Litecoin Bitcoin Dogecoin

Bitcoin is a peer-to-peer network and digital currency that enables the proof and transfer of ownership without requiring a trusted third party (i.e. bank or similar). The unit of this network is called bitcoin. New bitcoins are created by mining that involves solving a cryptographic puzzle. Bitcoin was released in 2009 by Satoshi Nakamoto.

Introduced in 2011, Litecoin is inspired and technically identical to Bitcoin with three main improvements: 1) faster transaction confirmation; 2) enhanced security and 3) ultimately issuing four times as many currency units.

Dogecoin was launched in 2013 with a faster initial coin production schedule. Dogecoin is based on Litecoin technology with the objective to reach a broader demographic base than other digital currencies.

The block chain is a public ledger maintained by miners where bitcoins, litecoins and dogecoins are exchanged among participants (see table). Spending and purchasing bitcoins, litecoins and dogecoins requires you to utilize a wallet containing a public key and a private key.