Ethereum versus Litecoin vs Bitcoin – A comparison

The blog post Ethereum versus Litecoin vs Bitcoin – A comparison was originally published on Business Law Group

Comparing Bitcoin, Litecoin, and EthereumBelow is a good comparison on the differences between the big three digital currencies – Litecoin, Ethereum and Bitcoin.  As a part of our FinTech practice, we are constantly dealing with questions about these different platforms.  What we do is help our client navigate the waters that are described in the article.  The article is a long, but that is what makes it so good. Be sure to take a gander. For more about us, visit https://kcbusinesslawgroup.com/Posted by Business Law Group.https://www.mintdice.com/blog/bitcoin-vs-ethereum-vs-litecoinBITCOIN VS. ETHEREUM VS. LITECOINWhile cryptocurrency has only recently become a popular term in finance, it has been around for a long time. Before names like Bitcoin, Ethereum, and Litecoin even existed, there were attempts to create a decentralized currency.David Chaum, a respected cryptographer, launched ECash, an anonymous system in the 1990s but it failed. Chaum built the system on currently existing government financial principles and infrastructure like credit cards. RPOW, BitGold, B-Money were also created but failed.Cryptographers could not get past specific challenges that they faced at the time. The first challenge was how to achieve true decentralization and the second was the issue of double spending. The prevention of double spending meant the use of a third-party clearing house. This wasn’t acceptable because to achieve the type of innovative digital finance they wanted; the system had to be independent of any institution.In 2008, cryptographers finally stumbled on the information they had been searching for when an anonymous contender released the blueprint for a digital currency known as Bitcoin. It showed the technical specifications of the blockchain — a decentralized technology that creates a trustless, permissionless system and eliminates the problem of double spending. This new technology took the world by storm, later leading to changes in the financial industry as well as other industries such as real estate. With the cryptocurrency revolution, came many coins, tokens, and altcoins. Here, we take a deep dive into the similarities and differences between some of the most popular and valued ones: Bitcoin, Ethereum, and Litecoin.BITCOIN EXPLAINEDBitcoin is a digital currency, created as a store of value for the anonymous exchange of goods and services online. It typically has all the properties of a more traditional currency and can be broken down into smaller parts, up to eight decimal places. It’s also the largest cryptocurrency by market capitalization.A BRIEF HISTORY OF BITCOINBitcoin first originated in 2008 when an anonymous programmer under the pseudonym of Satoshi Nakamoto released a paper in a cryptography mailing list. This paper detailed the workings of a new digital currency, built on blockchain technology. The virtual currency was designed to imitate key qualities of traditional money while providing anonymity, transparency and eliminating the need for a third party.Researchers tried to find out the identity of this anonymous programmer, all to no avail. It became a mystery to the cryptography community who could not ignore this act of charity, containing a brilliant solution that had eluded them for so long.The technology behind Bitcoin is open source, […]

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