What is ethereum: an overview

Any fair reply to "What is ethereum?" starts with two older coins that casino cashiers often list beside Bitcoin, Ethereum and Litecoin, which do quite different jobs. Ethereum runs programs and carries tokens, while Litecoin mostly moves value from one address to another. Knowing how each network charges its fees and what its addresses look like keeps a transfer on the right chain, where a mistake may cost the whole amount. Nothing here is a reason to buy either coin.

A Litecoin wallet works much like a Bitcoin wallet, but the addresses look different. A Litecoin wallet address commonly starts with L, M or ltc1, and most wallets refuse a Bitcoin address in that field, though care is still needed. When Litecoin is withdrawn from an exchange or casino, the right choice is the native Litecoin network rather than a copy of the coin issued on another chain. Sending from a personal wallet means pasting the address, reading the fee and confirming the amount, because a confirmed transaction cannot be undone.

An Ethereum wallet is an app or device that holds the keys to an account on the chain. The ETH and tokens stay recorded on the network itself; the wallet shows them and signs transfers. A new wallet displays its recovery words once, and those belong on paper, away from the phone. An ETH wallet address starts with 0x followed by forty hexadecimal characters. Several compatible chains use exactly the same format, so a 0x address alone does not reveal which network a transfer will travel on. The network name has to match at both ends.

Questions on this topic

What does a Litecoin wallet address start with?

Litecoin addresses commonly start with L, M or ltc1, which tells them apart from Bitcoin addresses.

How does Litecoin compare with Bitcoin?

Litecoin produces blocks about four times as often and tends to charge lower fees, though its price swings like any other unstable coin.

Does a failed Ethereum transaction still cost a fee?

Yes. A transaction that runs out of gas fails, and the gas it burned before failing is still paid.

Which network should a Litecoin withdrawal use?

The native Litecoin network, not a copy of the coin issued on another chain; a coin sent to an address on another chain can be lost.