1 / 7

nicholas Constable Weybridge - Bitcoin And Litecoin - What's The Difference?

The code used to create Bitcoin was released into the public domain – or made open source - by the mysterious creator, Satoshi Nakamoto. This means that anyone can take it, modify it and use it to launch their own cryptocurrencies. Visit - http://nicholasconstableweybridge.blogspot.com

nicholasconstable00
Download Presentation

nicholas Constable Weybridge - Bitcoin And Litecoin - What's The Difference?

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Nicholas Constable Weybridge - Bitcoin And Litecoin - What's The Difference? Nicholas Constable 

  2. Nicholas Constable • Nicholas Constable : The Code Used To Create Bitcoin Was Released Into The Public Domain – Or Made Open Source - By The Mysterious Creator, Satoshi Nakamoto. This Means That Anyone Can Take It, Modify It And Use It To Launch Their Own Cryptocurrencies. Which Many People Have Done – And Litecoin Was One Of The First To Gain Traction. nicholas constable weybridge

  3. nicholas constable weybridge • Although It Was Originally Based On The Same Code, Bitcoin And Litecoin Transfers Are Recorded On Entirely Separate Blockchains, Effectively Meaning They Are Different Currencies. • Litecoin Was Created In 2011 By Former Google Engineer Charlie Lee. The Aim Was To Create A Blockchain-based Currency Which Would Solve Some Of The Problems Inherent To Bitcoin – In Particular The Slow Transfer Speeds.  nicholas constable weybridge

  4. Nicholas Constable  • When It Was Launched In 2009, Bitcoin Transactions Would Take Around 10 Minutes To Complete. Due To The Growth In Size Of The Network And The Bitcoin Blockchain, Today Transactions Can Take Anywhere Between 30 Minutes And, In Extreme Cases, Over 24 Hours. nicholas constable weybridge

  5. Nicholas Constable  • Another problem that Litecoin was designed to solve was the mining ‘arms race’. Mining – the process by which new Bitcoins and Litecoins are created – involves using computer processing power to run complex algorithms, creating new blocks on the blockchain. Once Bitcoins started to be traded for ‘real’ currencies like US dollars, Bitcoin mining quickly evolved into an arms race as miners threw increasing amounts of processing power into creating coins more quickly. nicholas constable weybridge

  6. Nicholas Constable  • Litecoin Mining, However, Being Based On An Algorithm Known As Scrypt, Rather Than The SHA256 Algorithm Of Bitcoin, Couldn’t Be Accelerated So Easily Simply By Upping The Amount Of Processing Power Being Thrown At The Problem. This Was Designed To Lead To The Supply Of Litecoins Increasing At A Steadier Rate. nicholas constable weybridge

  7. Follow Nicholas Constable Webridge • Nicholasconstableweybridge.Blogspot.Com • Issuu.Com/Nicholasconstableweybridge • Https://Www.Youtube.Com/Channel/Ucp3jwgf3_0kdhflfgdy8yoa • Http://Nicholasconstableweybridge.Blogspot.Co.Uk/2017/12/Nicholas- Constable-weybridge-talking.Html Nicholas Constable Weybridge nicholas constable weybridge

More Related