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!
60 bitcoin 4. What is a Blockchain Wallet?bitcoin red cran bitcoin криптовалюта ethereum bitcoin boom bitcoin софт ethereum аналитика bitcoin monkey bitcoin drip
ethereum доходность
bitcoin index bitcoin счет bitcoin iphone bitcoin donate bitcoin википедия system bitcoin bitcoin доходность bitcoin x2 bitcoin prune bitcoin скрипты ethereum прогноз minergate monero decred cryptocurrency bitcoin cryptocurrency банк bitcoin сайте bitcoin bitcoin 0 ethereum валюта bitcoin терминалы
second bitcoin bitcoin nedir bitcoin новости bitcoin книга monero cpuminer tether отзывы
monero address bitcoin tor создатель bitcoin polkadot ico bitcoin автоматически
bitcoin database
bitcoin стратегия bitcoin знак bitcoin nodes monero майнер бот bitcoin пулы ethereum bitcoin statistic
bitcoin обменники серфинг bitcoin cz bitcoin polkadot ico
bestchange bitcoin
майнить ethereum It uses a digital signature feature to conduct fraud-free transactions making it impossible to corrupt or change the data of an individual by the other users without a specific digital signature.mixer bitcoin takara bitcoin сложность monero bitcoin россия
demo bitcoin валюта bitcoin
bitcoin life bitcoin motherboard spin bitcoin arbitrage cryptocurrency
flex bitcoin bitcoin карта биржа monero bitcoin avto bitcoin stellar bitcoin 999 ethereum кошелек platinum bitcoin bitcoin сатоши
download tether okpay bitcoin qtminer ethereum новости monero bitcoin eu математика bitcoin bitcoin 2020 best bitcoin 1080 ethereum bitcoin word кошельки bitcoin monero вывод ethereum metropolis bitcoin nvidia network bitcoin bitcoin исходники monero hashrate bitcoin мавроди blacktrail bitcoin bitcoin оборот
котировки bitcoin collector bitcoin
ethereum coin fx bitcoin ethereum crane платформу ethereum accepts bitcoin майнер ethereum
polkadot stingray bitcoin вложения
bitcoin доходность bitcoin зарегистрироваться инвестиции bitcoin bitcoin clock bitcoin zebra bestchange bitcoin
bitcoin официальный bitcoin frog ad bitcoin bitcoin порт multiply bitcoin bitcoin видеокарта bitcoin wallet bitcoin knots mindgate bitcoin сборщик bitcoin bitcoin pro tether clockworkmod monero ann direct bitcoin криптовалюта ethereum bitcoin fake bitcoin сатоши monero usd удвоить bitcoin 0 bitcoin bitcoin краны bitcoin maps
british bitcoin pay bitcoin
обменять monero ethereum видеокарты transaction bitcoin apk tether ethereum метрополис добыча bitcoin bonus bitcoin mining bitcoin разработчик bitcoin ethereum 4pda сеть ethereum
bitcoin conveyor magic bitcoin bitcoin trezor bitcoin reserve
bitcoin symbol arbitrage cryptocurrency blockchain ethereum bitcoin abc bitcoin course cryptocurrency trading bitcoin signals monero прогноз bitcoin aliexpress
pos bitcoin transaction bitcoin bitcoin майнеры faucet cryptocurrency planet bitcoin bitcoin yandex ethereum валюта купить bitcoin
компания bitcoin доходность ethereum exchange cryptocurrency зарабатывать ethereum moneybox bitcoin фонд ethereum сборщик bitcoin monero address кран monero bitcoin surf etoro bitcoin bitcoin miner бонусы bitcoin bitcoin golang bitcoin бесплатный payable ethereum bitcoin оплатить bitcoin ваучер ethereum btc форумы bitcoin bitcoin бот
bitcoin india лотерея bitcoin bitcoin project top cryptocurrency перспектива bitcoin datadir bitcoin bitcoin 1000 reklama bitcoin исходники bitcoin video bitcoin ethereum contract cryptocurrency calendar биржа monero bitcoin андроид bitcoin air bitcoin расшифровка micro bitcoin bitcoin приложение ethereum прогнозы forecast bitcoin оборот bitcoin bitcoin заработок playstation bitcoin bitcoin demo bitcoin cash пулы bitcoin bitcoin box habr bitcoin matrix bitcoin bitcoin пожертвование cryptocurrency gold ethereum ubuntu transactions bitcoin терминал bitcoin покер bitcoin nicehash bitcoin вложения bitcoin ethereum addresses bitcoin chains смесители bitcoin bitcoin адрес The Minority RuleUpdated on January 26, 202099 bitcoin bitcoin puzzle bitcoin alien
bitcoin wm bitcoin yandex tether комиссии bitcoin bitrix bitcoin кредит bitcoin knots bitcoin accelerator iso bitcoin
4000 bitcoin зарабатывать bitcoin advcash bitcoin ethereum swarm mine monero ads bitcoin bitcoin elena bitcoin получить bitcoin машины bitcoin yen btc ethereum ethereum стоимость Right now, that probably sounds too good to be true. Just wait for a second thought. There are quite a few drawbacks! 12.5 BTCмайнер ethereum bitcoin хешрейт обменять ethereum cryptocurrency перевод bitcoin упал bitcoin alliance microsoft bitcoin особенности ethereum red bitcoin config bitcoin trader bitcoin
tether программа email bitcoin bitcoin nvidia bitcoin видеокарта bitcoin майнеры bitcoin plus (Note: an off-by-one error in the Bitcoin Core implementation causes the difficulty to be updated every 2,016 blocks using timestamps from only 2,015 blocks, creating a slight skew.)ethereum заработать
bitcoin стратегия bitcoin evolution bitcoin alliance ethereum php торги bitcoin bitcoin reindex кран ethereum trade cryptocurrency bitcoin development
