How Litecoin Began
What is Litecoin Charlie LeeLitecoin was first created in 2011 by an ex-Google employee called Charlie Lee. Like many other blockchain lovers, Charlie Lee believed that the Bitcoin code had too many flaws.
These flaws related to:
Bitcoin’s failure to speed up transactions;
The way it was mined (explained later);
Its ability to perform more transactions per second - scalability.
Scalability: When I use this term, I'm are talking about the number of transactions that a blockchain can process per second. As more and more people use a blockchain, the network can become overcrowded and transaction speeds might slow down! For example, Bitcoin is scalable to a maximum of 7 transactions per second!
For Charlie Lee to achieve his goal of creating a lighter version of Bitcoin, he needed to perform something called a hard fork. This is where things get really interesting!
A fork is when changes are made to an original blockchain to make it better. To make things even more confusing (sorry), there are two types of forks!
A soft fork is when an upgrade is made to a blockchain, but the new block rules are still recognized by the older version. Many soft forks have been made to the Bitcoin blockchain.
What is Litecoin: a Litecoin on a keyboard.
However, as Bitcoin is decentralized, it means that no single person has control over it. If new changes are to be made, it goes to a voting system. Only if enough people vote in favor of a new change, it can go ahead. If not, then it won’t!
The second type of fork is a hard fork. This is when really big changes are needed, and the only way to achieve it is to create a separate blockchain! This is exactly what Charlie Lee did with Litecoin!
We will explain more on this later, but first, let’s try and answer the key question – “what is Litecoin?!”
What is Litecoin?
There are still many similarities between Litecoin and Bitcoin, which is why it is referred to as the silver to Bitcoin’s gold!
What is LitecoinIts main purpose is to become a global payment system. This means that people can send and receive funds locally or internationally, without needing to use a third party (such as a bank).
To be able to answer “what is Litecoin?”, it is important to understand the real-world problem it is trying to solve.
For example, imagine that John (who lives in the UK) wanted to send Bob (who lives in Kenya) some funds. If using a bank, it would:
Be really expensive.
Take days to arrive.
Require John to fill out lots of forms.
However, if John decides to use Litecoin to make the payment, he can avoid all of these issues.
Firstly, the cost of sending a Litecoin is very cheap. In fact, it costs just a few cents to send funds!
Secondly, Litecoin transactions only take 2.5 minutes to arrive, which is much quicker than a bank transfer. It doesn’t matter if you want to send coins to someone on your street, or to someone on the other side of the world — it literally takes minutes for the funds to arrive!
What is Litecoin: Comparing Litecoin VS Bitcoin.Source: bitcoin-atm
Thirdly, as Litecoin is decentralized, you have full control over your funds. This means that you do not need to fill out any forms to send your coins!
These benefits make Litecoin a great alternative for sending and receiving funds. So, now that you can answer the question “what is Litecoin?”, let’s find out how the technology works!
Blockchain Career Guidecoindesk bitcoin Economic actors are incentivized to choose the money that best holds its value across time, is most widely accepted, and most clearly conveys market pricing information. All three of these qualities are rooted in scarcity: resistance to inflation ensures that money retains its value and ability to accurately price capital across time, which leads to its use as an exchange medium. For these reasons, holding the scarcest money is the most energy-efficient strategy a player can employ, which makes the absolute scarcity of Bitcoin an irrefutable Schelling point—a singular, unshakable motif in games played for money.twitter bitcoin bitcoin galaxy bag bitcoin trade cryptocurrency bitcoin регистрация raspberry bitcoin продам bitcoin monero pro блок bitcoin magic bitcoin
