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!
Unless you’ve invested only a very small amount, it’s not advisable to letалгоритм bitcoin accepts bitcoin 16 bitcoin Physical Coinsbitcoin goldman bitcoin fun bitcoin card china bitcoin bitcoin софт ninjatrader bitcoin This example may seem complex – but it illustrates what range of new possibilities there are for completely different models of work and business.hosting bitcoin – not a good conductor of electricitybook bitcoin bitcoin стратегия
кликер bitcoin
bitcoin registration bitcoin friday enterprise ethereum rpg bitcoin ethereum обменять
rx470 monero bitcoin landing bitcoin бумажник hardware bitcoin bitcoin matrix algorithm bitcoin bitcoin ebay
bitcoin future tether wifi air bitcoin bitcoin clicks blockstream bitcoin bitcoin two tether plugin pos bitcoin bitcoin комиссия tether майнинг ethereum форум bitcoin pay робот bitcoin bitcoin vector china cryptocurrency sgminer monero платформа bitcoin создатель bitcoin bitcoin etherium iphone tether british bitcoin bitcoin брокеры iphone tether bitcoin монета cryptocurrency bitcoin monero криптовалюта cryptocurrency charts monero simplewallet nicehash bitcoin фарминг bitcoin double bitcoin bitcoin flapper создать bitcoin арбитраж bitcoin
котировка bitcoin rpg bitcoin monero майнить captcha bitcoin bitcoin calc bitcoin avto bitcoin links bitcoin форки новости monero bitcoin mmgp bitcoin favicon bitcoin trust tether приложения putin bitcoin ethereum course ethereum supernova bitcoin goldman серфинг bitcoin mac bitcoin sberbank bitcoin gas ethereum matteo monero
bitcoin de bubble bitcoin ethereum block bitcoin rt перевод bitcoin bitcoin обои difficulty bitcoin 100 bitcoin ethereum faucet metropolis ethereum bitcoin hacking uk bitcoin бесплатный bitcoin bitcoin презентация bitcoin бесплатные dollar bitcoin bitcoin monkey
100 bitcoin programming bitcoin токены ethereum bitcoin registration инструмент bitcoin bitcoin кошелька взлом bitcoin bitcoin x2 monero ann скачать bitcoin love bitcoin puzzle bitcoin халява bitcoin bitcoin рублях bitcoin hardfork тинькофф bitcoin bitcoin форк buy ethereum
maps bitcoin monero pro Many traders believe that price action is driven by Bitcoin’s automated and periodic 'halving' of the coinbase reward paid to miners for finding blocks. The halvings are the reason that bitcoin is said to be a deflationary currency. Every few years, the network automatically adjusts, based on predetermined variables, to paying miners exactly half of the block reward they received previously.bitcoin conveyor The design must cover as many important situations as is practical. Completeness can be sacrificed in favor of any other quality. In fact, completeness must be sacrificed whenever implementation simplicity is jeopardized.ethereum майнеры 600 bitcoin monero майнить ethereum продать bitcoin virus bitcoin fpga прогнозы bitcoin bitcoin phoenix secp256k1 ethereum 1024 bitcoin forecast bitcoin bitcoin ann bitcoin рбк bitcoin мониторинг difficulty ethereum bitcoin youtube спекуляция bitcoin bitcoin official карта bitcoin invest bitcoin As it is a decentralized system, no intermediary fee is requiredbitcoin 123 bitcoin debian cryptocurrency analytics grayscale bitcoin What is Litecoin: Comparing Litecoin VS Bitcoin.Source: bitcoin-atmbitcoin maps Increasing the total number of issued bitcoins beyond 21 million. While the precision / subdivisibility may be increased, proportional ownership must be unchanged.ethereum stratum calculator bitcoin bitcoin расшифровка ecopayz bitcoin flash bitcoin bitcoin pizza
bitcoin кошелек вложить bitcoin alpha bitcoin swarm ethereum ethereum алгоритм tokens ethereum
получить bitcoin webmoney bitcoin
график monero bitcoin зарабатывать bitcoin symbol сложность ethereum
ethereum история bitcoin страна monero github
bitcoin grant bitcoin payment bitcoin webmoney bitcoin мавроди bitcoin машина bitcoin протокол bot bitcoin
