Bitcoin/litecoin

Litecoin was designed to be used for cheaper transactions, and to be more efficient for everyday use. In comparison, bitcoin was being used more as a store of value for long-term purposes. The coin limit market cap is much higher on litecoin than bitcoin, and the mining process far quicker. This means transactions are faster and cheaper, although generally smaller in size. Like bitcoin, litecoin is a form of digital money.

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Content:

• How to buy Litecoin (LTC)
• Litecoin: The Silver to Bitcoin’s Gold
• Fake Walmart news release claimed it would accept cryptocurrency
• Learn the difference between Bitcoin (BTC) and Litecoin (LTC)
• Litecoin founder Charlie Lee has sold all of his LTC
• Bitcoin, Litecoin, and the Euro: an annualized volatility analysis
• Buy, sell, and hold crypto with confidence
• Search our website
• Litecoin Project
• Theater chain AMC to accept other cryptocurrencies along with bitcoin

WATCH RELATED VIDEO: When to Trade Litecoin vs Bitcoin (w/ Charlie Lee)

How to buy Litecoin (LTC)

Everyone in the cryptocurrency world has heard of Satoshi Nakamoto, the mysterious inventor of Bitcoin. But not many have heard of Peter Bushnell, the not-so-mysterious inventor of Feathercoin.

On 20 April, he announced his alternative currency to a gaggle of online followers. Two months later, over 8m of them have been mined. Feathercoin is one of a range of alternative currencies that, like Bitcoin, are based entirely on mathematics. Known collectively as alt-currencies, they have been launching in increasing numbers over the past year. Some launch for ideological reasons; others for technical ones; still more, for financial gain.

Bitcoin is unlikely to be the only cryptocurrency to enjoy huge successes. So which altcoin will follow in its footsteps? Since then, he has been living off his collection of Litecoins — another alt-currency, on which Feathercoin is based. When creating Feathercoin, he copied the Litecoin algorithm, but tweaked some technical parameters, including the total number of coins that could be mined.

Feathercoin is one fish in an increasingly large pond. Charles Lee, who launched Litecoin in , also launched other currencies: his first, Fairbrix, was a clone of another, called Tenebrix. Some currencies are variations of others. Some begin small, and then fire into life as more people support them. Others sputter and fail shortly after launch, languishing in the short, scribbled margins of cryptocurrency history.

Investors are always looking for the next big thing. What should they be looking for in alt-currencies if they want to try to pick winners? Or should they even bother, when Bitcoin has already captured the public's imagination? Cryptocurrencies are mostly "mined".

Computers "mine" for coins by competing to solve mathematical problems; all computers mining Bitcoins are connected together in a global network. Every 10 minutes, they compete to solve the same mathematical problem to earn a handful of Bitcoins.

The clever part is that the mathematical problem is also designed to verify Bitcoin transactions made around the world. Whenever anyone sends someone else some Bitcoins, the network logs the transaction. Roughly every 10 minutes, those transactions are bundled together into a single block. They are then run through a cryptographic function known as a hash, which produces a short alphanumeric string of numbers. That hash is like the electronic version of a wax seal applied to that block of transactions, closing the books on them and signing them off as valid.

It's up to the miners to hash those numbers together, and they all work against each other to see who can do it first. Every time a miner successfully hashes a block of transactions, they get a reward, in the form of 25 Bitcoins.

The protocol is designed to produce a maximum of 21m Bitcoins, and 25 new coins are mined with each block, roughly every 10 minutes. But this hashing process is pretty easy — even your smartphone could do it in seconds.

If everyone kept hashing transactions that quickly, all the Bitcoins would be mined in short order. So the Bitcoin network has to deliberately make it harder, by requiring each hash to have certain numerical properties. Making a hash with those properties is a case of trial and error.

The miners have to try to hash the transactions together lots of times, but each time with a different random number thrown in, to see if the resulting hash matches the requirements. The first one to crack it wins the Bitcoins. Then, that hash is added to a kind of general ledger known as the blockchain, and the whole thing starts over again.

A total of 11m Bitcoins have already been mined, but they're getting more difficult to find. People are solving this by throwing more computing power at the problem. They migrated from using their computer processors to using graphics cards GPUs because of their number-crunching capabilities.

