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!
ethereum динамика bitcoin краны Notwithstanding the lack of details on the implementation of the programmed PoS architecture in the original whitepaper, ETH 2.0 has become one of the most critical, anticipated, and controversial topics in the Ethereum community. Its PoS transition was delayed several times, with subsequent forks to postpone the ignition of the difficulty bomb.up bitcoin bitcoin гарант putin bitcoin avto bitcoin create bitcoin сколько bitcoin будущее bitcoin bitcoin вложения bitcoin автосерфинг cryptocurrency tech half bitcoin bitcoin income swarm ethereum bitcoin казино bitcoin buy форк bitcoin
рост bitcoin
bitcoin котировка проекта ethereum рост bitcoin mine ethereum биржа bitcoin bitcoin create film bitcoin cryptocurrency wikipedia coin bitcoin freeman bitcoin программа tether ico monero ubuntu bitcoin bitcoin мошенники tinkoff bitcoin tether mining avalon bitcoin bitcoin capitalization bitcoin reddit bitcoin обозначение ethereum вики get bitcoin bitcoin что polkadot ico цена ethereum хардфорк ethereum ethereum виталий bitcoin freebitcoin get bitcoin bitcoin лопнет обменник bitcoin bitcoin рубль ethereum telegram bitcoin protocol bitcoin surf bitcoin mac bitcoin community bitcoin пополнить bitcoin порт консультации bitcoin javascript bitcoin ethereum poloniex bitcoin hub bitcoin терминалы
bitcoin yen redex bitcoin cryptocurrency nem bitcoin добыть The online gambling industry is worth billions of dollars each and every year. Traditional casino games such as blackjack, roulette, and slot machines are all available to play in the comfort of your own home, which is really convenient for the player.cms bitcoin iphone bitcoin ethereum токены
bitcoin wmx bitcoin tm bitcoin игры bitcoin коды
bitcoin софт difficulty ethereum bitcoin форки bitcoin transactions r bitcoin знак bitcoin simple bitcoin blacktrail bitcoin bitcoin страна In his 1984 story 'Neuromancer,' Gibson reveals the concept of 'the Matrix,' a place where human memory and perception is mechanized in a virtual reality system. This film too has cultivated paranoia about the use of monotechnic megamachines to achieve unethical and immoral ends.swiss bitcoin Blockchains (like all distributed systems) are not so much resistant to bad actors as they are ‘antifragile’ – that is, they respond to attacks and grow stronger.bitcoin like phoenix bitcoin webmoney bitcoin capitalization bitcoin bitcoin работа q bitcoin multibit bitcoin monero wallet love bitcoin bitcoin nodes habr bitcoin tether usdt cryptocurrency mining майнить ethereum создатель bitcoin bitcoin пирамиды mining monero bitcoin wm bitcoin community купить tether tether перевод bitcoin protocol billionaire bitcoin tether bootstrap gambling bitcoin
курс tether
bitcoin two bot bitcoin обмен bitcoin monero новости
china bitcoin протокол bitcoin обмен monero bitcoin cz bitcoin ne ethereum supernova bitcoin получение monero address ethereum chaindata
bitcoin рухнул bitcoin ether майнер ethereum смесители bitcoin uk bitcoin bitcoin base
bitcoin cudaminer bitcoin genesis bitcoin addnode bitcoin конец
ssl bitcoin ico cryptocurrency bitcoin cny bitcoin торговля elysium bitcoin txid bitcoin tether 4pda скачать bitcoin bitcoin blockstream bitcoin хабрахабр ethereum farm dat bitcoin ethereum асик заработок bitcoin хабрахабр bitcoin bitcoin заработок bitcoin продать accept bitcoin stealer bitcoin bitcoin настройка ethereum serpent chvrches tether bitcoin переводчик bitcoin sell bitcoin lottery
1 monero bitcoin hesaplama group bitcoin bitcoin roll обмен tether кран ethereum принимаем bitcoin 3. Ethereum 2.0: PoS, beacon chain, side-chains, and shardingThe analogy of a 'distributed ledger' is often used to describe blockchains like Bitcoin, which enable a decentralized currency using fundamental tools of cryptography. A cryptocurrency behaves like a 'normal' currency because of the rules which govern what one can and cannot do to modify the ledger. For example, a Bitcoin address cannot spend more Bitcoin than it has previously received. These rules underpin all transactions on Bitcoin and many other blockchains.monero новости hacking bitcoin monero прогноз обновление ethereum bitcoin carding auction bitcoin bitcoin co mainer bitcoin видео bitcoin
халява bitcoin chain bitcoin bitcoin evolution goldmine bitcoin monero wallet ocean bitcoin ethereum упал bitcoin word cnbc bitcoin вебмани bitcoin gold cryptocurrency монета ethereum
fasterclick bitcoin bitcoin carding
bitcoin купить ethereum dark xmr monero
monero hardfork monero xmr capitalization cryptocurrency ethereum покупка описание bitcoin short bitcoin количество bitcoin bitcoin шахта bitcoin value bitcoin nodes programming bitcoin gif bitcoin bitcoin config
bitcoin legal bitcoin community bitcoin mmm cryptocurrency 60 bitcoin кредиты bitcoin tether limited it bitcoin bitcoin автосборщик bitcoin 999
bitcoin торги bitcoin etf bitcoin лопнет gift bitcoin валюта tether total cryptocurrency
стратегия bitcoin
credit bitcoin смысл bitcoin bitcoin exchange bitcoin россия bitcoin drip bitcoin casino
bitcoin js рубли bitcoin bitcoin машины cryptocurrency arbitrage
weekend bitcoin talk bitcoin This has led to an acknowledgement within managerial science of the sins of the 20th century. Now they are looking for ways to reorganize to push decision making to the operators!bitcoin покер bitcoin girls bitcoin block bitcoin joker сервера bitcoin bitcoin markets кликер bitcoin bitcoin сбербанк monero cpuminer bitcoin convert bitcoin avalon double bitcoin bitrix bitcoin
tether clockworkmod bitcoin png