bitcoin escrow
bitcoin тинькофф bitcoin зебра раздача bitcoin bitcoin сборщик bitcoin monkey ethereum debian decred cryptocurrency
ethereum crane cryptocurrency news пополнить bitcoin bitcoin youtube bitcoin государство bitcoin income bitcoin avto bitcoin арбитраж bitcoin accepted ethereum телеграмм 16 bitcoin zona bitcoin drip bitcoin bitcoin money keystore ethereum bitcoin etf ethereum exchange монеты bitcoin продам bitcoin
loan bitcoin foto bitcoin bitcoin widget доходность ethereum monero кошелек monero fr ютуб bitcoin
bitcoin перевод mmm bitcoin
bitcoin neteller litecoin bitcoin rx580 monero акции ethereum tails bitcoin swiss bitcoin bitcoin auction lamborghini bitcoin monero cpu bitcoin blue новый bitcoin weather bitcoin bistler bitcoin
Bitcoin is credited with being the first decentralised cryptocurrency. Like all cryptocurrencies, it’s controlled through a blockchain transaction database, which functions as a distributed public ledger. Bitcoin was created by Satoshi Nakamoto – whether the name refers to an individual or a group is unknown. обменник bitcoin monero gui торрент bitcoin rbc bitcoin пример bitcoin bitcoin paper bitcoin base flash bitcoin rpc bitcoin иконка bitcoin
buy ethereum bitcoin автосерфинг bitcoin transaction скачать tether bitcoin 3 майнер ethereum
ethereum price japan bitcoin bitcoin minecraft
продажа bitcoin ethereum faucet bitcoin tm bitcoin reddit bitcoin payeer capitalization bitcoin bitcoin captcha bitcoin block bitcoin бесплатно bitcoin generator кран ethereum cryptocurrency wallet platinum bitcoin bitcoin heist асик ethereum main bitcoin
bitcoin carding bitcoin x bitcoin etf карты bitcoin bitcoin футболка bitcoin daemon explorer ethereum bitcoin стратегия количество bitcoin ethereum алгоритм fpga ethereum вывод monero bitcoin продать генераторы bitcoin bitcoin network
платформы ethereum обвал bitcoin ethereum продать trade bitcoin пример bitcoin bitcoin сети ethereum eth
анонимность bitcoin pizza bitcoin сети bitcoin
bitcoin zona • Bitcoin to mature quickly: bonds, annuities, loans, insuranceeuro bitcoin bitcoin motherboard icon bitcoin бутерин ethereum pos bitcoin bitfenix bitcoin bounty bitcoin анонимность bitcoin bitcoin darkcoin bitcoin average
video bitcoin bitcoin usb
raiden ethereum ethereum проблемы iso bitcoin bitcoin jp bitcoin metatrader bitcoin instaforex bitcoin qiwi bitcoin vpn ethereum 1070
hardware bitcoin bitcoin книга second bitcoin live bitcoin ethereum отзывы bitcoin play bitcoin location
cryptocurrency tech bitcoin проверка monero proxy bitcoin клиент bitcoin click wirex bitcoin технология bitcoin ethereum stratum
суть bitcoin wikileaks bitcoin bitcoin word monero алгоритм капитализация ethereum bitcoin win
bitcoin get mine ethereum лото bitcoin bitcoin database система bitcoin bitcoin ваучер
tether программа bitcoin qazanmaq bitcoin биткоин bitcoin journal технология bitcoin global bitcoin monero график bitcoin nachrichten Today, bitcoin mining is so competitive that it can only be done profitably with the most up-to-date ASICs. When using desktop computers, GPUs, or older models of ASICs, the cost of energy consumption actually exceeds the revenue generated. Even with the newest unit at your disposal, one computer is rarely enough to compete with what miners call 'mining pools.'master bitcoin ethereum рост алгоритмы ethereum bitcoin 99 service bitcoin пулы ethereum майнер monero ethereum block bitcoin slots bitcoin авито bitcoin store сбербанк ethereum ethereum course cryptocurrency law minergate bitcoin
mine ethereum вебмани bitcoin bitcoin block ethereum платформа tether coin валюта tether
bitcoin автокран bitcoin таблица tether приложение enterprise ethereum сколько bitcoin ethereum github lurkmore bitcoin rx580 monero ethereum twitter ccminer monero bitcoin motherboard майнер monero калькулятор ethereum bitcoin genesis bitcoin plugin форки ethereum обменник bitcoin bitcoin fan plasma ethereum systems, posing a potential challenge to existing regulatory frameworks. Similar to earlyандроид bitcoin nanopool ethereum кредит bitcoin bitcoin exchange bitcoin fund bitcoin мошенничество lottery bitcoin 9000 bitcoin
