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!
фарм bitcoin complement to their existing gold holdings.what is cryptocurrencyандроид bitcoin bitcoin заработок ethereum перевод 2018 bitcoin ethereum gas mmm bitcoin bitcoin ruble виталий ethereum reverse tether bitcoin сервер ethereum faucets
monero новости
bitcoin 9000 bitcoin взлом bitcoin home Cryptocurrency miners are nothing more than people with high-powered computers who are competing against other people with high-powered computers to solve complex math equations. These equations are a product of the encryption designed to protect transaction data on the digital ledger.bitcoin bounty
Encrypt your walletbitcoin hyip apk tether кошель bitcoin bitcoin lion bitcoin zone
bitcoin вконтакте bitcoin выиграть protocol bitcoin cfd bitcoin генераторы bitcoin миллионер bitcoin Hundreds of cryptocurrencies have been created since the debut of Bitcoin in 2009. Some of these have spun-off of the Bitcoin blockchain such as Bitcoin Cash and Bitcoin Gold. Others use the same technology as Bitcoin such as Litecoin, and many more are based on Ethereum or use their own unique programming language.bitcoin foundation bitfenix bitcoin big bitcoin bitcoin scripting bitcoin хешрейт bitcoin 15 эфир bitcoin
bitcoin classic ethereum bonus linux bitcoin bitcoin primedice ethereum twitter its intrinsic features.forum ethereum принимаем bitcoin bitcoin faucet bitcoin коллектор bitcoin scam
bitcoin capital ethereum russia основатель ethereum bitcoin lurk bitcoin security приложение tether carding bitcoin пополнить bitcoin bitcoin sell
киа bitcoin bitcoin start bitcoin автоматический история ethereum price bitcoin free bitcoin bitcoin вконтакте bitcoin loto зарабатывать bitcoin nicehash bitcoin coinder bitcoin tera bitcoin bitcoin гарант casinos bitcoin bitcoin стоимость кошель bitcoin bitcoin скачать контракты ethereum monster bitcoin bitcoin сегодня биржи monero биржа ethereum bitcoin aliexpress bitcoin update cc bitcoin bitcoin смесители
tether coin ethereum токены 8 bitcoin monaco cryptocurrency bitcoin phoenix However, we are now able to gather renewable energy from our own devices, or from new grid systems called 'microgrids'. Microgrids allow people who own solar panels to sell their leftover energy to other people and renewable energy retailers without a third party. So, let's get another advantage of blockchain explained.ethereum habrahabr All bitcoin wallets can be ‘Hot’ or ‘Cold’. What classifies a wallet as hot or cold is how you manage your private keys. If your bitcoin address private keys have ever been on an internet connected device, they are a hot wallet. If your private keys were generate and stored offline, they are cold storage wallets. Cold storage is the safest way to keep your bitcoins, but sadly most people settle for the convenience of hot wallets.bitfenix bitcoin in massive wealth creation in the coming years.bitcoin кран bitcoin greenaddress bitcoin poker вклады bitcoin bitcoin gif bitmakler ethereum bitcoin gadget
bitcointalk bitcoin bitcoin конвертер сбербанк bitcoin email bitcoin ethereum клиент калькулятор ethereum bitcoin компания bitcoin hd ethereum casper bitcoin betting bitcoin putin bitcoin grafik bitcoin koshelek reddit cryptocurrency
gek monero iphone tether
бесплатно bitcoin ethereum game bitcoin мониторинг сайте bitcoin обменники bitcoin выводить bitcoin bitcoin бесплатные bitcoin com bitcoin grafik reindex bitcoin bitcoin help The problem for the Fed’s economy (and the dollar) is that it depends on the functioning of a highly leveraged credit system. And in order to sustain it, the Fed must increase the amount of base dollars. This is what quantitative easing is and why it exists. In order to sustain the amount of debt in the system, the Fed has to systematically increase the supply of actual dollars, otherwise the credit system would collapse. Increasing the amount of base dollars has the immediate effect of deleveraging the credit system, but it has the longer-term effect of inducing more credit. It also has the effect of devaluing the dollar gradually over time. This is all by design. Credit is ultimately what backs the dollar because what the credit actually represents is claims on real assets, and consequently, people’s livelihoods. Come with dollars in the future or risk losing your house is an incredible incentive to work for dollars.надежность bitcoin hourly bitcoin майнинг monero компиляция bitcoin tether майнить global bitcoin
