Posts Tagged ‘bitcoin’

We’ve talked about Bitcoins before, that cryptocurrency everyone is (not) talking about. Well, Litecoins are to Bitcoins what the original Battlestar Galactica was to Star Wars. Or perhaps that isn’t a suitable metaphor. Litecoins are to Bitcoins what silver is to gold. That’s a much more appropriate way to phrase it.

Litecoin logo courtesy of wikipedia

Litecoins are very, very similar to Bitcoins. In fact, only the hashcode algorithms and the adjustment rates are different.

However, changing the algorithms leads to several differences in the way they are mined.

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Geekdom has lots and lots of facets. One of those facets is cryptography. Another is related to digital goods. Mixed together they encompass the base of an even more obscure facet: cryptocurrency.

Bitcoin coin logo courtesy of bitcoin.it/wiki

The concept has been around for quite a while: an online, encrypted currency that can be used for transaction without being part of a physical metal or paper medium.
It is not really different than most transactions in dollars, being processed only in the digital domain, instead of actual money.
Game money have been there for quite a while too, but cryptocurrency intend to be used for real-world transactions.

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