Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men - meaning, no banks! There are no transaction fees and no need to give your real name.
Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into the public ledger. Called mining, individuals or companies engage in this activity in exchange for transaction fees and newly created bitcoins. Besides mining, bitcoins can be obtained in exchange for fiat money and services. Users can send and receive bitcoins electronically for an optional transaction fee using wallet software on a personal computer or a web application.
1 BTC : 100000000 satoshi
0.1 BTC : 10000000 satoshi
0.01 BTC : 1000000 satoshi
0.001 BTC : 100000 satoshi
0.0001 BTC : 10000 satoshi
0.00001 BTC : 1000 satoshi
0.000001 BTC : 100 satoshi
0.0000001 BTC : 10 satoshi
0.00000001 BTC : 1 satoshi
What is Dogecoin?
Dogecoin is a cryptocurrency featuring a Shiba Inu from the "Doge" Internet meme on its logo. It was introduced on December 8, 2013. Compared to other cryptocurrencies, Dogecoin has a fast initial coin production schedule: there will be approximately 100 billion coins in circulation by the end of 2014 with an additional 5.2 billion coins every year thereafter. As of 10 October 2014, over 94 billion Dogecoins have been mined. While there are few mainstream commercial applications, the currency has gained traction as an Internet tipping system, in which social media users grant Dogecoin tips to other users for providing interesting or noteworthy content. Many members of the Dogecoin community, as well as members of other cryptocurrency communities, use the phrase "To the moon!" to describe the overall sentiment of the coin's rising value.
Dogecoin was created by programmer Billy Markus from Portland, Oregon, who hoped to create a fun cryptocurrency that could reach a broader demographic than Bitcoin. In addition, he wanted to distance it from the controversial history behind Bitcoin, mainly its association with the Silk Road online drug marketplace. At the same time, Jackson Palmer, a member of Adobe Systems' marketing department in Sydney, Australia, was encouraged on Twitter by a student at Front Range Community College to make the idea a reality.
After receiving several mentions on Twitter, Palmer purchased the domain dogecoin.com and added a splash screen, which featured the coin's logo and scattered Comic Sans text. Markus saw the site linked in an IRC chat room, and started efforts to create the currency after reaching out to Palmer. Markus based Dogecoin on the existing cryptocurrency, Luckycoin, which features a randomized reward that is received for mining a block, although this behavior was later changed to a static block reward in March 2014. In turn, Luckycoin is based on Litecoin, which also uses scrypt technology in its proof-of-work algorithm. The use of scrypt means that miners cannot use SHA-256 Bitcoin mining equipment, and that dedicated FPGA and ASIC devices used for mining are complicated to create. Dogecoin was officially launched on December 8, 2013. The Dogecoin network was originally intended to produce 100 billion Dogecoins, but later, it was announced that the Dogecoin network would produce infinite Dogecoins.
If you want to know more then check out the full Dogecoin Wikipedia article or watch the YouTube video below.
What is Litecoin?
Litecoin (LTC) is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license. Inspired by and technically nearly identical to Bitcoin (BTC), Litecoin creation and transfer is based on an open source protocol and is not managed by any central authority. Litecoin is intended by its developers to improve upon Bitcoin, offering several key differences. As of November 2013, Litecoin had received extended coverage by mainstream media with agencies such as the Wall Street Journal, CNBC and The New York Times citing it as an alternative (or possibly even successor) to Bitcoin.
After Bitcoin and Ripple, Litecoin is the third-largest cryptocurrency by market capitalization.
A peer-to-peer network similar to Bitcoin's handles Litecoin's transactions, balances and issuance through scrypt, the proof-of-work scheme (Litecoins are issued when a small enough hash value is found, at which point a block is created, the process of finding these hashes and creating blocks is called mining). The issuing rate forms a geometric series, and the rate halves every 840,000 blocks, roughly every four years, reaching a final total of 84 million LTC.
If you want to know more then check out the full Litecoin Wikipedia article or watch the YouTube video below.
1 LTC : 100000000 litoshi
0.1 LTC : 10000000 litoshi
0.01 LTC : 1000000 litoshi
0.001 LTC : 100000 litoshi
0.0001 LTC : 10000 litoshi
0.00001 LTC : 1000 litoshi
0.000001 LTC : 100 litoshi
0.0000001 LTC : 10 litoshi
0.00000001 LTC : 1 litoshi