часы bitcoin алгоритм ethereum bitcoin бесплатно bitcoin xl monero пул green bitcoin keys bitcoin bitcoin рухнул programming bitcoin nya bitcoin ethereum bonus neo bitcoin сборщик bitcoin терминал bitcoin p2pool ethereum statistics bitcoin bitcoin ann bitcoin okpay froggy bitcoin
ethereum forks bitcoin обмен bitcoin froggy bitcoin cudaminer заработок bitcoin conference bitcoin 6000 bitcoin bitcoin ключи bitcoin drip coinder bitcoin bitcoin easy bitcoin blue bitcoin get advcash bitcoin пример bitcoin bitcoin пожертвование bitcoin bank ethereum os loans bitcoin ethereum org
tinkoff bitcoin asics bitcoin bitcoin аналитика
cryptocurrency nem bitcoin stock
exchanges bitcoin
logo ethereum jaxx bitcoin ethereum монета claim bitcoin gadget bitcoin In a distributed ledger, identities are unknown and hidden whereas in traditional ledger identities of all participants have to be known before the transactions happen.bitcoin virus bitcoin crane Block mining is the process of attaching new transaction records as blocks to the blockchain. In the process – using bitcoin as an example – new bitcoins get produced, adding to the total number of coins in circulation. Mining requires a specific piece of software that is used to solve mathematical puzzles, and this validates the legitimate transactions which make up blocks. These blocks get added to the public ledger (blockchain) about every 10 minutes. As the software solves transactions the miner is rewarded with a set amount of bitcoins. The faster a miner’s hardware can process the mathematical problem, the more likely it is to validate a transaction and earn the bitcoin reward. The main cryptocurrenciesmonero стоимость video bitcoin mining bitcoin Why Bitcoin Can’t Be Copiedtrade cryptocurrency аналитика bitcoin ethereum course x2 bitcoin bitcoin видеокарта connect bitcoin bitcoin рулетка tokens ethereum ico bitcoin transactions bitcoin 2 bitcoin
количество bitcoin bitcoin индекс казино bitcoin bitcoin synchronization monero windows
bitcoin it кошельки bitcoin
bitcoin converter site bitcoin ethereum vk цена ethereum отзывы ethereum заработать monero blocks bitcoin bitcoin network ethereum gold One Bitcoin is divisible down to eight decimal places. There are really 2,099,999,997,690,000 (just over 2 quadrillion) maximum possible atomic units in the bitcoin system.bitcoin 33 bitcoin xt ethereum zcash bitcoin main bitcoin матрица claim bitcoin status bitcoin monero новости bitcoin lucky cryptocurrency faucet red bitcoin agario bitcoin bitcoin nyse курс monero
metatrader bitcoin сборщик bitcoin ethereum покупка ethereum os сеть ethereum
new cryptocurrency bitcoin background bitcoin payoneer вебмани bitcoin bitcoin clicks bitcoin scrypt There was a time when people could use GPU mining for bitcoin, but ASICs have made this method not worth the effort.bitcoin reddit decentralized monetary asset, which cannot.bitcoin laundering data bitcoin bitcoin cny bitcoin динамика bank bitcoin bitcoin авито
4pda tether индекс bitcoin
bitcoin 1070 eos cryptocurrency trezor bitcoin bitcoin анализ bitcoin bitcoin nodes torrent bitcoin bitcoin passphrase bitcoin в компиляция bitcoin ethereum addresses bitcoin debian конвертер bitcoin qr bitcoin bitcoin создать balance bitcoin bitcoin grant
monero bitcointalk ethereum course captcha bitcoin web3 ethereum
ethereum wikipedia captcha bitcoin
tether майнинг monero fr If you want exposure to the crypto market, you might invest in individual stocks of crypto companies. 'As far as crypto-oriented stocks go, Coinbase is expected to have an IPO sometime in 2021,' Zeiler says. 'There are also a few Bitcoin mining stocks such as Hive Blockchain (HIVE). If you want some crypto exposure with less risk, you can invest in big companies that are adopting blockchain technology, such as IBM, Bank of America and Microsoft.'The cryptocoin release mechanism is different for both BTC and XRP. While bitcoins are released and added to the network as, and when, the miners find them, a smart contract controls the release of XRP.16 96000 bitcoin ethereum windows panda bitcoin bitcoin шахты bitcoin vk free bitcoin ethereum проблемы bitcoin script эфир bitcoin доходность ethereum ethereum прогнозы monero faucet tinkoff bitcoin scrypt bitcoin
ico cryptocurrency 10000 bitcoin
bitcoin valet bitcoin school
яндекс bitcoin cryptocurrency calculator autobot bitcoin рейтинг bitcoin ethereum solidity bitcoin tube bitcoin farm
Bitcoin Mining Hardware: How to Choose the Best OneIt has made cryptography more mainstream, but the highly specialized industry is chock-full of jargon. Thankfully, there are several efforts at providing glossaries and indexes that are thorough and easy to understand.bitcoin red wm bitcoin
simple bitcoin bitcoin лохотрон протокол bitcoin monero cpu bitcoin перевести bitcoin telegram bitcoin weekly bitcoin рбк
monero amd bitcoin зарегистрироваться bitcoin anonymous avatrade bitcoin тинькофф bitcoin sgminer monero bitcoin мерчант bitcoin spend monero fr ethereum алгоритм 