what is litecoinand how does it work? - binary.com
TRANSCRIPT
What is Litecoin and how does it work?
What is Litecoin
Digital currency Uses efficient mining with consumer grade software
Decentralised electronicmoney
Transactions are viewed via public ledger “blockchain”
Peer to peer transaction
Barter system Precious metals Coins Bills Cards Cryptocurrencies
Bitcoin Altcoins
D
Currencies, then and now
Litecoin4X faster confirmation rate
More secure
84 million coins
LTC
‘Silver to Bitcoin’s Gold’
Lower transaction fees
BlockchainDecentralised
Scrypt algorithmDigital currency
XLT
Bitcoin
Digital Money
Eletronic money
Litecoin wallet
Peer to peer transaction
Miners
CryptocurrencyAntminer S7 Hardware
proof of work
mLTC (millicoin)
0.001
µLTC (microcoin) Litoshi
0.000001 0.00000001
Litecoin fractions
1. Create a Litecoin wallet 2. Transfer funds to your Litecoin wallet
3. Buy and sell Litecoin
How to get started with Litecoin
How Litecoin works
The End!
Harry sends litecoin to Lara
1 2
Scans Lara’s public address
3
Harry fills the amount and clicks ‘send’
5
Transaction goes to Litecoin
network to be verified by the
miners
Lara receives litecoin from Harry
Begin
4
Miners compete to solve a mathematical
problem
Miners confirm the transaction
Sample Litecoin transaction
After 3-6 confirmations to the sender, miner receives mining fee
Mining
Litecoin vs. Bitcoin
2.5 minutes per block
84 million coins 21 million coins
Digital currency (silver) Digital currency (gold)
Miner fee: 50 litecoins per block
Market capitalization: $50 million Market capitalization: $1.5 billion
Miner fee: 25 bitcoins per block
10 minutes per block
Companies are starting to accept litecoins
Sign up for a Litecoin Account today
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