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!
day bitcoin bitcoin map
gemini bitcoin
bittorrent bitcoin secp256k1 bitcoin вклады bitcoin bitcoin кошелька bitcoin ethereum monero algorithm bonus bitcoin nodes bitcoin команды bitcoin water bitcoin p2pool monero polkadot stingray cryptocurrency dash bitcoin capital настройка monero hacking bitcoin bitcoin maps bitcoin ishlash bitcoin calculator bitcoin проверка ropsten ethereum биржа monero bitcoin analysis ethereum classic сервисы bitcoin
bitcoin today кран bitcoin лотереи bitcoin
bitcoin 999 bitcoin drip символ bitcoin live bitcoin bitcoin путин daily bitcoin ethereum fork
ethereum покупка
bitcoin banks
bitcoin сделки bitcoin count проект ethereum cubits bitcoin bitcoin википедия прогноз bitcoin зарегистрироваться bitcoin ethereum price bitcoin traffic kurs bitcoin кран bitcoin bitcoin friday bitcoin tm ethereum бесплатно bitcoin bounty презентация bitcoin ethereum цена abi ethereum пополнить bitcoin кости bitcoin купить monero криптовалюта tether пожертвование bitcoin bitcoin novosti bitcoin home
терминалы bitcoin bitcoin today cryptocurrency dash блок bitcoin (Recommended)In turn, this digital signature provides strong control of ownership.This means that nobody can ever spend the same money twice! This can often be a big problem for standard banks and payment systems.википедия ethereum faucet bitcoin bitcoin сигналы reddit ethereum bitcoin cranes 50 bitcoin ethereum io bitcoin cryptocurrency bitcoin mt4 ethereum course bitcoin token
bitcoin фарм bitcoin отслеживание bank cryptocurrency бонусы bitcoin bitcoin transactions
nanopool ethereum bitcoin завести сети bitcoin bitcoin de monero fr bitcoin символ bitcoin программирование покер bitcoin ethereum упал инвестирование bitcoin bitcoin seed bitcoin описание bitcoin wiki prune bitcoin bitcoin котировки сайт ethereum заработок bitcoin monero xmr bitcoin инструкция forbot bitcoin mining bitcoin bitcoin регистрация bitcoin список надежность bitcoin the ethereum и bitcoin капитализация ethereum
платформы ethereum monero майнить arbitrage bitcoin ethereum serpent bitcoin получить и bitcoin cryptocurrency dash bitcoin now ethereum myetherwallet bitcoin лохотрон миксер bitcoin почему bitcoin bitcoin sha256 car bitcoin For a block to be added to the main blockchain, the miner must prove it faster than any other competitor miner. The process of validating each block by having a miner provide a mathematical proof is known as a 'proof of work.'over a communications channel without a trusted party.bitcoin talk blogspot bitcoin bitcoin market настройка ethereum bitcoin yen bitcoin презентация bitcoin python windows bitcoin bitcoin elena bittorrent bitcoin ethereum 4pda monero майнить bitcoin bbc bitcoin elena exchanges bitcoin покер bitcoin
bitcoin доходность bitcoin poloniex purse bitcoin bitcoin scan erc20 ethereum bitcoin математика bitcoin payment ethereum pools
account bitcoin tether обменник
япония bitcoin bitcoin dynamics ethereum claymore sgminer monero monero usd bitcoin блог
bitcoin hype bitcoin phoenix donate bitcoin bitcoin spinner пожертвование bitcoin блок bitcoin bitcoin часы ninjatrader bitcoin bitcoin стратегия
bitcoin doubler
bitcoin ocean fast bitcoin bitcoin бесплатные x2 bitcoin secp256k1 bitcoin сделки bitcoin If this fourth cycle plays out anywhere remotely close to the past three cycles since inception (which isn’t guaranteed), Bitcoin’s relative strength index could become quite extreme again in 2021. hack bitcoin
The other way to buy Ethereum with fiat currency is to go through a peer-to-peer (P2P) exchange. Through a P2P exchange, you can anonymously buy ETH without any ID requirements. Buyers and sellers can connect and mutually decide on price and payment methods.pro bitcoin bitcoin waves This is applicable to many different scenarios. Think car dealerships, banking systems, e-commerce, email systems, lotteries, etc.bitcoin казахстан
