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!
litecoin bitcoin раздача bitcoin sgminer monero cryptocurrency dash mikrotik bitcoin теханализ bitcoin bitcoin pos bitcoin project bitcoin рбк ethereum dao get bitcoin адрес bitcoin transactions bitcoin bitcoin часы bitcoin игры bitcoin matrix отследить bitcoin monero pools bitcoin loan акции ethereum bitcoin вики
bitcoin википедия
bitcoin форки ethereum android продам ethereum верификация tether bitcoin перевод game bitcoin bitcoin block bitcoin development foto bitcoin gadget bitcoin bitcoin spinner bitcoin lurk использование bitcoin bitcoin reserve
ethereum купить ethereum web3 attack bitcoin биржа ethereum bitcoin transaction bazar bitcoin prune bitcoin bitcoin token multisig bitcoin bitcoin surf china bitcoin fox bitcoin bitcoin nedir clame bitcoin bitcoin multibit портал bitcoin multibit bitcoin
bitcoin криптовалюта ютуб bitcoin monero pools moneybox bitcoin bitcoin funding multisig bitcoin bitcoin spend bitcoin mixer bitcoin сервера платформ ethereum carding bitcoin
bitcoin forums
cryptocurrency top tether перевод bitcoin депозит bitcoin people korbit bitcoin bitcoin книги bitcoin mt4 bitcoin pay ethereum монета пожертвование bitcoin bitcoin goldmine bitcoin заработок bitcoin swiss кран bitcoin bitcoin eobot
bitcoin оборудование bitcoin сбербанк claim bitcoin ethereum foundation
Ethereum is open access to digital money and data-friendly services for everyone – no matter your background or location. It's a community-built technology behind the cryptocurrency ether (ETH) and thousands of applications you can use today.bitcoin автоматически cryptocurrency analytics bitcoin создатель
json bitcoin apk tether bitcoin форки bitcoin бизнес
avalon bitcoin настройка bitcoin bitcoin neteller 2x bitcoin
Upon hearing about the new transaction request, each node in the Ethereum network adds the request to their local mempool, a list of all transaction requests they’ve heard about that have not yet been committed to the blockchain in a block.ethereum биткоин If you decide to buy all of the required equipment on your own and not share any of the responsibilities with other people, this is called solo mining.So, when we talk about distribution, what do we mean? Distribution refers to a synchronized ledger that’s shared across various locations by multiple participants (known as nodes) who serve as observers and verifiers of the transactions.stock bitcoin battle bitcoin
bitcoin putin
ethereum заработок сделки bitcoin block ethereum ethereum видеокарты x2 bitcoin bitcoin проект
bitcoin пулы обменник bitcoin bitcoin frog demo bitcoin genesis bitcoin bitcoin qazanmaq stock bitcoin запуск bitcoin nubits cryptocurrency loans bitcoin wikipedia ethereum адрес ethereum bitcoin qazanmaq робот bitcoin joker bitcoin bitcoin pool cryptocurrency calendar bitcoin hash bitcoin legal обмен tether microsoft bitcoin new bitcoin ethereum пулы фильм bitcoin bitcoin de bitcoin accelerator bitcoin 100 neteller bitcoin trade cryptocurrency андроид bitcoin сети ethereum криптовалют ethereum описание bitcoin bitcoin rpc bitcoin серфинг cryptocurrency analytics bitcoin rig
txid bitcoin monero hashrate It’s decentralized, meaning its existence and value is not tied to any agency, government, corporation, or bank. No third party can prevent you from performing transactions with someone, although they can make it more difficult or illegal.вывод monero bitcoin london пожертвование bitcoin курс ethereum разделение ethereum добыча ethereum символ bitcoin usb tether ethereum info настройка monero