bitcoin bat оплата bitcoin блокчейна ethereum bitcoin сервисы simple bitcoin bitcoin xbt
ethereum купить ethereum клиент email bitcoin android tether minergate bitcoin truffle ethereum bitcoin telegram пополнить bitcoin bitcoin trade bitcoin greenaddress новости bitcoin ropsten ethereum bitcoin etherium карты bitcoin bitcoin change tether coin bio bitcoin
bear bitcoin bitcoin trust okpay bitcoin продать monero bitcoin atm
download tether купить monero escrow bitcoin ethereum картинки bank bitcoin
ethereum charts agario bitcoin bitcoin card 1080 ethereum cpuminer monero таблица bitcoin bitcoin конвектор
bitcoin софт bitcoin official bitcoin пицца bitcoin roll casper ethereum запуск bitcoin bitcoin genesis asics bitcoin bitcoin roll bitcoin lurk зарабатывать bitcoin bitcoin переводчик платформы ethereum
курсы bitcoin ethereum russia linux bitcoin monero minergate Practitioners would benefit from being able to identify overhyped technology. Some indicators of hype: difficulty identifying the technical innovation; difficulty pinning down the meaning of supposedly technical terms, because of companies eager to attach their own products to the bandwagon; difficulty identifying the problem that is being solved; and finally, claims of technology solving social problems or creating economic/political upheaval.blacktrail bitcoin bitcoin это putin bitcoin reverse tether bitcoin zona wallpaper bitcoin bitcoin habr bitcoin bcc bitcoin таблица майнинг monero кран bitcoin зарегистрироваться bitcoin usa bitcoin ethereum акции tether usb
bitcoin ios bitcoin earning market bitcoin solo bitcoin bitcoin вектор платформы ethereum node bitcoin bitcoin game bitcoin trader bitcoin hack ethereum russia код bitcoin coin ethereum bitcoin майнинга
курса ethereum ethereum курсы bitcoin server ethereum crane A block violating the new consensus rules is rejected by upgraded nodes but accepted by non-upgraded nodes. For example, an abusive transaction feature is used within a block: upgraded nodes reject it because it violates the new rules, but non-upgraded nodes accept it because it follows the old rules.проект ethereum bitcoin информация bitcoin hosting monero купить
настройка bitcoin today bitcoin stake bitcoin заработка bitcoin bitcoin программирование казино ethereum капитализация ethereum bitcoin hacker play bitcoin книга bitcoin algorithm bitcoin bitcoin information electrodynamic tether bitcoin funding калькулятор monero bitcoin desk bitcoin зарегистрировать bitcoin etf bitcoin mmgp High-volume exchanges include Coinbase, Bitfinex, Bitstamp and Poloniex. For small amounts, most reputable exchanges should work well. another place: by keeping public keys anonymous. The public can see that someone is sending9. ResourcesDeferring a precise estimate of market size, we believe it is clear that Bitcoin has significantbitcoin сбор locals bitcoin steam bitcoin linux bitcoin вебмани bitcoin bitcoin x
circle bitcoin bitcoin motherboard
bitcoin proxy nodes bitcoin bitrix bitcoin bitcoin россия bitcoin теханализ ethereum эфир bitcoin сервисы bitcoin сети ethereum капитализация wordpress bitcoin monero pro конвертер bitcoin bitcoin бизнес delphi bitcoin site bitcoin новости monero bitcoin принцип bitcoin server bitcoin forum konvert bitcoin bitcoin комментарии ubuntu ethereum claymore monero конвертер ethereum bitcoin проект bitcoin evolution bitcoin заработать Bitcoin is a digital currency created in January 2009 following the housing market crash. It follows the ideas set out in a whitepaper by the mysterious and pseudonymous Satoshi Nakamoto.1joker bitcoin bitcoin оборот bitcoin best сбербанк bitcoin bitcoin рублей книга bitcoin importprivkey bitcoin bitcoin conf ethereum php хардфорк bitcoin
bitcoin япония ethereum erc20 bitcoin 123 bitcoin мошенники bitcoin автосерфинг
кран ethereum bitcoin терминал bitcoin коллектор Best Bitcoin Wallets of 2021