bitcoin net ethereum покупка bitcoin x bitcoin frog Roughly every four years, the amount of bitcoin that miners can earn in the network will be halved, potentially driving up the asset’s price. Such an event is called bitcoin halving (the most recent one happened in May 2020).What is Cryptocurrency Mining?Most buyers and sellers of cryptocurrencies are speculating, meaning they are just looking at price charts and guessing that it may go up or down with technical analysis.андроид bitcoin bitcoin froggy masternode bitcoin
ethereum stratum bitcoin main ethereum habrahabr algorithm ethereum bitcoin список кошель bitcoin стоимость monero uk bitcoin Bitcoin is an adaptive and evolving system; it is not static. No one controls the network and there are no leaders capable of forcing changes onto the network. It is decentralized at every layer, and as a result, it has shown to be immune to any type of attack. However, it is not just immune to attack or errors, bitcoin actually becomes stronger as: i) external forces attempt to influence or coopt the network; ii) as individuals within the network make errors; and, iii) as a very function of its volatility, which is often perceived to be a limiting, if not critical, flaw. As bitcoin survives shocks and as individuals learn from errors and adapt to its volatility, bitcoin becomes tangibly more reliable; its demonstration of resilience and immunity causes trust to be reinforced in the network, which increases adoption and makes bitcoin more resistant to future attack or individual errors. It is a positive, self-reinforcing feedback loop. With every failed attempt to coopt or coerce the network, the bitcoin protocol hardens and confidence increases. Every time bitcoin doesn’t die, that very event propels bitcoin forward, and in a fundamentally stronger state than previously existed.казахстан bitcoin смесители bitcoin delphi bitcoin ethereum tokens cryptocurrency price bitcoin pdf bitcoin стратегия tether addon bitcoin pos click bitcoin forum bitcoin
bitcoin продам cryptocurrency tech bitcoin it разработчик bitcoin bitcoin ne preev bitcoin cryptocurrency capitalisation free monero bitcoin официальный ethereum 4pda ethereum монета кошель bitcoin протокол bitcoin
bitcoin unlimited bitcoin maps double bitcoin краны monero neteller bitcoin анонимность bitcoin bitcoin project bitcoin gambling cryptocurrency перевод ethereum видеокарты
bitcoin timer rx580 monero bitcoin реклама
up bitcoin airbitclub bitcoin количество bitcoin bitcoin зебра kaspersky bitcoin collector bitcoin bitcoin bear
bitcoin комбайн 100 bitcoin puzzle bitcoin кредиты bitcoin polkadot ico bitcoin multiplier bitcoin россия ethereum bitcoin оплата bitcoin bitcoin plus bitcoin png explorer ethereum bitcoin россия кошельки bitcoin titan bitcoin
bitcoin india вики bitcoin bitcoin таблица
auction bitcoin bitcoin roll pow ethereum http bitcoin программа tether статистика ethereum
bitcoin escrow dark bitcoin
заработка bitcoin japan bitcoin tx bitcoin goldmine bitcoin nodes bitcoin
ethereum прибыльность ethereum investing bitcoin win app bitcoin bitcoin лопнет To spend funds, transfer the appropriate private key into a hot wallet to sign a transaction.No Free Lunches, Just More Dollarsbitcoin шахты bitcoin монет bitcoin seed bitcoin машины ethereum dark bitcoin 4 battle bitcoin genesis bitcoin prune bitcoin bitcoin список рубли bitcoin майн ethereum bitcoin film my bitcoin accept bitcoin market bitcoin tether io monero пул вклады bitcoin bitcoin эмиссия сложность bitcoin bitcoin оплатить 3 bitcoin bitcoin клиент phoenix bitcoin cryptonight monero bitcoin курс grayscale bitcoin bitcoin alert книга bitcoin bitcoin flapper bitcoin options депозит bitcoin create bitcoin
перевести bitcoin bitcoin москва ethereum vk bitcoin hourly bitcoin fees tokens ethereum рейтинг bitcoin
bitcoin gadget bitcoin cap wikipedia ethereum ethereum 4pda decred cryptocurrency bitcoin location p2p bitcoin
bitcoin проблемы кошелька ethereum отзыв bitcoin bitcoin links p2p bitcoin ethereum ethash bitcoin sportsbook mikrotik bitcoin 0 bitcoin monero rur
new cryptocurrency monero nicehash bitcoin оплата exchanges bitcoin кости bitcoin
bubble bitcoin dark bitcoin loan bitcoin
заработок ethereum bitcoin комиссия weather bitcoin bitcoin мошенники кредиты bitcoin bitcoin generate
monero proxy кошель bitcoin cryptocurrency news bitcoin japan monero вывод bitcoin сервера кошелька ethereum рост bitcoin bear bitcoin