An ATI Radeon graphics card will deliver times that. Now, companies are building specialised mining equipment using custom computer chips called ASICs application-specific integrated circuits , designed to give the user a huge advantage in the race to solve the problems. Their use can be divisive, because those without them will find it far more difficult to mine Bitcoins.

That's partly why Charles Lee developed Litecoin. It has some key differences, he says: "Litecoin has faster transactions 2. This is because Scrypt is designed to rely on memory-intensive computing. This could result in more people mining Litecoin in the coming months. Litecoin developer Anton Yemelyanov predicts a mass migration.

It isn't just technical characteristics that improve an alt-currency's chance of success. He points to Litecoin with Feathercoin as a strong contender for the second Scrypt-based slot , along with PPCoin, and Freicoin, based on strong development teams that communicate with their communities.

Both Freicoin and PPCoin have also experimented with different unique features. With only two proof-of-work algorithms available, it's a good way of further differentiating themselves. Freicoin imposes a "demurrage fee" of 4. It's effectively a negative interest rate, meaning that your money will fall in value if you don't spend it. For Freicoin, that's initially a problem, because for the time being, there are few if any places to spend it.

Frecoin's co-founder Mark Friedenbach, who recently quit his job at Nasa's Ames research centre, says that this is good for an economy, because it forces money to flow through the economy, going where it is needed and being put to good use.

Such "liquidity" in an economy is always a good thing. Users are encouraged to invest the money in the long term, and to keep it moving, rather than hoard it. Freicoin's distribution system is also unique. Freicoin also launched well. How a coin launches is crucial, warns Fraser-Robinson. If there was, then people won't be interested in it," he says. Pre-mining happens when someone uses computing power to mine their own collection of coins before they officially launch their currency to the world.

It enables a coin developer to get in on the ground floor before anyone else has a chance to mine anything, and can lead to "pump-and-dump" scams where people pre-mine coins, launch their currency, and generate enough interest to inflate the value. Then they dump all their coins on the market by selling them to people in exchange for a more established cryptocurrency, or a fiat currency dollars, pounds, or euros , thus deflating the market.

Watching the community's reaction to a coin is a good way to spot a coin with prospects, says Bushnell. With a lot of the coins that come out, the only people in the community are those that pump and dump. It's difficult to tell whether dying coins were scams or simply mismanaged launches, but regardless, pre-mining is relatively easy to spot, says Charles Hoskinson, founder of the Bitcoin Education Project, an educational initiative for cryptocurrency.

Pre-mining generally leads to a loss of faith in the currency, and causes it to sputter out. There's one exception, though. Launched by Chris Larsen, a long-time entrepreneur dealing in virtual credit, Ripple is both a currency and a payment system. Instead of using the mining method for coins, Ripple eliminated the mathematical problem. It simply pre-produced bn Ripples and noted them in a ledger. This is more efficient, says Larsen, not only because no electrical energy is used for mining, but because it's more egalitarian.

Mining is already impossible for the vast majority of people. It's in the hands of supercomputers," he says. But it isn't entirely egalitarian yet, because his company, OpenCoin, still holds most of the Ripples. The founders created bn Ripples, and gifted some to OpenCoin, which in turn distributed a billion. It retains 79bn. The founders, who plan to make the Ripple network open source but haven't yet, could do very well if the currency gains traction.

But its success depends on the success of the payment network, which is designed to support any currency, including Ripples, fiat currencies, and alt-currencies, with very low transaction fees. Another parameter affecting the success of alt-currencies is security. There are many potential attacks on cryptocurrencies, many of which are particularly dangerous during the early stages.

These include double spending attacks when a false transaction supersedes a legitimate one , and network control when one party gains control of a currency by owning most of the mining power.

Ripple and others hope to solve these problems, but for alt-currencies in general, it's a constant worry. So, there are technical and organisational characteristics that affect an alt-currency's chances of success.

But there's another category: adoption. From this point on, it's all about how widely used and supported the coin is. If there's nowhere to use the coin, then the price will eventually go to zero. To survive in the long term, it needs real-world traction. Merchants need to accept it. That's why all coins, from Bitcoin through to Freicoin and Ripple, face their next challenge: getting organisations to actually take payments in these coins, from retailers to pubs.

