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!
Let's say I'm thinking of the number 19. If Friend A guesses 21, they lose because of 21>19. If Friend B guesses 16 and Friend C guesses 12, then they've both theoretically arrived at viable answers, because of 16<19 and 12<19. There is no 'extra credit' for Friend B, even though B's answer was closer to the target answer of 19. Now imagine that I pose the 'guess what number I'm thinking of' question, but I'm not asking just three friends, and I'm not thinking of a number between 1 and 100. Rather, I'm asking millions of would-be miners and I'm thinking of a 64-digit hexadecimal number. Now you see that it's going to be extremely hard to guess the right answer.bitcoin сервер In 2017 and 2018 bitcoin's acceptance among major online retailers included only three of the top 500 U.S. online merchants, down from five in 2016. Reasons for this decline include high transaction fees due to bitcoin's scalability issues and long transaction times.bitcoin data bitcoin 5 торги bitcoin tokens ethereum cryptonator ethereum bitcoin earnings bitcoin mempool bitcoin гарант takara bitcoin bitcoin pools курса ethereum
кошелек monero
фермы bitcoin bitcoin com трейдинг bitcoin word bitcoin matrix bitcoin bitcoin change bitcoin аккаунт bitcoin конвектор total cryptocurrency bitcoin compare bye bitcoin x2 bitcoin цена bitcoin bitcoin gambling
ethereum клиент bitcoin логотип tether майнинг clockworkmod tether майнинг monero bestchange bitcoin bitcoin currency bitcoin wm bitcoin easy nxt cryptocurrency gadget bitcoin transactions bitcoin calculator cryptocurrency asics bitcoin продажа bitcoin bitcoin рублях hd7850 monero
bitcoin новости dat bitcoin cryptocurrency trading торрент bitcoin asics bitcoin ethereum акции trezor ethereum earn bitcoin bitcoin spinner bitcoin card Blockchain technology is slowly disrupting the insurance industry as it addresses some of the major pain points in the current processes. With blockchain technology, insurance companies can alter claims submission processes, decrease frauds, streamline payments, improve customer experience, etc. All transactions, including the coinbase transaction, are encoded into blocks in binary raw transaction format.polkadot su bitcoin explorer bitcoin оборот bitcoin markets You can find out more about the Exodus wallet in our Exodus Wallet review.ethereum валюта bitcoin 3
tether usd moneybox bitcoin attack bitcoin ethereum erc20 ethereum contracts bitcoin карта bitcoin magazine bitcoin кэш bitcoin бесплатно ethereum краны bitcoin adress bitcoin loan кости bitcoin bitcoin технология расширение bitcoin bitcoin компьютер конференция bitcoin
decred ethereum bitcoin switzerland bitrix bitcoin 1000 bitcoin ethereum web3 сборщик bitcoin bip bitcoin купить monero
ethereum info bitcoin казахстан bitcoin generator win bitcoin ethereum russia amd bitcoin See All Coupons of Best Walletsbitcoin telegram total cryptocurrency
эпоха ethereum
tether майнить bitcoin usd перевод tether waves cryptocurrency bitcoin xyz bitcoin alliance bitcoin ethereum
monero logo кликер bitcoin bitcoin clouding
bitcoin заработать lite bitcoin сложность monero ad bitcoin сша bitcoin
dat bitcoin bitcoin redex monero алгоритм bitcoin в bitcoin список tether mining monero wallet
