What is LiteCoin?

Written by Mr. B on . Posted in Info, Litecoin

Litecoin is a peer-to-peer Internet currency that enables instant payments to anyone in the world. It differs from its parent Bitcoin in that can be efficiently mined with consumer-grade hardware. Litecoin provides faster confirmations (targeted at every 2.5 minutes on average) and uses memory-hard, scrypt-based mining to target the CPUs and GPUs most people already have. The Litecoin network is scheduled to produce four times as many currency units as Bitcoin.

One of the aims of Litecoin was to provide a mining algorithm that could run at the same time, on the same hardware used to mine bitcoins. With the rise of specialized ASICs for Bitcoin, Litecoin continues to satisify these goals. It is unlikely for FPGA or ASIC mining to take over Litecoin until the currency is widely used.

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Comments (2)

  • Shawn Christopher

    |

    In my opinion, Litecoins are certainly the number 2 cryptocurrency right now, just after Bitcoin. However, when BFL releases their ASIC Bitcoin Miners, I think that a lot of people who are now mining bitcoins, will switch to Litecoin, because the mining difficulty of Bitcoin will shoot through the roof.

    My best bet would be to focus on Litecoins for now, while you still can before the masses jump on the Litecoin train.

    Reply

    • Mr. B

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      An they will be on the market soon. Their website says; “Pre-order Terms: Bitforce SC (ASIC) products are in final stage development with initial shipping scheduled for the last half of April 2013. Products are shipped according to placement in the order queue, and delivery may take 2 months or more after order. All sales are final.”

      I wonder how many pre-orders they have…

      Reply

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