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The hype of cryptocurrencies has increased dramatically over the past few years. Especially after the introduction of Bitcoin, back in 2009.

Bitcoin is the most popular cryptocurrency. The currency has ruled the crypto world undisputedly for many years. Even now, Bitcoin sits on top of the crypto pile. However, it is not the only king in the jungle anymore. The leading cryptocurrency is now facing a growing competition from other cryptocurrencies, Litecoin being one of the closest rivals of Bitcoin.

In this article, we have discussed the major differences between Bitcoin and Litecoin. Hopefully, you will be able to get a good idea about both the cryptocurrencies after reading this.

Litecoin:

Litecoin is one of the many names that received a lot of positive responses from the market.  It was launched in 2011 by its creator Charles Gee – with the aim of becoming the “silver” to Bitcoin’s “gold”. Like Bitcoin, Litecoin is also generated by mining. The motivation behind its creation was to improve upon Bitcoin.

Bitcoin:

In 2009, Satoshi Nakamoto launched Bitcoin as the world’s first cryptocurrency. It has no central authority and anyone can access it from anywhere. Bitcoins are ‘mined’, using computing power in a global network and are used to buy things electronically.

Bitcoin vs Litecoin

What is The Difference Between Bitcoin and Litecoin?

There isn’t just one, but many differences between Bitcoin and Litecoin. The major differences are as follows:

  • There are more litecoins available in the market, i.e. 84 million than bitcoins as Bitcoin will never exceed the limit of 21 million.
  • Due to the limit of bitcoins available, it is of much higher value as compared to Litecoin.
  • Litecoin has a much faster speed of transaction; only 2.5 minutes, unlike Bitcoin which takes around 10 minutes right now.
  • Both employ different algorithms, Bitcoin uses the longstanding SHA-256 algorithm, unlike Litecoin which makes use of a new algorithm known as Scrypt.
  • Another major difference is that Litecoin is a cheaper option for miners than Bitcoin. The former only requires a normal computer and an internet connection to begin mining, whereas the latter requires maximum computing power which is out-of-reach for an everyday user.
  • Bitcoin is relatively slow in confirming transactions, while Litecoin accepts a higher number of transactions due to its higher volume of blocks.

So, What to Choose – Bitcoin or Litecoin?

We know that both the cryptocurrencies have their own set of pros and cons. They even have several resemblances. No doubt, they are both accepted very positively all across the globe. However, the final choice is yours.

Good Luck!

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A Beginner’s Guide to Getting Started with Bitcoin Mining

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Getting Started with Bitcoin Mining

Bitcoin is a digital currency that has taken the market by storm over the past few years. However, there is still a long way to go before the banks, government and business corporations worldwide start accepting as an authentic form of payment.

But this has not stopped the individuals to try their luck with BTC as the number of people looking to take a dive into Bitcoin world is increasing significantly. But since the majority of the lot consists of beginners, they lack the proper knowledge as to how to earn/generate bitcoins.

A process called “Bitcoin Mining” is what bitcoin miners all around the world use to generate bitcoins. Bitcoin Mining can be little tricky if you are a beginner. However, by keeping some basic steps in mind, it can be as easy as ABC.

In this article, you will learn about:

How Does Bitcoin Mining Work?

Bitcoin mining is used to generate bitcoins and is completely legal. The speed at which a user earns bitcoins is measured in hashes per second.

How to Start Bitcoins Mining?

The first step is to acquire a bitcoin mining hardware. In the early days of cryptocurrency, it was possible to mine coins using regular PC. But it longer works that way.

Over the years, several custom Bitcoin ASIC chips have been developed that provide 100x more computing power as compared to your traditional system.

Mining with anything less efficient will only result in lower bitcoin generation and higher electricity bills.

Best Bitcoin Mining Software?

There are several mining programs but CGminer and BFGminer lead the pack. CGminer is an open-source, cross-platform for OS X, Windows, and Linux and is developed in C.

BFGminer is also an open-source, cross-platform for Mac, Widows, Linux and includes support for OpenWrt-capable routers.

If you prefer user-friendly GUI, EasyMiner could be the most suitable option for you as it’s a simple, click and go Linux/Android/windows program.

Join Mining Pools:

After setting up everything, your next step should be to join a Bitcoin mining pool. These pools are groups of miners working together to solve a block. Once the block is solved, the pool will receive a reward which is then split equally among its members.

Getting a Bitcoin Wallet:

Bitcoin wallet works the same way as a traditional bank account does for paper money. They are used to send, receive and store bitcoins. A Bitcoin wallet address is protected by security key which is only known by the owner.

However, the fact that whole Bitcoin transaction process is based on services that work online makes bitcoin wallets vulnerable to security threats.

The best way to protect your wallet is by enabling two-factor authentication or keeping it on an offline computer so it’s immune to all kinds of attacks.

Conclusion:

These are some steps to go through while taking a dive into bitcoin mining. In a nutshell, all you need is mining software, join a mining pool and set up a bitcoin wallet to store coins.

Good luck with the venture.

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Bitcoin Transaction Stuck? Don’t Panic! Here’s what you need to do

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Bitcoin Transaction Stuck

 

The number of transactions on the Bitcoin network has rapidly increased over the past couple of years. With more blocks filling up, all the transactions cannot be included in the blockchain at once.

Transactions that pay the highest fees are usually included in the blocks first and transactions with comparatively lower fees are made to wait until they find a new block. These transactions remain in the mempool of miners until their turn is up.

This gets the user quite irritated as some low fees transactions may take around days or weeks to confirm. But here’s what you can do if you happen to have your bitcoin transaction stuck.

