They are easier to mine (than bitcoins) but they worth less.
typo its one word 'worthless'
Topic: What exactly are litecoins? (Read 707 times)
typo its one word 'worthless'
They are easier to mine (than bitcoins) but they worth less.
typo its one word 'worthless'
I keep hearing about them once and a while but I never see any sites that take them and I dont really understand what purpose they play. Are they just easier to mine?
Some info here:
https://en.bitcoin.it/wiki/Litecoin
You can trade LTC with multiple currencies on https://btc-e.com/. Easy to mine with GPU using scrypt but worth much less than BTC. If you have a nice farm running multiple GPU's with free electricity, it might be worth giving it a shot and perhaps use a trading bot or something to trade for BTC.
They are mined with the scrypt algorithim, which is different from bitcoins.
Also, Litecoins are faster than Bitcoins because the average block time is only 2.5 Minutes.
This also means there will be 4x more Litecoins than Bitcoins.
If you want to make a noticable profit from Bitcoin mining nowadays you'll need to use ASICs. Litcoin (and many other altcoins) can't currently be mined using ASICs or even FPGAs, but can be mined using GPUs, so the purpose is mainly to give formerly BTC-mining GPU rigs something to do. Most altcoins can be exchanged for BTC or fiat. Eventually LTC will be as common as BTC is now, it's just that Bitcoin had a head start.
Maybe, but there are hundreds alternative coins with this characteristic, some dead already
Litecoins are made by angels.
I keep hearing about them once and a while but I never see any sites that take them and I dont really understand what purpose they play. Are they just easier to mine?
If you want to make a noticable profit from Bitcoin mining nowadays you'll need to use ASICs. Litcoin (and many other altcoins) can't currently be mined using ASICs or even FPGAs, but can be mined using GPUs, so the purpose is mainly to give formerly BTC-mining GPU rigs something to do. Most altcoins can be exchanged for BTC or fiat. Eventually LTC will be as common as BTC is now, it's just that Bitcoin had a head start.
You can also trade litecoins for bitcoins at exchanges like vircurex.
Litecoins are an alternative cryptocurrency to Bitcoins, you can trade them with us:
https://coinmkt.com
https://coinmkt.com
I keep hearing about them once and a while but I never see any sites that take them and I dont really understand what purpose they play. Are they just easier to mine?
It is just a speculative coin because you can hardly spend it buying goods/services
They are easier to mine (than bitcoins) but they worth less. All and all it is the most popular crypto-currency after bitcoins and people mine them while they wait for news from mt.gox...
They are mined with the scrypt algorithim, which is different from bitcoins.
I keep hearing about them once and a while but I never see any sites that take them and I dont really understand what purpose they play. Are they just easier to mine?
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