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Bitcoin was the world's first decentralized digital currency. It was invented by an unknown person or group of people using the name Satoshi Nakamoto and released as open-source software in 2009. Bitcoin is a medium of exchange (i.e. a currency) that uses cryptography to control the generation of units of currency and to verify the transfer of funds. The invention of Bitcoin has led to the development of other cryptocurrencies, some of which have exclusively used the name "bitcoin" as their crypto-name. Other cryptocurrencies, such as Litecoin, Peercoin, Octocoin and Diamond, have identical concepts but use algorithms that are based on different scientific ideas and are named accordingly, as well as some cryptocurrencies that use slightly different algorithms and are named as Forkcoins.
Litecoin is an open-source payment network that is based on the technology behind the Bitcoin protocol. It was developed by Charlie Lee in 2011 with the intent of creating a faster, more scalable version of Bitcoin. Litecoin is considered by some to be a legitimate alternative to Bitcoin because of its similar features and similar market cap. Litecoin is traded on some of the same exchanges as Bitcoin, such as Coinbase. Litecoin is less expensive to mine than Bitcoin, which allows bankers to solve their mathematics problems for less time and money. There also is a faucet that allows for easy free-telling of Litecoin to new users. A substantial number of Litecoin users choose to own the currency, and may use the currency for a variety of methods of payment.
Ethereum was the world's first decentralized platform that runs exactly as programmed without any centralized control or tampering. It was developed by Vitalik Buterin, a programmer and designer, as an open-source platform with the scope of creating many applications and tools, including a virtual machine and Turing-complete programming language. This is the only block-chain platform that currently exists. Ethereum enables the creation of applications and decentralized applications or dApps. dApp or DApp is short for "decentralized app" and the combination of the terms "application" and "blockchain". d2c66b5586