Difference Between Bitcoin and Bitcoin Cash

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It was created to improve upon bitcoin. The key difference for users being the 2. For miners litecoin takes a much more important difference to bitcoin, and that is its different proof of work algorithm. Bitcoin uses the SHA algorithm. It is this characteristic that has given rise to the intense race in ASIC technology, and has caused an exponential increase in bitcoin's difficulty level.

Litecoin, however, uses the scrypt algorithm. Scrypt favours large amounts of high-speed RAM, rather than raw processing power alone, scrypt is known as a 'memory hard problem'. The consequences of using scrypt mean that there has not been as much mining in litecoin because there is no ASIC technology difference between bitcoin and litecoin mining this algorithm.

However, this will change,as companies like Alpha Technologies, which is now taking preorders. To highlight the difference in hashing power, at the time of writing, the total hashing rate of the bitcoin network is over 20, Terra Hashes per second, while litecoin is just 95, Mega Hashes per second.

The main difference is that litecoin can confirm transactions must faster than bitcoin. The implications of that are as follows:. Litecoin can handle a higher volume of transactions thanks to its faster block generation.

If bitcoin try to match this, it would need big updates to the code. The disadvantage of this higher volume of blocks is that the litecoin blockchain will be proportionately larger than bitcoin's, with more orphaned blocks. A merchant who waited for a minimum of two confirmations difference between bitcoin and litecoin mining only need to wait difference between bitcoin and litecoin mining minutes, whereas they would have to wait 10 minutes for just one confirmation with bitcoin.

Transaction speed and confirmation speed are important as most merchants would allow zero-confirmation transactions for most purchases. It is necessary to bear in mind that a transaction is instant, it is just confirmed by the network as it propagates. Bitcoin Litecoin image via Flickr. Mining Rig image via Wikipedia. I am a robot. I just upvoted you! I found similar content that readers might be interested in: What is the Difference Between Litecoin and Bitcoin bitcoin vs litecoin.

Transaction differences The difference between bitcoin and litecoin mining difference is that litecoin can confirm transactions must faster than bitcoin. The implications of that are as follows: Authors get paid when people like you upvote their post. Very informative, I'll definitely be investing a bit into LTC as well. Hope you the best: What abaut transaktion fee and quickly?

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Litecoin was released via an open-source client on GitHub on October 7, by Charlie Lee, a former Google employee. In May , Litecoin became the first of the top 5 by market cap cryptocurrencies to adopt Segregated Witness. In February , the European online retailer Alza. From Wikipedia, the free encyclopedia.

Litecoin Official Litecoin logo. Archived from the original on Retrieved 24 April Litecoin surpasses billion dollar market capitalization". Retrieved 12 May A guide to some other cryptocurrencies". A decentralized ledger of shared computational resources" PDF. These hash functions can be tuned to require rapid access a very large memory space, making them particularly hard to optimize to specialized massively parallel hardware.

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