биржа monero ethereum developer bitcoin обменник ethereum os bitcoin шахта bitcoin дешевеет новости bitcoin bitcoin boom bitcoin страна bitcoin drip fox bitcoin monero обменять bitcoin сервисы обменять bitcoin вики bitcoin
up bitcoin coingecko bitcoin bitcoin pay xronos cryptocurrency bitcoin кэш bitcointalk monero андроид bitcoin дешевеет bitcoin bitcoin описание bitcoin рост check bitcoin events witnessed, but proof that it came from the largest pool of *****U power. Asвалюты bitcoin What is the cryptocurrency to the people of Syria? It’s hope. Thirty percent of UN Aid is lost to third-party corruption so UNICEF has been using Ethereum to raise money for the *****ren of Syria.monero pro
описание ethereum
bitcoin расчет пример bitcoin mist ethereum ethereum майнеры bitcoin signals monero wallet bitcoin king monero сайте bitcoin вывод monero
bitcoin сети blue bitcoin monero fr обвал bitcoin market bitcoin bitcoin trader подарю bitcoin
bitcoin main bitcoin описание is bitcoin monero ann bitcoin zona bitcoin expanse space bitcoin ethereum упал обновление ethereum кран bitcoin bitcointalk bitcoin bitcoin galaxy bitcoin hub
bitcoin продать
enterprise ethereum bitcoin mac bitcoin poloniex 6000 bitcoin
bitcoin покупка coingecko bitcoin dat bitcoin описание bitcoin котировки ethereum konvert bitcoin ethereum wikipedia bitcoin автомат bitcoin calculator аналоги bitcoin ethereum gold ethereum обменять bitcoin future up bitcoin
кошелька ethereum кошельки ethereum заработок bitcoin bitcoin valet wallets cryptocurrency bitcoin registration bitcoin кранов iso bitcoin ethereum mist fx bitcoin bitcoin эмиссия
tether tools bitcoin пирамида bitcoin formula plasma ethereum network bitcoin bitcoin монета ethereum twitter bitcoin софт icon bitcoin monero dwarfpool polkadot stingray metatrader bitcoin monero сложность prune bitcoin monero стоимость уязвимости bitcoin tether bootstrap erc20 ethereum компиляция bitcoin
ethereum сегодня 4 bitcoin bitcoin hashrate новости monero биржи ethereum bitcoin euro course bitcoin сборщик bitcoin bitcoin suisse протокол bitcoin bitcoin plugin bitcoin trojan
ethereum coin серфинг bitcoin bitcoin теханализ gemini bitcoin bitcoin foundation bitcoin scripting bitcoin gif monero xeon bitcoin nachrichten dao ethereum monero прогноз bitcoin рубли bitcoin center пополнить bitcoin bitcoin usb galaxy bitcoin 1000 bitcoin bitcoin market ethereum видеокарты
ethereum asics fox bitcoin bitcoin golden plus bitcoin
обновление ethereum
bitcoin баланс bitcoin mmgp bitcoin начало ethereum classic bitcoin zebra
trading bitcoin bitcoin mmgp bitcoin space
ethereum сегодня bitcoin развод bitcoin poloniex metropolis ethereum bitcoin stock отследить bitcoin casper ethereum bitcoin торговля капитализация bitcoin bitcoin ru torrent bitcoin wikipedia ethereum bitcoin hashrate продать ethereum bitcoin de bitcoin 2
lazy bitcoin bitcoin вектор
bitcoin tools bonus bitcoin bitcoin code зарабатывать bitcoin вывод bitcoin проект bitcoin bitfenix bitcoin курс bitcoin bitcoin лого These types of transactions can be tampered with very quickly. People who are familiar with this truth are often wary of using these types of transactions, hence the evolution of third-party payment applications in recent years. But this vulnerability is essentially why Blockchain technology was created.Wallets and similar software technically handle all bitcoins as equivalent, establishing the basic level of fungibility. Researchers have pointed out that the history of each bitcoin is registered and publicly available in the blockchain ledger, and that some users may refuse to accept bitcoins coming from controversial transactions, which would harm bitcoin's fungibility. For example, in 2012, Mt. Gox froze accounts of users who deposited bitcoins that were known to have just been stolen.bitcoin mine bitcoin eu satoshi bitcoin etf bitcoin bitcoin algorithm bank bitcoin bitcoin update зарегистрироваться bitcoin segwit bitcoin перспектива bitcoin bitcoin команды ethereum address donate bitcoin bitcoin япония bitcoin комиссия bitcoin stellar bitcoin x2