check bitcoin алгоритм bitcoin программа ethereum сервер bitcoin cgminer ethereum ethereum упал Bitcoin prices were negatively affected by several hacks or thefts from cryptocurrency exchanges, including thefts from Coincheck in January 2018, Bithumb in June, and Bancor in July. For the first six months of 2018, $761 million worth of cryptocurrencies was reported stolen from exchanges. Bitcoin's price was affected even though other cryptocurrencies were stolen at Coinrail and Bancor as investors worried about the security of cryptocurrency exchanges. In September 2019 the Intercontinental Exchange (the owner of the NYSE) began trading of bitcoin futures on its exchange called Bakkt. Bakkt also announced that it would launch options on bitcoin in December 2019. In December 2019, YouTube removed bitcoin and cryptocurrency videos, but later restored the content after judging they had 'made the wrong call.'xmr monero форк bitcoin bitcoin чат plus bitcoin fenix bitcoin 2x bitcoin bitcoin sweeper bitcoin icon bitcoin tm bitcoin xl bitcoin вложения ethereum miners bitcoin capital
майнить bitcoin bitcoin cards segwit bitcoin bitcoin blog love bitcoin
topfan bitcoin bitcoin cap adbc bitcoin ethereum buy mt4 bitcoin bitcoin 1000 bitcoin carding ethereum кошелька second bitcoin ethereum валюта avatrade bitcoin отзывы ethereum bitcoin cryptocurrency 2016 bitcoin monero pro monero обменник blitz bitcoin bitcoin ethereum валюта tether pps bitcoin get bitcoin ethereum calc дешевеет bitcoin bitcoin получить paidbooks bitcoin webmoney bitcoin оплатить bitcoin bitcoin yandex киа bitcoin bitcoin монеты solidity ethereum
ethereum course bitcoin s 2x bitcoin bitcoin bcc Worth mentioning are also two primary groups of second-degree stakeholders:альпари bitcoin bitcoin film bitcoin linux local ethereum xpub bitcoin
bitcoin конверт bitcoin суть bitcoin client ethereum метрополис заработать monero difficulty bitcoin instant bitcoin raiden ethereum cz bitcoin bitcoin alert майнеры bitcoin ethereum прогнозы wild bitcoin
The basics for a new userbitcoin выиграть bitcoin paper pokerstars bitcoin casascius bitcoin зарабатываем bitcoin ethereum client bitcoin 4000 pixel bitcoin история bitcoin tether usd group bitcoin tails bitcoin global bitcoin
заработать ethereum dice bitcoin hashrate bitcoin Far from solving the problem, the proposal created a further wave of discord. The manner of its unveiling (through a public announcement rather than an upgrade proposal) and its lack of replay protection (transactions could happen on both versions, potentially leading to double spending) rankled many. And the perceived redistribution of power away from developers towards miners and businesses threatened to cause a fundamental split in the community.You can join Ethereum mining pools like Ethpool, F2Pool, and DwarfPool to split the responsibilities and rewards of running the blockchain with other users.monero fee etoro bitcoin Before we take a closer look at some of these alternatives to Bitcoin, let’s step back and briefly examine what we mean by terms like cryptocurrency and altcoin. A cryptocurrency, broadly defined, is virtual or digital money which takes the form of tokens or 'coins.' While some cryptocurrencies have ventured into the physical world with credit cards or other projects, the large majority remain entirely intangible.bitcoin flapper обменник bitcoin bitcoin eth
ethereum алгоритмы bitcoin instagram forum ethereum
btc ethereum bitcoin knots ставки bitcoin simple bitcoin cryptonote monero credit bitcoin nicehash ethereum tracker bitcoin описание ethereum обменники bitcoin bitcoin ммвб home bitcoin bitcoin film
bitcoin ммвб bitcoin alliance bitcoin комиссия cronox bitcoin обмена bitcoin x bitcoin monero обменять bitcoin сигналы bitcoin rub сложность bitcoin bitcoin change ethereum block bitcoin arbitrage книга bitcoin monero algorithm bitcoin протокол
bitcoin nvidia bitcoin keys
bitcoin автоматически bitcoin зебра frontier ethereum carding bitcoin gemini bitcoin вики bitcoin bitcoin регистрация 2018 bitcoin карты bitcoin обмен ethereum bitcoin scripting wallets cryptocurrency
bitcoin stiller bitcoin virus bitcoin tradingview bitcoin forbes bitcoin markets сайт ethereum registration bitcoin bitcoin legal bitcoin community
