nodes. To get blockchain explained fully, it is important to know that the more nodes there is, the more secure it is — that’s why it’s good to have a large number of nodes running the blockchain!What is the cryptocurrency to the people of Syria? It’s hope. Thirty percent of UN Aid is lost to third-party corruption so UNICEF has been using Ethereum to raise money for the children of Syria.bye bitcoin
mac bitcoin
bitcoin бизнес monero обменять android tether top cryptocurrency ethereum сайт
wisdom bitcoin мастернода bitcoin bitcoin habr map bitcoin магазины bitcoin youtube bitcoin doge bitcoin bitcoin betting ethereum supernova
greenaddress bitcoin go ethereum lealana bitcoin bitcoin forecast difficulty bitcoin метрополис ethereum
ethereum rub bitcoin loan sha256 bitcoin bitcoin atm claim bitcoin bitcoin utopia bitcoin украина tp tether bitcoin links 4 bitcoin maps bitcoin bitcoin japan
ethereum contracts
bitcoin ubuntu bitcoin 10
bitcoin rotator sgminer monero bitcoin шахта bitcoin land javascript bitcoin forum ethereum best bitcoin bitcoin bloomberg • $514 billion annual remittance marketbitcoin футболка
добыча bitcoin bitcoin мерчант nodes bitcoin
2016 bitcoin bitcoin hacking bitcoin 1000 кредиты bitcoin casascius bitcoin bitcoin пулы bitcoin cny buy tether ethereum os cubits bitcoin продам bitcoin difficulty ethereum ethereum casino cryptocurrency price ethereum биржа bitcoin dynamics япония bitcoin
монета ethereum bitcoin торговля bitcoin kraken
bitcoin ютуб стоимость monero bitcoin окупаемость monero hardware
bitcoin список bitcoin eobot bitcoin инструкция main bitcoin bitcoin бонусы win bitcoin bitcoin bloomberg
bitcoin блок ethereum classic bitcoin обменять mine monero monero gpu usa bitcoin алгоритм bitcoin bitcoin вклады bitcoin land txid ethereum
space bitcoin ethereum купить bitcoin dynamics bitcoin play ethereum code bitcoin multiplier autobot bitcoin bitcoin 10 bitcoin bloomberg bitcoin коды пул monero ecopayz bitcoin stats ethereum bitcoin котировки исходники bitcoin
production cryptocurrency bitcoin 4000 bitcoin flapper black bitcoin брокеры bitcoin bitcoin компания tether wallet dark bitcoin bitcoin multibit tether download bitcoin monero
bitcoin biz bitcoin карты bitcoin de gemini bitcoin bitcoin форумы bitcoin разделился bitrix bitcoin курс ethereum bitcoin gif
HarmonyHarmonyJavamonero cryptonote перспективы bitcoin ava bitcoin кошелек tether эпоха ethereum ethereum blockchain bitcoin 33 flappy bitcoin bitcoin mmm валюта monero количество bitcoin bitcoin fpga wallet tether bitcoin okpay ethereum продам stealer bitcoin bitcoin мерчант bitcoin бизнес блоки bitcoin bitcoin бизнес bitcoin future kraken bitcoin agario bitcoin amazon bitcoin bitcoin msigna amazon bitcoin суть bitcoin bitcoin алгоритм bitcoin переводчик ethereum токены bitcoin jp ethereum network bitcoin арбитраж coffee bitcoin monopoly overcharges, it risks two forms of entry: (a) the common citizenrybitcoin бесплатные Jennifer Shasky Calvery, the director of FinCEN said, 'Virtual currencies are subject to the same rules as other currencies. ... Basic money-services business rules apply here.'monero core remix ethereum bitcoin inside ethereum это bitcoin earn bitcoin cryptocurrency bitcoin talk secp256k1 bitcoin bitcoin кошелек tether usd bitcoin rates bitcoin png cryptocurrency by bitcoin multiply bitcoin
bitcoin лого electrum bitcoin картинки bitcoin обменники bitcoin bitcoin stock bitcoin kz
rpg bitcoin adbc bitcoin autobot bitcoin bitcoin 99 робот bitcoin difficulty bitcoin etoro bitcoin деньги bitcoin bazar bitcoin bitcoin yandex bitcoin in bitcoin antminer services, and that the control that religious authorities had over portions ofbitcoin pos generator bitcoin программа tether bitcoin генератор bitcoin ruble bitcoin bit monero news bitcoin прогноз транзакции monero кредиты bitcoin monero форум bitcoin сокращение ethereum crane split bitcoin fake bitcoin
купить monero bitcoin eobot coingecko ethereum In a blockchain system, however, all users can view the changes while they are being made.There isn’t one agreed-upon definition of a dapp as it’s a relatively new concept. But the key characteristics of a dapp include:1: weibitcoin dogecoin 33 bitcoin эмиссия ethereum cryptocurrency bitcoin bitcoin nodes новости bitcoin bitcoin доходность all cryptocurrency daemon monero txid bitcoin dogecoin bitcoin курс ethereum bitcoin loan bitcoin symbol ethereum ann продам ethereum black bitcoin forum bitcoin bux bitcoin bitcoin investment bitcoin capital games bitcoin bitcoin red bitcoin plus bitcoin xl grayscale bitcoin смесители bitcoin bitcoin москва 100 bitcoin ethereum stats algorithm ethereum bitcoin курс bitcoin database fpga ethereum free bitcoin There are 'full' and lightweight clients in the Bitcoin network. A Bitcoin Node is a full client, which means that it holds a blockchain and processes blocks and transactions in the system. Any computer, either mining or just running a Bitcoin client supports the chosen node and the system in general. The stakeholders can support the preferred node by running the corresponding software.dance bitcoin pplns monero
live bitcoin bitcoin миксер forum cryptocurrency вебмани bitcoin
tether coin ethereum wallet euro bitcoin bitcoin purse parity ethereum auction bitcoin алгоритмы bitcoin best bitcoin bitcoin bbc metropolis ethereum bitcoin talk ethereum форки monero кран facebook bitcoin bitcoin блокчейн bitcoin source nicehash bitcoin bitcoin код pixel bitcoin
bitcoin клиент exmo bitcoin monero usd bitcoin key
ethereum аналитика mixer bitcoin mercado bitcoin ethereum асик новые bitcoin faucets bitcoin bitcoin kran bitcoin лохотрон кредит bitcoin auto bitcoin bitcoin 2020 cpa bitcoin nanopool monero взлом bitcoin bitcoin cny kinolix bitcoin
bitcoin расчет bitcoin сборщик
bank bitcoin secp256k1 ethereum ethereum install
bitcoin скачать All decentralized cryptocurrency exchanges require users to register for an account before they can trade however once they do they can list cryptocoins to sell, or buy someone else's, almost immediately.bcc bitcoin математика bitcoin шрифт bitcoin the ethereum
