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!
There is a lot happening in the background, but these three charts are what drives everything. People all over the world are connecting these dots. The Fed is creating trillions of dollars at the same time the rate of issuance in bitcoin is about to be cut in half (see the bitcoin halvening). While most may not be aware of these two divergent paths, a growing number are (knowledge distributes with time) and even a small number of people figuring it out ultimately puts a significant imbalance between the demand for bitcoin and its supply. When this happens, the value of bitcoin goes up. It is that simple and that is what draws everyone else in: price. Price is what communicates information. All those otherwise not paying attention react to price signals. The underlying demand is ultimately dictated by fundamentals (even if speculation exists), but the majority do not need to understand those fundamentals to recognize that the market is sending a signal. hacker bitcoin котировка bitcoin
bonus bitcoin
уязвимости bitcoin bitcoin 4 cgminer bitcoin bitcoin комиссия
карты bitcoin titan bitcoin battle bitcoin bitcoin node команды bitcoin bitcoin transactions bitcoin презентация bitcoin cny rinkeby ethereum
mac bitcoin bitcoin get
кошелек ethereum bitcoin сервисы bitcoin froggy дешевеет bitcoin продаю bitcoin bitcoin сша bitcoin conf bitcoin кредит bitcoin maps скачать bitcoin ethereum course bitcoin игры продажа bitcoin bitcoin блокчейн yota tether
flash bitcoin bitcoin hub отследить bitcoin tails bitcoin программа tether bitcoin life 2016 bitcoin заработка bitcoin second bitcoin bitcoin dat майнинг monero bitcoin lottery monero сложность ethereum биржа blender bitcoin tether майнить bitcoin вконтакте monero обменять exchange ethereum хайпы bitcoin ethereum stats bitcoin capital bitcoin cgminer bitcoin информация
bitcoin cost автомат bitcoin cryptocurrency credit bitcoin monero bitcointalk monero pro ethereum block bitcoin украина bitcoin часы plasma ethereum ethereum pow кредит bitcoin
сложность bitcoin wei ethereum bitcoin torrent bitcoin pizza gas used by the current transactionbitcoin калькулятор bitcoin cc ethereum обмен bitcoin changer field bitcoin
криптовалюту bitcoin chaindata ethereum
математика bitcoin
bitcoin торги
top bitcoin bitcoin golang bitcoin алматы ethereum пулы bitcoin payment bitcoin payza new bitcoin bitcoin стоимость
bitcoin доходность bitcoin софт cryptocurrency A distributed ledger is a database that is shared among the users of the blockchain networkпродать ethereum bitcoin weekend bitcoin сегодня bitcoin banking If the change is accepted, it is included in the blockchain and baselined. In some instances of on-chain governance implementation, the updated code may be rolled back to its version before a baseline, if the proposed change is unsuccessful.tether криптовалюта bitcoin china bitcoin database monero gpu electrum bitcoin weekend bitcoin
bitcoin ocean продажа bitcoin wiki bitcoin Many individuals creating digital currencies neither accept or admit that what they are creating has to be money to succeed; others that are speculating in these assets fail to understand that monetary systems tend to one medium or naively believe that their currency can out-compete bitcoin. None of them can explain how their digital currency of choice becomes more decentralized, more censorship-resistant or develops more liquidity than bitcoin. To take that further, no other digital currency will likely ever achieve the minimum level of decentralization or censorship-resistance required to have a credibly enforced monetary policy.is bitcoin bitcoin bat nvidia bitcoin dogecoin bitcoin fire bitcoin nxt cryptocurrency bitcoin map bitcoin in bitcoin banks bitcoin background
bitcoin statistic
bitcoin перспективы rate bitcoin bitcoin матрица
fox bitcoin ethereum core love bitcoin zcash bitcoin история bitcoin криптовалют ethereum cryptocurrency wallet monero xmr A reliable full-time internet connection, ideally 2 megabits per second or faster.Here is a blog post from Vitalik Buterin, the founder of Ethereum, on Ethereum pre-history. Here is another blog post with more history.swarm ethereum avto bitcoin mac bitcoin panda bitcoin bitcoin установка gas ethereum ethereum перевод adc bitcoin bitcoin daily прогнозы ethereum crococoin bitcoin abi ethereum
bitcoin accelerator bitcoin коллектор
bitcoin вконтакте bitcoin сети ethereum пулы bitcoin проблемы bitcoin список space bitcoin buying bitcoin котировки ethereum space bitcoin bitcoin paw заработать monero the ethereum ethereum serpent bitcoin комиссия sberbank bitcoin ethereum course bitcoin preev ethereum википедия ethereum complexity история ethereum withdraw bitcoin bitcoin форки bitcoin bittorrent
monero usd bitcoin 5 arbitrage cryptocurrency bitcoin блокчейн wmx bitcoin иконка bitcoin ssl bitcoin торговать bitcoin ethereum clix
adbc bitcoin bitcoin программа bitcoin транзакции шифрование bitcoin bitcoin пул алгоритмы ethereum putin bitcoin сложность monero
bitcoin бизнес bitcoin анимация адрес ethereum bitcoin algorithm arbitrage cryptocurrency
Limited wallet storage - Satoshi Nakamoto, creator of Bitcoin24pay bitcoin bitcoin zone polkadot stingray bitcoin автоматически
скрипты bitcoin my bitcoin eobot bitcoin ethereum бесплатно dapps ethereum average bitcoin nicehash monero bitcoin cpu chain bitcoin bitcoin demo bistler bitcoin bitcoin mainer кредиты bitcoin проект ethereum bitcoin accepted количество bitcoin инструкция bitcoin исходники bitcoin bitcoin прогнозы bitcoin вконтакте е bitcoin monero miner bitcoin accelerator bitcoin 2020 Offer Expires InMemory is a temporary modifiable storage