What is and how to whiten LiteCoin and the difference between Betcoin
What is the difference between LiteCoin and Bitcoin?
Three things make LiteCoin LiteCoin:
Speed The number of encoded currencies is the market value of the currency
the speed
LiteCoin is based on the same open source code that stands behind Bitquin, with some notable differences. Created by engineer "Charlie Lee" to be silver for Betquin gold, one of the major differences between the two encoded currencies lies in the speeds of their transactions.
Because it generates blocks about four times faster than Bitquin, LiteCoin can confirm the legitimacy of transactions at large speeds and also can confirm a greater number of transactions.
For more information about how to create blocks and confirm transactions. Read:
Number of encrypted currencies
The number of currencies limited is one of the reasons for the value of some currencies, the less the offer in the currency increased the value (as gold). Once a certain number of Bitquin or LiteCoin is created, that is, any currency that is mined in the limited supply number is due to current accounts or trading in the currency market.
There can not be more new coded currencies after the limited number ends. The real money can be printed by the bank after the government's decision, but the encrypted currency can not increase the number of currencies that were programmed after the launch of the currency Bluchen (not possible by virtue of the nature of the central system) ) Bitquin has a limited number of units in 21 million coin houses, LiteCoin and a limited number in 84 million currencies.
Market value
Although the market value of the LiteCoin currency is weak compared to the market value of Bitcoin, LiteCoin Litecoin is still among the top 5 digital currencies and even the publication of this article. These oscillations fluctuate based on price and number of encoded currencies for LiteCoin traded.
ItCoin Mining LiteCoin
Another big difference between Bitquin and LiteCoin is the hashing algorithm that you use for each Block solution, as well as how to distribute many encrypted currencies each time a solution is found. When the transaction is made, it is grouped with other previous transactions within a single encrypted block.
Computers known as mining tools rely on the GPU or the CPU to solve the complex mathematical problems of the block, by the metalers (notaries). At this point, all transactions within the entire mass concerned are fully verified and stamped as legitimate transactions (based on the distributed log of the transactions, ie, the "lokin").
The miners have their equivalents for their work each time the block problem is solved. A predefined number of encrypted LiteCoin coins is distributed among those who help solve them, from a higher computing power gain with a large equivalent of the estimated share of each block solution. People looking for encrypted coin mining can join a group of two men sharing their computing power to form a single computer, where their computing power is combined to get rewards from a Block block encryption solution.
As mentioned in the previous paragraphs, LiteCoin and PetChoen use different algorithms. Bitquin often relies on mining to employ the SHA-256 for a relatively secure Hash Algorithm 2, which uses a dense memory algorithm referred to as a script.
Different working proof algorithms mean different devices, and you need to make sure that your mining device meets the appropriate specifications for LiteCoin production.