Speedcoin to btc
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Speedcoin to btc
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Speedcoin Payment API
Litecoin vs. Bitcoin: Improved Speed and Accessibility. Read how the two complement each other. As such, the Litecoin vs. I became interested in Bitcoin earlier that year and quickly realized that one of its major drawbacks was speed. A new block is added to the Bitcoin blockchain approximately every ten minutes and, thinking of a future where this incredible new technology would be widely adopted, I realized right away that transaction throughput would become a serious scalability problem for the nascent cryptocurrency.
I immediately began working on a solution to complement Bitcoin and in only a week, Litecoin was born. Litecoin is technically very similar to Bitcoin but has a few crucial differences. Specifically, Litcoin features:. A unique Litecoin mining hashing function. A faster block generation time. 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.
With faster block times and higher transaction throughput, Litecoin was built to be a more practical and scalable medium of exchange, whereas Bitcoin has grown more into a store of value. Cryptopedia does not guarantee the reliability of the Site content and shall not be held liable for any errors, omissions, or inaccuracies.
The opinions and views expressed in any Cryptopedia article are solely those of the author s and do not reflect the opinions of Gemini or its management. The information provided on the Site is for informational purposes only, and it does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. A qualified professional should be consulted prior to making financial decisions.
Please visit our Cryptopedia Site Policy to learn more. Charlie Lee. Prior to creating Litecoin, Charlie was a software engineer at Google. Lee then worked at Coinbase, where he became Director of Engineering before leaving the company in to focus on supporting the development of Litecoin full time.
Follow me on:. Is this article helpful? Litecoin LTC. You can transact with Dash nearly instantly, just as you would in the real world — at the point-of-sale. Contents Litecoin vs. Litecoin Is a Complement to Bitcoin, Not a Competitor With faster block times and higher transaction throughput, Litecoin was built to be a more practical and scalable medium of exchange, whereas Bitcoin has grown more into a store of value. Topics in article Litecoin LTC.
Litecoin (LTC): The Silver to Bitcoin’s Gold
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SPEEDCOIN WALLET
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Speedcoin is a secure digital currency based on peer-to-peer system similar to BitTorrent that help people to make fast anonymous payments to anyone in the world without any commissions. It is based on the scrypt proof-of-work algorithm. New blocks are generated every 60 seconds. Block Reward is 25 coins. Speedcoin is a lite version of Bitcoin How it works video with pre-mined coins. The pre-mined coins are distributed free of charge through this official website page.
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