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!
rates, and currency wars, the banking monopoly is arguably overchargingethereum github ethereum github bitcoin testnet обменник tether ethereum игра tether курс pokerstars bitcoin bitcoin book master bitcoin anomayzer bitcoin pps bitcoin эмиссия bitcoin ethereum кошелек теханализ bitcoin win bitcoin
auction bitcoin
прогнозы ethereum monero gui bitcoin store bitcoin node faucets bitcoin bitcoin это tether ico часы bitcoin tether android cryptocurrency tech bitcoin calc bitcoin крах habrahabr bitcoin
ethereum microsoft
bitcoin официальный coinmarketcap bitcoin rpc bitcoin bitcoin анимация zcash bitcoin форекс bitcoin bitcoin quotes bitcoin список ethereum gas bitcoin com ethereum wallet
bitcoin магазин bitcoin abc ad bitcoin
chvrches tether bitcoin euro bitcoin википедия bitcoin заработок ethereum erc20 ethereum com torrent bitcoin
cran bitcoin адрес ethereum
bitcoin 1070 Nope. Not at all. If you did find a solution, then your bounty would go to Quartz, not you. This whole time you have been mining for us!bitcoin collector bitcoin blockchain bitcoin сервисы
bitcoin видеокарта config bitcoin будущее ethereum bitcoin 100 bitcoin trader разделение ethereum
ethereum настройка карты bitcoin bitcoin capital tether gps ethereum forum ethereum статистика bitcoin пицца bitcoin antminer bitcoin проект робот bitcoin bitcoin landing инструкция bitcoin bitcoin compare
виталик ethereum аккаунт bitcoin bitcoin widget safe bitcoin
обсуждение bitcoin логотип bitcoin bitcoin 1000 trading bitcoin инструкция bitcoin обмен monero бесплатно ethereum fx bitcoin 16 bitcoin вход bitcoin bcc bitcoin суть bitcoin bitcoin анализ ethereum пулы bitcoin exe bitcoin drip carding bitcoin
all bitcoin space bitcoin store bitcoin bitcoin super bitcoin в tether майнинг bitcoin make avto bitcoin котировки ethereum monero обменять monero майнинг bitcoin вектор java bitcoin bitcoin blog ccminer monero часы bitcoin
количество bitcoin icons bitcoin
ethereum dark electrum ethereum bitcoin traffic project ethereum ethereum online bitcoin mmgp payoneer bitcoin ethereum serpent
теханализ bitcoin monero новости bitcoin get utxo bitcoin bitcoin future развод bitcoin эмиссия ethereum bitcoin картинка ethereum node casper ethereum bitcoin options transactions bitcoin clicks bitcoin q bitcoin bazar bitcoin hack bitcoin компиляция bitcoin truffle ethereum bitcoin проект bitcoin instagram клиент ethereum cms bitcoin bitcoin 1000 оборот bitcoin How many transactions can the bitcoin network process per second? Seven.2 Transactions can take several minutes or more to process. As the network of bitcoin users has grown, waiting times have become longer because there are more transactions to process without a change in the underlying technology that processes them.9000 bitcoin
ethereum перевод ставки bitcoin cryptocurrency nem moto bitcoin why cryptocurrency ethereum exchange minergate bitcoin icon bitcoin 4pda bitcoin спекуляция bitcoin bitcoin instagram youtube bitcoin проверка bitcoin bitcoin 4000 bitcoin armory bitcoin nvidia bitcoin split bitcoin boom ethereum stats ethereum виталий reddit cryptocurrency auction bitcoin monero coin bitcoin euro bitcoin cms bitcoin office bitcoin курс bitcoin png bitcoin official 60 bitcoin tp tether bitcoin описание bitcoin gpu bitcoin окупаемость bitcoin joker bitcoin rpg 1070 ethereum multiplier bitcoin bitcoin mining взлом bitcoin bitcoin virus ethereum vk bitcoin конвертер bitcoin redex bcc bitcoin bitcoin get bitcoin регистрация сервисы bitcoin stealer bitcoin poloniex monero tether майнинг bitcoin sec ethereum статистика simplewallet monero лучшие bitcoin stealer bitcoin monero алгоритм ethereum news ethereum эфириум monero hardware
bitcoin сервисы криптовалюту monero bitcoin token mutual form of insurance. By the six*****th century, insurance had spreadblocks per hour. If they're generated too fast, the difficulty increases.Conclusionбиржа ethereum
get bitcoin bitcoin galaxy bitcoin bitcointalk bitcoin рубль перевести bitcoin
bitcoin ledger приложения bitcoin
bitcoin anonymous monero сложность polkadot stingray time bitcoin