equihash bitcoin bitcoin приват24 tether 4pda bitcoin knots
ethereum twitter капитализация ethereum new bitcoin korbit bitcoin minergate bitcoin
робот bitcoin tether wifi биржи bitcoin bitcoin store bitcoin сборщик bitcoin hardfork обвал ethereum автосборщик bitcoin key bitcoin time bitcoin bitcoin cudaminer bitcoin 30 chain bitcoin
2048 bitcoin ethereum telegram monero новости dwarfpool monero компиляция bitcoin rx580 monero ethereum wikipedia приложение bitcoin bitcoin конец the ethereum bitcoin co adc bitcoin bitcoin habrahabr лучшие bitcoin bitcoin китай bitcoin бесплатный bitcoin оборудование
bitcoin x2 minergate bitcoin bitcoin word
mastercard bitcoin bitcoin rotator grayscale bitcoin best bitcoin bitcoin коллектор bitcoin today testnet bitcoin
шахты bitcoin datadir bitcoin
аналитика ethereum сигналы bitcoin рубли bitcoin рубли bitcoin monero стоимость bitcoin анализ конференция bitcoin video bitcoin bitcoin blog bounty bitcoin bitcoin motherboard asics bitcoin график monero etoro bitcoin ethereum addresses пул monero bitcoin баланс форумы bitcoin casinos bitcoin разработчик bitcoin блог bitcoin bitcoin blue hashrate bitcoin ethereum mine scrypt bitcoin bitcoin system bitcoin pizza bitcoin скрипт
new cryptocurrency hourly bitcoin coffee bitcoin api bitcoin china bitcoin цены bitcoin bitcoin майнеры mindgate bitcoin mt5 bitcoin bitcoin сигналы bitcoin free ethereum хардфорк bitcoin code асик ethereum dorks bitcoin создатель ethereum ethereum mine bitcoin python bitcoin карты купить bitcoin claymore monero bitcoin fan карты bitcoin ethereum crane buy bitcoin cz bitcoin bitcoin инструкция bitcoin nedir казахстан bitcoin ethereum studio
bitcoin cgminer bitcoin миксер ethereum wiki вложить bitcoin birds bitcoin bitcoin save bitcoin реклама ethereum node ethereum форки nodes bitcoin сайте bitcoin monero майнить monero nvidia
rush bitcoin dwarfpool monero
хардфорк bitcoin bitcoin проверить zcash bitcoin
платформы ethereum таблица bitcoin майнинг bitcoin tether майнинг dat bitcoin future bitcoin bitcoin иконка зарегистрироваться bitcoin equihash bitcoin bitcoin cryptocurrency bitcoin hardfork cryptocurrency law
bitcoin fun solo bitcoin
lurkmore bitcoin secp256k1 ethereum
maps bitcoin ethereum проекты lucky bitcoin bitcoin выиграть platinum bitcoin miner monero bitcoin laundering usb bitcoin bitcoin yen rocket bitcoin автосборщик bitcoin сборщик bitcoin bitcoin fpga seed bitcoin unconfirmed bitcoin sell bitcoin ethereum siacoin
bitcoin knots field bitcoin bitcoin 3
ethereum 4pda ethereum farm
bitcoin maps tether yota продам ethereum Want to transfer money from your wallet to a bank account? The Coinbase app makes it as easy as transferring funds from one bank to another. (Much like conventional bank transfers or ATM withdrawals, exchanges like Coinbase set a daily limit, and it might take from a few days to a week for the transaction to be completed.otc bitcoin bitcoin вывод solo bitcoin bitcoin usd bitcoin настройка bitcoin краны masternode bitcoin bitcoin покупка bitcoin кошелька fx bitcoin bitcoin зарегистрироваться покупка ethereum bitcoin перевод bitcoin trojan bitcoin 10 кран bitcoin
wikipedia cryptocurrency monero nicehash monero monero купить
bitcoin com bitcoin utopia bitcoin today ethereum addresses mac bitcoin difficulty monero p2pool bitcoin iobit bitcoin weekend bitcoin сервисы bitcoin plus bitcoin
обменники ethereum Here I will look at some of the features and facts of Bitcoin and Ethereum.bitcoin lite The downside to averaging down is that if an asset that is going to zero (andчто bitcoin bitcoin direct bitcoin markets bitcoin trader wikipedia ethereum monero usd bitcoin auto mooning bitcoin bitcoin crash принимаем bitcoin bitcoin регистрация geth ethereum card bitcoin monero nvidia bitcoin 1000 ethereum бесплатно