ethereum russia bitcoin withdrawal bitcoin зарегистрировать loans bitcoin avatrade bitcoin easy bitcoin bitcoin symbol bitcoin книга bitcoin иконка avatrade bitcoin ethereum алгоритм bitcoin скрипт bitcoin anonymous bitcoin код bitcoin fan bitcoin 123 bitcoin кредиты bitcoin код generator bitcoin
0 bitcoin заработок ethereum anomayzer bitcoin ethereum форк forum cryptocurrency buy ethereum продам ethereum bitcoin bat bitcoin компания автокран bitcoin bitcoin скачать bitcoin подтверждение ethereum сайт кошельки bitcoin linux bitcoin bitcoin hyip waves cryptocurrency bitcoin cgminer bitcoin адреса bitcoin принцип
платформа ethereum bitcoin прогноз bitcoin iso 999 bitcoin bitcoin world кредит bitcoin ethereum info ethereum info Here, there’s no singular centralized authority that maintains a single ledger (like there would be in a centralized system).ios bitcoin bitcoin protocol ethereum miner ethereum coin bitcoin instaforex казино ethereum калькулятор ethereum bitcoin spend
monero benchmark ethereum stratum ethereum chart
exchanges bitcoin blockchain ethereum cryptocurrency gold casascius bitcoin bitcoin nachrichten bitcoin play explorer ethereum ethereum go пулы ethereum bitcoin ann reddit bitcoin site bitcoin лотерея bitcoin ethereum russia monero pro bitcoin shop таблица bitcoin bitcoin utopia bitcoin создатель создать bitcoin
flappy bitcoin bitcoin кэш bitcoin nyse capitalization bitcoin is bitcoin What do you think? Let us know!bitcoin roll Bitcoin mining is very important. It’s worth doing even if you’re not making huge (or any) profits. The more miners working on the network, the more secure it is. Some hobbyist miners mine the network at a loss. They see it as their duty to run a miner to increase the network’s decentralization and reduce the likelihood of a potential attack being successful.coinwarz bitcoin bitcoin create mercado bitcoin
fasterclick bitcoin iphone bitcoin
шахта bitcoin bitcoin биржа
bitcoin school ethereum акции flash bitcoin bitcoin start ethereum видеокарты telegram bitcoin claim bitcoin халява bitcoin oil bitcoin bitcoin betting my ethereum tether комиссии spots cryptocurrency ethereum chaindata 500000 bitcoin bitcoin nodes
bye bitcoin tether комиссии bitcoin вклады сборщик bitcoin 2016 bitcoin bitcoin хешрейт bitcoin play bitcoin 9000 etoro bitcoin партнерка bitcoin forecast bitcoin pixel bitcoin конвертер bitcoin bitcoin сатоши hack bitcoin bitcoin update
bitcoin pay windows bitcoin надежность bitcoin bitcoin hunter 2 bitcoin bitcoin system bitcoin book bitcoin converter
22 bitcoin monero хардфорк
bitcoin greenaddress neo bitcoin ethereum script
de bitcoin
torrent bitcoin bitcoin alien bitcoin государство bitcoin half
bitcoin играть hyip bitcoin When Alice clicks a button to send the money to Bob, the transfer is encoded in a chunk of text that includes the amount and Bob’s address.transaction bitcoin bitcoin nyse bitcoin metatrader plasma ethereum bitcoin bazar ethereum курс ethereum ethereum contracts ethereum blockchain wikipedia ethereum bitcoin spinner How do forks work?bitcoin теханализ ethereum testnet dorks bitcoin bitcoin qazanmaq bitcoin окупаемость bitcoin icon bitcoin qazanmaq monero хардфорк bitcoin free bitcoin миксеры зарабатывать bitcoin wikileaks bitcoin консультации bitcoin bitcoin 2018 panda bitcoin
bitcoin market bitcoin cc avto bitcoin generator bitcoin tether usdt xbt bitcoin хешрейт ethereum
новости bitcoin How does blockchain work?проекта ethereum кран bitcoin flappy bitcoin bitcoin bcn проекты bitcoin
hacker bitcoin bitcoin aliexpress bitcoin indonesia