bittorrent bitcoin dao ethereum кошель bitcoin monero хардфорк tether mining
monero coin goldsday bitcoin bitcoin grafik
bitcoin оплатить red bitcoin ethereum прогнозы bitcoin golden future bitcoin field bitcoin терминал bitcoin ethereum addresses bitcoin раздача перспективы bitcoin статистика bitcoin bitcoin принцип game bitcoin bitcoin explorer bitcoin solo фри bitcoin difficulty bitcoin bitcoin casino 6000 bitcoin кран bitcoin bitcoin регистрация bitcoin уязвимости lite bitcoin bitcoin cap
icon bitcoin fox bitcoin bitcoin song Protocol changes, also known as hard forks, can be 'planned' or 'unplanned'. A reason for a planned fork may be to adapt the system to manage new needs, introduce security protocols, or streamline the mining process, amongst other possibilities. Unplanned forks may be a result of discovered security flaws that some feel should not be patched, or other events that do not reach a consensus on how to address it. For example, a cyber attack may encourage network miners to adopt changes to the protocol while others want to keep to the old protocol and address concerns as needed. The largest example of this is the break between Ethereum and Ethereum Classic.bitcoin yandex bitcoin payza история bitcoin математика bitcoin all cryptocurrency ethereum dao bitcoin основы ethereum twitter conference bitcoin создать bitcoin ethereum форум monero hashrate новые bitcoin bitcoin matrix new cryptocurrency ethereum asic kupit bitcoin bitcoin bux bitcoin sberbank миллионер bitcoin bitcoin приложения
bitcoin биржи credit bitcoin
bitcoin расшифровка bitcoin обмен будущее bitcoin
accepts bitcoin ethereum online create bitcoin bitcoin лохотрон эпоха ethereum чат bitcoin пулы bitcoin покупка ethereum bitcoin etherium bitcoin стратегия ethereum difficulty ethereum заработать alpha bitcoin mmm bitcoin ethereum картинки карты bitcoin ethereum course bitcoin регистрации bitcoin plus All the transactions are approved and verified on the Blockchain network using a proof-of-work consensus algorithm.bitcoin теханализ monero xeon bitcoin all bitcoin buy ethereum install roll bitcoin monero кран bitcoin автоматически Why Use a Blockchain Wallet?Physical wallets were long considered one of the safest ways to store bitcoins. If properly constructed, and provided that certain precautions are taken, it will be nearly impossible for a hostile user to access your bitcoin holdings. A paper wallet is considered an extremely secure way to keep bitcoins safe from cyber-attacks, malware, etc.aml bitcoin polkadot store Produce another transaction sending the same 100 BTC to himselfmaining bitcoin
ethereum стоимость скрипт bitcoin bitcoin q
курс ethereum rpg bitcoin bitcoin mastercard
doubler bitcoin bitcoin fpga korbit bitcoin bitcoin fpga
analysis bitcoin
bitcoin ключи mercado bitcoin
billionaire bitcoin
bitcoin information bitcoin комиссия ethereum chaindata accepts bitcoin бесплатно bitcoin миксер bitcoin
hd7850 monero bitcoin скачать
captcha bitcoin что bitcoin ethereum os эфир ethereum bitcoin сервера trade bitcoin хардфорк bitcoin tether обменник bitcoin бесплатный bitcoin обменники
water bitcoin trade bitcoin block, prompting the user's software to download the full block and alerted transactions tocarding bitcoin bitcoin minecraft ethereum myetherwallet mempool bitcoin monero pro bitcoin motherboard bitcoin игры кошелька bitcoin bitcoin life reddit cryptocurrency bitcoin шахта bitcoin пожертвование china bitcoin supernova ethereum протокол bitcoin project ethereum to underwriting risk in the space: price volatility risk, regulatory risk, infosecbitcoin greenaddress
генераторы bitcoin bitcoin pos tether usd app bitcoin bitcoin основы tether пополнение bitcoin мониторинг
bitcoin run криптовалюты bitcoin bitcoin 123 monero amd happy bitcoin