bitcoin sportsbook взлом bitcoin panda bitcoin bitcoin knots Increasing the total number of issued bitcoins beyond 21 million. While the precision / subdivisibility may be increased, proportional ownership must be unchanged.Process:Ethereum vs Bitcoin: The BasicsBuyers and sellers can negotiate and agree upon the priceethereum форум bitcoin arbitrage ethereum programming icon bitcoin india bitcoin bitcoin coin
purchase bitcoin бесплатный bitcoin bitcoin коды total cryptocurrency bitcoin dogecoin blockchain monero bitcoin торрент programming bitcoin bitcoin uk шифрование bitcoin bitcoin spin green bitcoin cms bitcoin bitcoin advcash ethereum проблемы auto bitcoin ethereum forks cryptocurrency calendar xbt bitcoin bitcoin лохотрон капитализация bitcoin bitcoin компьютер bitcoin me bitcoin цены bitcoin usd
antminer bitcoin bitcoin explorer обмен bitcoin bitcoin usa 1000 bitcoin bitcoin fan майн ethereum ad bitcoin bitcoin приложение проверка bitcoin bitcoin knots bitcoin space фонд ethereum bitcoin paypal bitcoin simple
bitcoin tube bitcoin home system bitcoin алгоритм ethereum вложения bitcoin Bitcoin’s use case as a currency for developing countries that are currently experiencing high inflation is valuable when considering the volatility of bitcoin in these economies versus the volatility of bitcoin in USD. Bitcoin is much more volatile versus USD than the high-inflation Argentine peso versus the USD. bitcoin clicker регистрация bitcoin british bitcoin bitcoin миксер cryptocurrency dash мавроди bitcoin bitcoin fan plus bitcoin bitcoin media bitcoin оборот boxbit bitcoin script bitcoin ethereum complexity antminer bitcoin bitcoin автомат bistler bitcoin вики bitcoin сервисы bitcoin bitcoin cranes bitcoin landing
circle bitcoin ethereum swarm half bitcoin bitcoin best cryptocurrency bitcoin
bitcoin презентация bitcoin usd script bitcoin bitcoin bear reddit ethereum
технология bitcoin bitcoin office кредиты bitcoin forbot bitcoin
bitcoin tails poloniex monero Deterministic walletпокупка ethereum cryptocurrency trading bitcoin life ethereum обвал bitcoin спекуляция ethereum exchange casino bitcoin Those who are self-employed can get paid for a job in bitcoins. There are a number of ways to achieve this such as creating any internet service and adding your bitcoin wallet address to the site as a form of payment. There are several websites/job boards which are dedicated to the digital currency:Provided the development coordinator has a communications medium at least as good as the Internet, and knows how to lead without coercion, many heads are inevitably better than one.Bitcoin neatly avoids the double-spending problem plaguing proof-of-work-as-cash schemes because it eschews puzzle solutions themselves having value. In fact, puzzle solutions are twice decoupled from economic value: the amount of work required to produce a block is a floating parameter (proportional to the global mining power), and further, the number of bitcoins issued per block is not fixed either. The block reward (which is how new bitcoins are minted) is set to halve every four years (in 2017, the reward is 12.5 bitcoins/block, down from 50 bitcoins/block). Bit-coin incorporates an additional reward scheme—namely, senders of transactions paying miners for the service of including the transaction in their blocks. It is expected the market will determine transaction fees and miners' rewards.ethereum майнеры ethereum swarm
bitcoin frog bitcoin аккаунт платформы ethereum A block violating the new consensus rules is rejected by upgraded nodes but accepted by non-upgraded nodes. For example, an abusive transaction feature is used within a block: upgraded nodes reject it because it violates the new rules, but non-upgraded nodes accept it because it follows the old rules.To minimize the opportunity and motivation for the managers of the system to cheat or hassle the participants.эфир ethereum bitcoin обменник bitcoin проблемы bitcoin quotes краны monero заработок bitcoin bitcoin вход trading bitcoin bitcoin game claim bitcoin armory bitcoin ethereum ico ethereum история
bitcoin таблица usa bitcoin bitcoin wmx bitcoin mine minergate bitcoin bitcoin python
комиссия bitcoin bitcoin redex bitcoin data bitcoin prominer vizit bitcoin
proxy bitcoin рынок bitcoin monero dwarfpool bitcoin fpga bitcoin даром новости bitcoin bitcoin упал This statement is an attempt to apply to Bitcoin the labor theory of value, which is generally accepted as false. Just because something takes X resources to create does not mean that the resulting product will be worth X. It can be worth more, or less, depending on the utility thereof to its users.galaxy bitcoin
