Transaction time litecoin minerals
With each fresh batch, winner takes all. As the name implies, double spending is when somebody spends money more than once. Traditional currencies avoid it through a combination of hard-to-mimic physical cash and trusted third parties—banks, credit-card providers, and services like PayPal—that process transactions and update account balances accordingly.
But bitcoin is completely digital, and it has no third parties. The idea of an overseeing body runs completely counter to its ethos. The solution is that public ledger with records of all transactions, known as the block chain. If she indeed has the right to send that money, the transfer gets approved and entered into the ledger.
Using a public ledger comes with some problems. The first is privacy. How can you make every bitcoin exchange completely transparent while keeping all bitcoin users completely anonymous? The second is security. If the ledger is totally public, how do you prevent people from fudging it for their own gain? The ledger only keeps track of bitcoin transfers, not account balances.
In a very real sense, there is no such thing as a bitcoin account. And that keeps users anonymous. Say Alice wants to transfer one bitcoin to Bob. That transaction record is sent to every bitcoin miner—i.
Now, say Bob wants to pay Carol one bitcoin. Carol of course sets up an address and a key. And then Bob essentially takes the bitcoin Alice gave him and uses his address and key from that transfer to sign the bitcoin over to Carol:. After validating the transfer, each miner will then send a message to all of the other miners, giving her blessing. The ledger tracks the coins, but it does not track people, at least not explicitly.
The first thing that bitcoin does to secure the ledger is decentralize it. There is no huge spreadsheet being stored on a server somewhere. There is no master document at all. Instead, the ledger is broken up into blocks: Every block includes a reference to the block that came before it, and you can follow the links backward from the most recent block to the very first block, when bitcoin creator Satoshi Nakamoto conjured the first bitcoins into existence.
Every 10 minutes miners add a new block, growing the chain like an expanding pearl necklace. Generally speaking, every bitcoin miner has a copy of the entire block chain on her computer. If she shuts her computer down and stops mining for a while, when she starts back up, her machine will send a message to other miners requesting the blocks that were created in her absence.
No one person or computer has responsibility for these block chain updates; no miner has special status. The updates, like the authentication of new blocks, are provided by the network of bitcoin miners at large. Bitcoin also relies on cryptography. The computational problem is different for every block in the chain, and it involves a particular kind of algorithm called a hash function. Like any function, a cryptographic hash function takes an input—a string of numbers and letters—and produces an output.
But there are three things that set cryptographic hash functions apart:. The hash function that bitcoin relies on—called SHA, and developed by the US National Security Agency—always produces a string that is 64 characters long. You could run your name through that hash function, or the entire King James Bible.
Think of it like mixing paint. If you substitute light pink paint for regular pink paint in the example above, the result is still going to be pretty much the same purple , just a little lighter. But with hashes, a slight variation in the input results in a completely different output:. The proof-of-work problem that miners have to solve involves taking a hash of the contents of the block that they are working on—all of the transactions, some meta-data like a timestamp , and the reference to the previous block—plus a random number called a nonce.
Their goal is to find a hash that has at least a certain number of leading zeroes. That constraint is what makes the problem more or less difficult. Even coinomi on android shows the time it takes when I trade into something else using the built in shapeshift, and every time I trade LTC into something else much much faster than BTC.
One time I had BTC take like 12hr that was on a heavy day though but still.. LTC has always been fast I feel like this is a great post dude! Puts things into perspective. Feel free to follow back. Hi there Steemers from god knows where! And the verdict is It took BTC 2 hours to show up in my wallet 2 confirmations It took LTC 18 minutes to show up in my wallet 6 confirmations This is my deposit History from Bittrex as a proof that I really did the transactions.
Thanks for reading and keep Steeming! Authors get paid when people like you upvote their post. Yes actually I just did a second Litecoin transaction and it was around 10 minutes. Thanks for passing by!