Before You Send The Request:

Most wallets had a fixed fee of 0.1 mBTC during the early years of Bitcoin. Back then, miners had spare space in their blocks due to which they were able to accommodate more transactions in the first block itself that they mined.

Although, because of the increased competition for block space right now, the 0.1 milli bitcoin transaction fee is insufficient to have a transaction included in the next block. So, transactions with higher fees are taken up.

If you want to have your transaction confirmed faster, the obvious advice is to increase your amount. You may be able to adjust your fees manually when you send your transaction.

Also, check to see if your wallet includes dynamic fees.

Recently, most wallets are said to support dynamic fees. According to Bitcoin network, these wallets automatically include a fee that is estimated to have a transaction included in the next block or maybe in the upcoming blocks.

Several wallets let you decide your fee priority, again, a higher fee lets your transaction confirm faster.

After You’ve Sent it:

After you’ve sent your transaction and it happens to be stuck, that transaction can be made to skip the queue. This can be made possible using an option called Opt-In Reference-by-Fee (Opt-In RBF). Using this method, you can re-send the same transaction, but with a higher fee. Usually, when you re-send the same transaction, Bitcoin nodes detect this new transaction a double spend and therefore reject it. Although, by sending it using Opt-In RBF, you are explaining to the network that you may re-send that same transaction later on but with a higher fee. As a result, most Bitcoin nodes now accept the new transaction; allowing the new transaction to jump or skip the queue.

But, do remember, not all miners support Opt-In RBF, so your new transaction does depend on the hands of the new miner that mines that next block.

Electrum and GreenAddress are two wallets currently supporting the Opt-In RBF option. You will need to enable Opt-In RBF in the settings menu of your wallet, before proceeding any further with the transaction.

If Opt-In RBF doesn’t do the trick, then another solution would be Child Pay for Parent, CPFP. By applying this method, miners don’t pick a transaction with a high fee, but a set of transactions that include most combined fees.

As a Receiver:

Lastly, a Bitcoin transaction can also get stuck on the receiving end of it. If your wallet allows you to spend Bitcoin unconfirmed transactions, this can be solved with CPFP as well. If the new fee is sufficient, the transaction is supposed to complete within a couple of blocks.

 

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LATEST: IS IT TOO LATE TO BUY BITCOINS 2017? EXPERT REVIEW | INVESTORS | TRADERS | MEDIA

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Buy a Bitcoin?

A lot of people today, looking at the progress and boom of bitcoin want to invest and buy bitcoin. But bitcoin is not a company or a stock. So, what do all these people mean by investing or buying Bitcoin? Bitcoin is a currency. How do you want to invest in a currency? If it meant appreciating the value or trading it, we need to have a closer look at the insight first.

Buying and holding

Buying Bitcoin in hope that you will avail the opportunity cost or the value will appreciate, is known as ‘Hodling’. If this is the intention then you need to do your homework yourself beforehand. Study the nature and behavior of the currency. Study and observe the reasons it fluctuates and reacts according to the changing socio-economic natures around the world. Few points to account for;

  • It is a risky task to perform. Always risk the amount that you are okay loosing too. The tables are not always on your side.
  • Always transfer currency to the personal wallet. Never leave it on the exchange. It may result in scam or fraud.
  • Always choose reputable exchangers.
  • Use the method of cost averaging to buy Bitcoins.

Trading

If your aim is trading than it means you are an active participant in buying and selling the currency. You buy the cryptocurrency at lower rates and sell when the rates go up. Trading gives reward only through knowledge and practice.

Investing in Mining

If you are interested in Bitcoin mining and needs to invest in equipment to mine more Bitcoins, it’s not that easy of a task too. There is a lot of scams included in this act too. You may come across complete scams eating away all your currency. Or you may end up in bad investment companies by paying the sites for more coins. It’s basically all surrounded by risks and risks.

Investing bitcoin companies

If a company claims to double to your coins or give the reward that is too good to be true then maybe it is not true. These companies are mostly scams or HYIPS (High Yield Investment Programs). These sites promise untrue rewards and start by creating a referral program or a big buzz around on the site. Entertaining a few startups for a few months, these companies will vanish in the air in no time. There will be no compensation and people will be left crying over the lost bargain. You cannot trust a site fully to say it legit or trustworthy to the fullest.

Is it late to buy bitcoin?

The answer to this is not that simple yet not so complicated too. It totally depends on the understanding and knowledge of the currency. A decentralized, peer to peer electronic currency, controlled by no one but just by the consumer, can be so unreliable to put the bid on. The important is to know how to invest rather than thinking whether to invest or not. The only way out is to know the currency. To understand the knowledge and nature of the currency, its fluctuations and variations are all that counts to invest and make reward out of that investment.

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How to Earn BitCoins Fast and Easy

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Bitcoin is getting more and more popular each day. In 2011, you needed to write to a man from another country to order a pizza for you with Bitcoins, but now you can do things similar to that in various major cities. In a few countries like the Netherlands, the whole towns are Bitcoin-accommodating, (for example, Arnhem, regularly called ‘the Bitcoin city’).

This growing popularity of Bitcoin has caught attention of many people, and thus we see so many people asking how to earn bitcoin.

The best and easiest way to earn Bitcoin is through mining. There are several mining pool which one can join in order to earn their own bitcoin. Apart from that, it can also be earned through carrying out certain tasks, or accepting bitcoin payments if you own a business. In short, Bitcoin can be earned in as many ways as real money. So, next time someone asks how to earn bitcoins, you know what to tell them.

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