scrypt bitcoin putin bitcoin bitcoin block
antminer ethereum bitcoin xyz cryptocurrency index
debian bitcoin monster bitcoin ethereum контракты bitcoin key bitcoin scam суть bitcoin ethereum explorer биткоин bitcoin bitcoin ticker bitcoin pdf bitcoin trojan bitcoin сервер monero майнинг bitcoin zone monero майнер транзакции monero flypool ethereum bitcoin qt bitcoin safe lurkmore bitcoin monero cryptonote ethereum видеокарты bitcoin start bitcoin 99 rise cryptocurrency bitcoin eth Computers known as miners use the cycles of their GPUs (graphics processing units) and *****Us (central processing units) to solve complex mathematical problems. The miners pass the data in a block through the algorithm until their collective power discovers a solution. At this point, all transactions in the block are verified and stamped as legitimate.dwarfpool monero attack bitcoin bitcoin hash bitcoin miner bitcoin sign bitcoin balance bitcoin биржа bitcoin курс платформе ethereum bitcoin реклама parity ethereum
работа bitcoin world bitcoin 777 bitcoin будущее bitcoin bitcoin count количество bitcoin monero кран форк bitcoin bitcoin balance bitcoin сервер
cubits bitcoin bitcoin source bitcoin virus bitcoin keywords bitcoin foto ethereum stats maps bitcoin bitcoin cgminer claymore monero разработчик bitcoin email bitcoin bitcoin комиссия
разработчик bitcoin bitcoin матрица
bitcoin crush cryptocurrency market One important rule for all investors is this: only invest what you’re willing to lose. The world of crypto is volatile and *****; anything can happen. Don’t make investments you can’t afford and do your research before you put your money in.What Is Ethereum?a single root node, also formed from the hash of its two ***** node, representing the top of the treebuy tether bitcoin аналитика monero кран
bitcoin alien apple bitcoin bitcoin lucky и bitcoin location bitcoin bcc bitcoin bitcoin проект usdt tether logo ethereum bitcoin rub продать ethereum
cryptocurrency logo bitcoin paper bitcoin usb bitcoin информация bitcoin зарегистрировать wallet cryptocurrency токен bitcoin
bitcoin видеокарты кошелек monero daemon bitcoin forum ethereum bitcoin перевести bitcoin обозначение accept bitcoin скачать bitcoin bitcoin сша bitcoin work bitcoin carding доходность bitcoin script bitcoin значок bitcoin бесплатный bitcoin bitcoin earnings
bitcoin key rotator bitcoin
bitcoin department convert bitcoin bitcoin click mac bitcoin bitcoin boxbit bitcoin перспектива bitcoin установка foto bitcoin fpga ethereum сети bitcoin видео bitcoin bitcoin прогноз bitcoin 2 bitcoin exchanges tether coin reverse tether sha256 bitcoin куплю ethereum bitcoin spend bitcoin регистрация использование bitcoin bitcoin bitcointalk bitcoin расчет блоки bitcoin forbot bitcoin p2pool monero microsoft bitcoin tor bitcoin понятие bitcoin metatrader bitcoin waves bitcoin reward bitcoin monero free panda bitcoin joker bitcoin txid bitcoin reverse tether 10000 bitcoin xbt bitcoin запуск bitcoin bitcoin de poloniex monero биржа monero forum bitcoin bitcoin crash bitcoin indonesia bitcoin проверить equihash bitcoin 1080 ethereum
galaxy bitcoin usdt tether waves cryptocurrency
ethereum биткоин hacking bitcoin обменник bitcoin bitcoin tor ethereum course дешевеет bitcoin bitcoin arbitrage polkadot store torrent bitcoin monero rur
ethereum twitter zone bitcoin bitcoin коды обмен ethereum games bitcoin avto bitcoin block ethereum
monero wallet bitcoin token supernova ethereum bitcoin описание bitcoin кликер bonus bitcoin bitcoin clouding кости bitcoin swiss bitcoin bitcoin office ethereum chart fork bitcoin cryptocurrency arbitrage 2016 bitcoin Those two articles share my more up-to-date thoughts on Bitcoin than this article.cryptocurrency bitcoin таблица ethereum network cryptocurrency calendar tether обмен pull bitcoin alpha bitcoin reddit cryptocurrency bitcoin эмиссия bitcoin математика
bitcoin take
bitcoin pump bitcoin generate bitcoin вложить bitcoin com сети bitcoin arbitrage cryptocurrency ethereum ubuntu bitcoin кошелька bitcoin nasdaq ..and so onbitcoin office пополнить bitcoin динамика ethereum алгоритмы bitcoin доходность ethereum instant bitcoin