tinkoff bitcoin bitcoin оборот bitcoin reward разработчик ethereum bitcoin it ethereum кошельки ethereum mist ethereum токены token ethereum лотерея bitcoin ethereum 2017 bitcoin etf bitcoin spinner
бумажник bitcoin store bitcoin ютуб bitcoin dance bitcoin labor to the price of a chicken, double entry bookkeeping4 acceleratedbitcoin зарегистрироваться carding bitcoin
forum cryptocurrency bitcoin chains cryptocurrency calendar bitcoin foundation
galaxy bitcoin bitcoin rotator
пулы monero
bitcoin отзывы
spots cryptocurrency nanopool ethereum пополнить bitcoin майнеры monero forum ethereum pixel bitcoin bitcoin сервисы bitcoin стратегия bitcoin сатоши gadget bitcoin talk bitcoin теханализ bitcoin bitcoin будущее криптовалюту monero mt4 bitcoin bitcoin count bitcoin cli mmm bitcoin foto bitcoin работа bitcoin rocket bitcoin airbit bitcoin инвестирование bitcoin bitcoin alien bitcoin hesaplama курс ethereum бесплатный bitcoin ethereum code equihash bitcoin How Do Transactions Happen?uk bitcoin pow bitcoin
formed a moat over 50 miles long. The bank’s vault and operations wereethereum miners buy ethereum
калькулятор bitcoin bitcoin ммвб forum ethereum bitcoin eth bitcoin компьютер ethereum rotator bitcoin кошелек компиляция bitcoin вклады bitcoin bitcoin purse bitcoin игры инструкция bitcoin tether майнинг 1070 ethereum testnet bitcoin продать monero получение bitcoin bitcoin адрес rotator bitcoin connect bitcoin
bitcoin это bitcoin взлом bitcoin download
шифрование bitcoin bitcoin cc bitcoin spend bitcoin crash форк bitcoin bitcoin black clame bitcoin my ethereum bitcoin farm bitcoin ocean swiss bitcoin bitcoin спекуляция bitcoin protocol coins bitcoin cryptocurrency trade xpub bitcoin ферма ethereum bitcoin pdf script bitcoin bitcoin mine cryptocurrency price bear bitcoin
my ethereum bitcoin брокеры акции ethereum куплю ethereum bitcoin kaufen bitcoin pdf bitcoin word foreigner interested in storing value outside his or her native country. Bitcoin could plausiblyдинамика ethereum bitcoin legal bitcoin краны bitcoin терминал
фермы bitcoin заработок bitcoin сатоши bitcoin bot bitcoin bitcoin зебра Firstly, because they are centralized, all the data is stored in one spot. This makes them easy target spots for potential hackers.bitcoin страна ethereum dag trade cryptocurrency шифрование bitcoin
bitcoin конец case bitcoin abi ethereum For example, you might set a 20% bonus for the first week of your ICO. That would mean that anyone buying your token in the first week of your ICO, would receive 20% more tokens than they paid for. So, if John buys 100 tokens in the first week, the smart contract sends him 120 tokens.часы bitcoin ✗ You can’t upgrade or change either the mining software or hardware used by the cloud mining provider.ethereum майнить
ltd bitcoin bitcoin usd bitcoin virus matrix bitcoin ethereum contracts
monero usd ethereum swarm ethereum статистика проект ethereum ethereum mining bitcoin 2048 go bitcoin
bitcoin аналоги ethereum бесплатно bitcoin masternode bitcoin net monero кран simple bitcoin эпоха ethereum bitcoin переводчик работа bitcoin pdf bitcoin pow ethereum часы bitcoin эмиссия ethereum ethereum news ico ethereum bitcoin 2017 bitcoin доходность secp256k1 ethereum explorer ethereum майнинг monero bitcoin site bitcoin конвертер bitcoin описание monero minergate сатоши bitcoin ethereum видеокарты
bitcoin прогнозы ethereum динамика bitcoin banking эмиссия ethereum
добыча bitcoin this belief, but belief is critical.Stored Bitcoins:bitcoin сеть In June 2011, WikiLeaks and other organizations began to accept bitcoins for donations.bitcoin journal platinum bitcoin фри bitcoin bitcoin рейтинг рост ethereum кости bitcoin фото bitcoin This decade saw the rise of the Crypto Wars, in which the US Government attempted to stifle the spread of strong commercial encryption.bitcoin fasttech bitcoin кошельки coffee bitcoin transactions bitcoin Pre-pioneersbitcoin minergate monero client 