They are closely watched and as online wallets go, your money is as safe on Coinbase as it is anywhere else. Here’s What We Like And Don’t LikeĬoinbase is one of the most secure places to both buy and store Litecoin, as well as Ethereum and Bitcoin. Like all exchanges you will have to register an account and submit identity verification. One of the best places to buy Litecoin is directly from Coinbase, one of the world’s biggest cryptocurrency exchanges. So once you purchase your LTC on an exchange it would be a good idea to transfer it to your local wallet stored on your computer, where it is safer. Generally speaking, keeping money online is not a good idea and your LTC is safer on your computer in your local wallet. You have the option of choosing your own wallet or keeping it on an exchange. When you are storing Litecoin you will need a Litecoin wallet. Like Bitcoin, Litecoin can often be bought directly, which is not the usual case, aside from Bitcoin and possibly Ethereum. As one of the oldest cryptocurrencies and one of the biggest, it has a high trade volume. Litecoin is the easiest coin to buy aside from Bitcoin. Without getting too granular, you can see that the two are fairly similar and overall accomplish many of the same goals. Litecoin has a supply limit of 84 million LTC while Bitcoin has a supply limit of 21 million BTC. Scrypt is easier to mine than SHA 256, which means it takes less processing power.Īside from the hashing algorithm and the block speed, there are few real differences between the two cryptocurrencies.īoth networks half the block reward every 4 years, and Litecoin miners are awarded 25 LTC until 2019 when this will be cut to 12.5.
#Who makes liteicon crack#
Miners then use hardware designed to crack SHA 256. The Bitcoin network/Blockchain uses Secure Hash Algorithm 256 (SHA 256) to secure itself. The benefit of having a 2.5-minute block speed is that transactions are confirmed faster, meaning that Litecoin is quicker.Īnother difference between Litecoin and Bitcoin is the way the Blockchain is encrypted. In order to maintain a steady block processing time, the network difficulty gets adjusted every 2 weeks. This block of transactions represent a computational puzzle which the miners solve using the hashing power of their computers, at trillions of hashes per second. This means that transactions are confirmed faster.Ī block is a group of transactions, and a transaction is a movement of cryptocurrency from wallet A to wallet B.
This can be contrasted to the Bitcoin network, where blocks are processed every 10 minutes. The main difference between Bitcoin and Litecoin is that the Litecoin network aims to process a block every 2.5 minutes. The difference lies mainly in the details. It is very energy intensive and the miners get rewarded with Litecoin/Bitcoin for their work in securing the system. This is essentially the process where miners verify transactions on the Blockchain by solving solutions to cryptographic puzzles using specialized hardware. Both obviously record transactions on the Blockchain, which is an online distributed ledger of transactions.īoth use a Proof of Work (POW) methodology to validate transactions on the Blockchain. The technical details of Litecoin are nearly identical to Bitcoin in nearly every way.
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