Litecoin instead of bitcoin

• bitcoin how to sign transaction?
• Why trade litecoin CFDs with IG?.
• 5 Reasons Litecoin Is a Better Choice Than Bitcoin | The Motley Fool?

Bitcoin, which has served as the face of this rally, has successfully been adding new merchants to its network, to go along with the brand-name merchants it added back in As more merchants become willing to accept virtual coins, the validity of using these tokens to purchase goods and services rises. Lastly, news-driven events have definitely helped.

All of these events add to the validity of having cryptocurrencies become a new asset class. But as you can tell from the aforementioned catalysts, a lot of them have to do with bitcoin.

However, that doesn't make it the best investment opportunity. Instead, I'd suggest that Litecoin, which is occasionally referred to as "bitcoin-Lite" since it came into being through a fork in bitcoin back in October , is actually the better choice for prospective investors , if comparing the two. You'll note that bitcoin and Litecoin do have some similarities, as would be expected given that Litecoin forked from bitcoin. Both digital currencies have a primary focus on being used as a peer-to-peer payment facilitator, and they both cap the number of coins that can be mined 21 million for bitcoin, and 84 million for Litecoin.

Nonetheless, Litecoin appears to offer five reasons it could outperform bitcoin over the longer run.

Cryptopedia

Charlie Lee, who created the Litecoin project while working at Alphabet subsidiary Google back in , had been working at cryptocurrency exchange Coinbase for years -- until recently. This past June, Lee announced his departure from his day job to work full-time on promoting Litecoin. He's made no secret of Litecoin's plans to go after merchants and exchanges, with a goal of bringing Litecoin into the mainstream. In short, having a visible founder heavily involved gives Litecoin a clear advantage over bitcoin. Another difference between the two, and a big reason Lee decided to leave his job as director of engineering at Coinbase, was the completion of the Segregated Witness SegWit blockchain upgrade in May.

Beating bitcoin to the punch, Litecoin's SegWit upgrade helps to boost the capacity of its blockchain, while speeding up transaction settlement times and lowering transaction costs. If there are fairly consistent complaints with bitcoin's blockchain, it concerns either transaction fees or settlement times.

Litecoin has the advantage, for now. Litecoin has also taken a very different path with regard to its proof-of-work algorithm. By "proof-of-work" I mean the process whereby miners use high-powered computers to solve complex equations to validate transactions on a network. As noted by YourStory. In simpler terms, bitcoin mining can only be done by specialty and costly application-specific integrated circuit devices with high processing capabilities, whereas Litecoin mining can be performed by less cost-intensive graphics processing units GPUs.

Allowing GPU-based mining encourages more miners to become involved and ensures that no one can corner the market on mining Litecoin, as has happened with a handful of larger players with regard to mining bitcoin. Increased maximum coin supply. Miners of both cryptocurrencies race to complete extremely challenging math puzzles using a hash algorithm in order to achieve consensus throughout their respective networks, win the right to add blocks of valid transactions to their blockchains, and earn block rewards.

The devices that miners use to complete these extremely challenging math puzzles are computers that vary significantly with respect to their design and configuration. Initially, the core machinery used for Bitcoin mining relied on a central processing unit CPU , which you can think of as the backbone of a regular computer, more or less.

And, as most competitions tend to go, new technology was developed strictly for the purposes of Bitcoin mining. With fewer people with the knowledge, time, and capital to acquire, configure, and maintain ASICs, mining on the Bitcoin network has become more centralized and exclusive, which compromises the security and resilience of the network. The goal was to make the Litecoin network more accessible to individuals, who are the biggest proponents of the coin. So it was extremely important for individuals to be able to mine litecoin with their CPUs in the beginning.

On average, new blocks on the Litecoin network are generated every 2. For each block generated on the Litecoin blockchain, miners are rewarded with a predetermined amount of LTC, known as a block reward. This 4x increase in blocks per halving period means that Litecoin generates four blocks for every one block that Bitcoin generates.

Theoretically, this compensation mechanism should keep Litecoin and Bitcoin on a similar trajectory, with a halving event taking place every four years for both cryptocurrencies. The math also reveals that there will ultimately be a greater total number of LTC than BTC — 84 million versus 21 million. Utility Bitcoin has been trending towards becoming a store of value like code. Although it is also used for purchasing goods and services Used for purchasing goods and services, as well as storing value much like how we currently use a checking account.

Coinbase is the easiest place to buy both bitcoin and litecoin.

If you want slightly lower service fees and a more robust interface, then Gdax a site owned by Coinbase offers an alternative to Coinbase. Cryptocurrency prices are constantly fluctuating given the supply and demand. To keep an eye on bitcoin, litecoin, or any other altcoin an altcoin is coin other than bitcoin head to coinmarketcap. Bitcoin is trending towards a replacement of gold as a store of value.

• What Is Litecoin;
• What is Litecoin.
• hash war bitcoin cash.

Whereas gold exists with mass and weight in the physical world, bitcoin is an improvement to gold because it can be split into into very small fractions, and instantly sent to people, businesses, and banks around the world. Litecoin is promising to replace cash. Both web wallets, and hardware wallets exist for Bitcoin and Litecoin, and there are a multitude of options ranging high to low levels of security.

You can join over 60, students at One Month where we offer a day Learn Bitcoin and Ethereum course. The course covers blockchain and the top 5 most popular cryptocurrencies. Bitcoin is not a bad investment if you do it right, and with nation-crypto com platform you can invest in bitcoins or other crypto and actually have your coins insured to avoid any total losses, try investing with them today, their investment rates are flexible too.

Your email address will not be published. Reply 1.