This year the Bitcoin value has soared, even past one ounce of gold. There is also a new cryptocurrency on the market, which is even more surprising carrying Cryptocoins worth more than a hundred billion. On the other hand, the term kryptocurrency-outlook longer rather blurred. There was a quarrel of lack of progress among the core developers which made it less attractive as a long-term investment and as a payment system.
Still the most popular, Bitcoin is the cryptocurrency that started all that. At present it is the largest market limit of around $ 41 billion and has existed for the past 8 years. Worldwide, Bitcoin has been widely used and so far there is nothing easy to exploit weakness in this method of work. Both as a payment system and as a stored value, Bitcoin allows users to easily receive and send Bitcoin. The Blockchain concept is the basis where Bitcoin is based. It is necessary to understand the Blockchain concept to understand what the cryptocurrency means.
Simply put, Blockchain is a database distribution that stores every network transaction as a data piece called “Block.” Each user has a Blockchain copy so that when Alice sends 1 bitcoin to mark, everyone in the network knows it.
One alternative to Bitcoin, Litecoin seeks to resolve many problems that hold Bitcoin. This is not tough like the ethereum with its value mostly comes from the adoption of solid users. Pay to record that Charlie Lee, Ex-Googler leads Litecoin. He also practiced transparency with what he did with Litecoin and was quite active on Twitter.
Litecoin is the Bitcoin’s second violin for some time but many things began to change in early 2017. First, Litecoin was adopted by coinbase along with Ethereum and Bitcoin. Furthermore, Litecoin fixed the Bitcoin problem by adopting separate witness technology. This gives him the capacity to reduce transaction costs and do more. However, the determining factor was when Charlie Lee decided to put the only focus on Litecoin and even left coinbase, where he was a technical director, only for Litecoin. Because of this, the price of Litecoin rises in recent months with the strongest factor is the fact that it can be a true alternative to Bitcoin.
Vitalik Buterin, Superstar programmer thinks of Ethereum, who can do everything Bitcoin can do. But the goal, especially, is a platform for building decentralization applications. The blockchains are where the difference between both lying. Basically, Blockchain Bitcoin recording the type of contract, which states whether the funds have been moved from one digital address to another address. However, there is significant expansion with Ethereum because it has more advanced language scripts and has more complex and wider scope of applications.