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why is bitcoin worth so much more than litecoin

Litecoin, with more coins issued, may have more liquidity than Bitcoin—but the scarcity of Bitcoin may make it more valuable. Cryptocurrencies run on a distributed public ledger called blockchain, a record of all transactions updated and held by currency holders. Units of. Key Differences . BEST BET GAMES

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Bitcoin vs. Litecoin (Which Is Better?) why is bitcoin worth so much more than litecoin

EARTHCOIN CRYPTOCURRENCY

Cryptocurrency miners choose to validate the transactions that pay the most. Litecoin employs Scrypt , one of the first hashing algorithms implemented on blockchain networks. Developers of Scrypt intended it to be an improvement on an even earlier hashing algorithm, SHA the one used by Bitcoin. Lee chose Scrypt for good reason, but we have to take a deeper look at cryptocurrency mining to understand why.

ASIC miners have the advantage of being able to solve the complex data strings needed to mine think "win" the block much quicker — generating considerably more hashes think "tries" per second than CPUs or GPUs. Consequently, Bitcoin mining, using the more expensive and hard-to-find ASICs, is now a sort of arms race.

Gold is the most marketable good when large values are traded like buying a car , with silver being the most marketable good for smaller transactions buying groceries. Because of the low transaction fees for Litecoin, the coin can be used more readily. Transactions on the Litecoin network also happen faster 3 than those on the Bitcoin network, on average every 2. But from a technical standpoint, it's not all good news.

While the Litecoin network may be four times faster, there are also four times as many coins 4. Conversely, the circulating supply of BTC is 18,, with the max supply being 21,, For Litecoin, this could be viewed as a negative attribute because part of the reason Bitcoin is so valuable is its scarcity, and this scarcity is why the top cryptocurrency by market cap is often touted as being the ultimate hedge against inflation. In order to understand why it is the most valuable form of digital currency available, we must first look at its history.

History of Bitcoin In January , Satoshi Nakamoto unveiled the peer-to-peer electronic cash protocols that would come to be known as Bitcoin. This wave of future-tech being introduced to society was not well understood at first, as its proponents were working out and beginning to understand its potential.

In the early years, Bitcoin gained notoriety for its use in the black market. People began to see its potential applications to society, and how it could fundamentally change the way transactions are handled. Blockchain Technology is Released to the World The fundamental innovation of Bitcoin at the time was the introduction of blockchain technology. This blockchain technology is also what allowed for the many other cryptocurrency visions to become reality. Since it came as a direct result of shady banks and real estate purchasing tactics, the blockchain sought to remove the chance of a single entity, such as a bank, holding all of the responsibility and sensitive information of millions of vulnerable patrons.

Bitcoin was the first cryptocurrency to establish and outline blockchain technology, and it allowed for the rest of the currencies and their unique niches to be invented. Blockchain technology is an innovation that reaches beyond Bitcoin itself, and is part of the reason it holds so much prowess and respect in the crypto community.

Why Bitcoin is More Valuable Bitcoin is the most valuable cryptocurrency — both by its price and market cap — for a variety of reasons, including: Largest User Base According to recent estimates, there are over 10 million Bitcoin wallets in existence across the world. With this many people invested into the technology and eager to utilize its easy and secure transactions, the value of the currency has soared.

This large of a user base only adds to its credibility, and has only helped to attract more and more investors and participants. As more people have been captivated by this technology, the demand has surged, causing the price to act similarly.

Accepted By More Merchants With industry titans such as Amazon and McDonalds hinting at Bitcoin payment systems by the end of , the currency is poised to reach real mainstream adoption very soon. The value of Bitcoin will only continue to rise as more and more vendors worldwide consider its integration. This widespread adoption will increase the demand for Bitcoin as consumers realize the large amounts of time and effort, not to mention the peace of mind, that comes with transacting with digital currency.

First To Market As mentioned, Bitcoin was the first digital coin to introduce not only the concept of cryptocurrency, but the infrastructure that allows it to be so beneficial. This set it as the authority figure for the space. When new and curious consumers want to join the movement, they do so through Bitcoin the majority of the time due to its notoriety and mainstream media attention. The value of Bitcoin is only added to when new users enter the blockchain, and since it is the most recognizable, most new users end up owning Bitcoin.

Most Viable Infrastructure Bitcoin is credited with inventing the concept of a blockchain, or distributed ledger.

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Why so many Digital cryptocurrencies ? Bitcoin, Ethereum, Litecoin? [ Bitcoin Series - Episode 5]

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