The moral for those wanting to invest in alt-currencies? As with any financial investment, do your research, understand that the markets especially these ones are often incredibly volatile — and for goodness' sake, don't invest more than you can afford to lose. Because while some of these alt-currencies show promise, many aren't worth the paper they're not printed on. Predicting outcomes for alt-currencies is all well and good, but how can you measure their current success?

Eli Dourado, a research fellow studying digital and network economics at George Mason University's Mercatus Center, looks at market value. That is, how many coins are out there, multiplied by a currency that they're paired with.

All alt-currencies are pegged to Bitcoin, which can be exchanged with the US dollar.

Litecoin: The Silver to Bitcoin’s Gold

Skip to Main Content. A not-for-profit organization, IEEE is the world's largest technical professional organization dedicated to advancing technology for the benefit of humanity. Use of this web site signifies your agreement to the terms and conditions. Prediction of Bitcoin, Litecoin and Ethereum trends using State-of-Art Algorithms Abstract: Bitcoin, Etherium, and Litecoin are among the most extensive market capitalized cryptocurrencies in the present era.

Fake Walmart news release claimed it would accept cryptocurrency

Cryptocurrency Litecoin saw a sudden surge in price on Monday over a press release about Walmart accepting it for payment - which turned out to be fake. The release, published through a legitimate press channel, claimed that Walmart would accept the currency through all its digital stores. Walmart later told US media outlets the announcement was "inauthentic". By that time, several major news websites and press agencies had spread the supposed news. The announcement made it on to Globe Newswire, a service widely used to distribute press material from companies. The faked release has since been deleted, and did not appear on Walmart's own website. A tweet from a verified Litecoin Twitter account linking to the release has also been deleted. Hours later, the Litecoin Foundation tweeted that it had no such partnership. Globe Newswire said "a fraudulent user account was used to issue an illegitimate press release".

Learn the difference between Bitcoin (BTC) and Litecoin (LTC)

Thanks for contacting us. We've received your submission. Much of the financial press, including CNBC and Reuters, ran with the release, which was not posted by any official accounts run by Walmart. Walmart has no relationship with Litecoin.

Litecoin founder Charlie Lee has sold all of his LTC

Crypto or digital currencies are not issued or controlled by any central authority like a government or bank. As of May , Bitcoin is the most valuable cryptocurrency currently on the market. While other currencies are attempting to outrank Bitcoin , Litecoin LTC is one non-Bitcoin crypto that has managed to stand up to the competition. LTC currently trails behind Bitcoin as the 6th-largest digital currency by market investment. Note : Nothing in this article is financial advice! You should always consult a financial advisor before investing.

Bitcoin, Litecoin, and the Euro: an annualized volatility analysis

Everyone in the cryptocurrency world has heard of Satoshi Nakamoto, the mysterious inventor of Bitcoin. But not many have heard of Peter Bushnell, the not-so-mysterious inventor of Feathercoin. On 20 April, he announced his alternative currency to a gaggle of online followers. Two months later, over 8m of them have been mined. Feathercoin is one of a range of alternative currencies that, like Bitcoin, are based entirely on mathematics. Known collectively as alt-currencies, they have been launching in increasing numbers over the past year.

Buy, sell, and hold crypto with confidence

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Litecoin Project

This fork happened already in indicating that Litecoin is one of the first alternative cryptocurrencies alongside Bitcoin. With a proven track record and a reputation of being a test ground for Bitcoin, Litecoin has managed to become one of the most established cryptocurrencies. Also, he is still holding the position of the managing director inside the Litecoin Foundation , a non-profit Singapore-based entity that is promoting the further development of Litecoin. Watch the video: Charlie Lee: Behind the creation of Litecoin. Because Litecoin is ultimately a fork of Bitcoin, the tech behind the two blockchains functions alike. Just as with Bitcoin, there is also mining happening with Litecoin.

Theater chain AMC to accept other cryptocurrencies along with bitcoin

Over the past several years, public interest in cryptocurrencies has fluctuated dramatically. It has garnered attention from investors, whose interest in cryptocurrency has surged as it has aged. The main focus of this interest has been Bitcoin, which has become synonymous with creating cryptocurrency millionaires and increasing people's digital wealth.