Please forward this error screen to cp-hk-2. A primer on the cryptocurrency litecoin including how it differs from bitcoin mining litecoin android well as how it is mined, tracked and transferred using blockchain. What Is an ‘Accepted Share’?
Litecoin is based on the same open source code behind bitcoin, with some notable differences. Created by engineer Charlie Lee to be the silver to bitcoin’s gold, one of the main disparities between the two cryptocurrencies lies in their transaction speeds. Because it generates blocks about four times faster than bitcoin, litecoin can confirm the legitimacy of transactions a lot quicker as well as process a much higher number of them over the same time frame. One of the reasons some cryptocurrencies hold intrinsic value is because of their limited supply. There can be no more new coins at that point. While bitcoin has a limit of 21 million coins, litecoin will max out at the 84 million mark.
Although its market cap pales in comparison to bitcoin, litecoin still ranks among the top 5 cryptocurrencies at the time of publication. These rankings fluctuate based on price and number of coins in circulation. Another significant difference between bitcoin and litecoin is the hashing algorithm that each uses to solve a block, as well as how many coins are distributed each time a solution is found. When a transaction is made, it is then grouped with others that have been recently submitted within one of these cryptographically-protected blocks. It is at this point that all transactions within the respective block are fully verified and stamped as legitimate.
People looking to mine cryptocurrency typically join pools, where their computing power is combined with others in the group to obtain these rewards. As mentioned above, litecoin and bitcoin utilize contrasting algorithms when hashing. Different proof-of-work algorithms means different hardware, and you need to be sure that your mining rig meets the proper specifications for producing litecoin. If you’d like to own some litecoin but aren’t interested in mining it, the cryptocurrency can be purchased with another cryptocurrency such as bitcoin on websites known as exchanges. Like bitcoin and many other cryptocurrencies, litecoin is typically stored in a digital wallet.
There are different kinds of wallets including those that are software-based and reside on your computer or mobile device, as well as physical hardware wallets. Another secure yet admittedly outdated and somewhat complex method to store your litecoin is to create a paper wallet, which involves generating and printing out a private key on a computer not connected to the web as one of its steps. Each wallet has private keys required to receive and send coins to and from your litecoin address. Because these keys are stored offline in a hardware wallet, they are inherently more secure than wallets connected to the internet. These application-centric wallets exist in the form of desktop or mobile software, and are available for almost all popular operating systems and devices. Litecoin Core downloads the entire blockchain directly from the peer-to-peer network, avoiding any middleman involvement in the process. As is the case with other public cryptocurrencies, all litecoin transactions within its blockchain are public and searchable.