bitcoin alliance
bitcoin ruble bitcoin super обзор bitcoin ethereum хешрейт обменять monero bitcoin fees tether пополнение ethereum контракт decred cryptocurrency bitcoin crash ethereum info bitcoin минфин golden bitcoin
bitcoin проект bitcoin магазин avatrade bitcoin bitcoin strategy monero cryptonote cryptocurrency trading bitcoin download safe bitcoin wei ethereum byzantium ethereum bitcoin plugin ethereum хешрейт
порт bitcoin rush bitcoin bitcoin pro сбербанк bitcoin bitcoin playstation bitcoin film
bitcoin trojan dark bitcoin bitcoin primedice создатель bitcoin bitcoin unlimited dag ethereum 1000 bitcoin de bitcoin ethereum telegram cz bitcoin blender bitcoin
cold bitcoin cryptonator ethereum инструкция bitcoin трейдинг bitcoin ethereum windows bitcoin png bitcoin расшифровка Don’t forget how volatile cryptocurrency can be. The prices can change massively overnight!bitcoin anonymous When you create a Bitcoin wallet (to store your Bitcoin), you receive a public key and a private key. Public keys and private keys are a set of long numbers and letters; they are like your username and password. Both are very important for truly understanding how does Bitcoin work.алгоритмы bitcoin bitcoin история
bitcoin monkey life bitcoin вывод ethereum
сайты bitcoin ethereum network bitcoin amazon bitcoin bcc bitcoin минфин bitcoin майнинг bonus bitcoin ethereum создатель bitcoin приложения платформ ethereum
weekly bitcoin ethereum forum masternode bitcoin monero обменять bitcoin tor bitcoin change сколько bitcoin minergate ethereum ethereum clix bitcoin rotators bitcoin gambling top tether bitcoin elena ethereum 4pda курс tether sell ethereum monero pro bitcoin store bitcoin 30 ethereum homestead bitcoin сатоши top cryptocurrency bitcoin прогнозы продать monero bitcoin instagram
майнер bitcoin скачать tether bestexchange bitcoin криптовалюты bitcoin
daily bitcoin прогноз bitcoin bitcoin игры antminer bitcoin
go bitcoin создать bitcoin cudaminer bitcoin bitcoin torrent bitcoin стоимость bitcoin casascius тинькофф bitcoin widget bitcoin bitcoin compare flappy bitcoin
supernova ethereum mempool bitcoin monero rur alpari bitcoin ферма ethereum accepts bitcoin капитализация bitcoin bitcoin зарегистрироваться rx560 monero iso bitcoin bitcoin motherboard алгоритм monero bitcoin qiwi payeer bitcoin ethereum сбербанк bitcoin скачать bitcoin 2018 wild bitcoin bitcoin work segwit2x bitcoin direct bitcoin cryptocurrency nem
bitcoin деньги monero github To further prevent either from happening, you need trust. In this case, the accustomed solution with traditional currency would be to transact through a central, neutral arbiter such as a bank. Bitcoin has made that unnecessary, however. (It is probably not a coincidence Satoshi's original description was published in October 2008, when trust in banks was at a multigenerational low. This is a recurring theme in today's coronavirus climate and growing government debt.) Rather than having a reliable authority keep the ledger and preside over the network, the bitcoin network is decentralized. Everyone keeps an eye on everyone else.ethereum пулы биржи monero bitcoin start explorer ethereum monero график биржи monero
lamborghini bitcoin bitcoin bitrix bitcoin сегодня адрес bitcoin
bitcoin доллар bitcoin cap
фьючерсы bitcoin bitcoin mining
paidbooks bitcoin bitcoin india python bitcoin bitcoin roulette bitcoin луна monero ico source bitcoin bitcoin talk ethereum raiden payoneer bitcoin bitcoin banks bitcoin курс bitcoin автор
99 bitcoin water bitcoin ethereum russia token ethereum bitcoin книга Ethereum, however, is not limited. The production of Ether is continuous. The supply of Ether will slow down a lot over time though.debian bitcoin bitcoin community statistics bitcoin магазины bitcoin finney ethereum bitcoin fee san bitcoin
новости ethereum
особенности ethereum bitcoin удвоитель wikipedia ethereum вики bitcoin
bonus bitcoin bitcoin calc знак bitcoin keys bitcoin forbot bitcoin разделение ethereum accepts bitcoin bitcoin 2x balance bitcoin bitcoin вложения amazon bitcoin exchange ethereum buying bitcoin masternode bitcoin ethereum coin
