The vast majority of the population associates Blockchain with cryptocurrency Bitcoin; however, there are many other uses of blockchain; such as Litecoin, Ether, and other currencies. In this discussion, please describe at least two cryptocurrencies with applicable examples. Discuss some similarities and differences.
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Sample Answer
here are two cryptocurrencies with applicable examples and their similarities and differences:
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Bitcoin: Bitcoin is the first and most well-known cryptocurrency. It was created in 2009 by an anonymous person or group of people under the pseudonym Satoshi Nakamoto. Bitcoin is based on a blockchain, which is a distributed ledger that records transactions. Transactions are verified by network nodes through cryptography and recorded in a public dispersed ledger called a blockchain. Bitcoin is a decentralized currency, meaning that it is not subject to government or financial institution control.
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Litecoin: Litecoin is a peer-to-peer cryptocurrency that was created in 2011 by Charlie Lee. Litecoin is based on the same code as Bitcoin, but it has a faster block generation rate and a different hashing algorithm. Litecoin is also more affordable than Bitcoin.
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