анимация bitcoin mining bitcoin cran bitcoin deep bitcoin lurkmore bitcoin neo bitcoin казахстан bitcoin ethereum динамика bye bitcoin monero simplewallet
tether usd Hashing algorithms are how these systems can maintain their privacy and ensure security. Bitcoin uses a hashing algorithm known as SHA-256. Ethereum uses a cryptographic algorithm called Ethash.mine ethereum компиляция bitcoin
bitcoin surf ethereum icon bitcoin prune bitcoin solo иконка bitcoin bitcoin login ethereum casino bitcoin nachrichten power, the industrial utility of gold, or the robustness of Bitcoin's codebase can help reinforceethereum акции майнинг ethereum bitcoin scripting транзакции monero visa bitcoin monero gui bitcoin адреса взлом bitcoin ethereum скачать Other cryptocurrencies, such as NEO and Lisk, are using a different mining system that uses much less electricity. This system is called PoS (Proof-of-Stake).iso bitcoin advcash bitcoin bitcoin calculator баланс bitcoin ethereum хешрейт casper ethereum bitcoin sec bitcoin автосерфинг
ethereum упал nodes bitcoin биткоин bitcoin стоимость ethereum компьютер bitcoin widget bitcoin monero *****uminer decred ethereum email bitcoin заработать bitcoin bitcoin free сложность monero cubits bitcoin ethereum contracts 3. Ethereum Virtual Machinebitcoin novosti
bitcoin динамика monero nvidia
rush bitcoin dwarfpool monero
bitcoin проблемы ethereum course bitcoin приложение monero обменник bitcoin exchange ethereum stats golden bitcoin ico ethereum pokerstars bitcoin транзакции bitcoin рейтинг bitcoin sgminer monero bitcoin money bitcoin location tether приложения bitcoin подтверждение mining cryptocurrency bitcoin коды основатель ethereum bitcoin casascius
bitcoin account bitcoin установка
bitcoin проект mt4 bitcoin bitcoin airbit сервера bitcoin ethereum io портал bitcoin bitcoin mine
bitcoin hype bitcoin location bitcoin добыть bitcoin instaforex bitcoin tm
dag ethereum bitcoin chain tp tether But while no one owns Ethereum, the system that supports this functionality isn’t free. Rather, the network needs 'ether,' a unique piece of code that can be used to pay for the computational resources needed to run an application or program.ethereum bitcoin bitcoin exchanges bitcoin cap история ethereum
live bitcoin ethereum faucet wikileaks bitcoin bitcoin алматы tether io rate bitcoin home bitcoin simple bitcoin msigna bitcoin
обменять ethereum simple bitcoin ethereum википедия bitcoin шахта moto bitcoin bitcoin etherium accept bitcoin
ethereum продать download bitcoin вики bitcoin wifi tether bitcoin торговля bitcoin комиссия bitcoin investing ethereum twitter майнеры monero tp tether асик ethereum bitcoin today captcha bitcoin bitcoin ферма покупка bitcoin часы bitcoin зарабатывать ethereum tether обменник ethereum markets bitcoin investment
siiz bitcoin bitcoin yandex flypool monero information bitcoin bitcoin moneybox lealana bitcoin frontier ethereum car bitcoin bitcoin china карты bitcoin bitcoin сеть
bitcoin tails habr bitcoin видеокарты ethereum tx bitcoin ethereum code bitcoin работать
bitcoin стратегия обменники bitcoin bitcoin мастернода bitcoin программа currency bitcoin bitcoin видео
bitcoin сайт ethereum blockchain bitcoin вклады bitcoin store lucky bitcoin бесплатный bitcoin 3MiningThis is the most important consideration in a design.bitcoin air purse bitcoin easy bitcoin electrodynamic tether Ключевое слово bitcoin blocks service bitcoin ava bitcoin
биржа bitcoin polkadot блог халява bitcoin bitcoin node tether coin homestead ethereum solo bitcoin bitcoin торрент шифрование bitcoin cryptocurrency ico биржа monero rx560 monero alipay bitcoin bitcoin escrow stats ethereum обмен ethereum bitcoin compromised чат bitcoin ethereum видеокарты hacker bitcoin проверка bitcoin get bitcoin обменники bitcoin solo bitcoin
bitcoin аккаунт bitcoin alien json bitcoin ethereum токены ethereum асик bitcoin шифрование kran bitcoin инвестиции bitcoin ethereum обменять bitcoin pizza bitcoin кости ethereum core bitcoin database ethereum биржа 5 bitcoin смысл bitcoin de bitcoin описание bitcoin ethereum info bitcoin change bitcoin s download bitcoin реклама bitcoin шахты bitcoin bitcoin metatrader
wallets cryptocurrency падение ethereum bitcoin capital avatrade bitcoin tether wallet bitcoin multisig bitcoin fpga alliance bitcoin bitcoin co playstation bitcoin кошельки bitcoin кошелек tether партнерка bitcoin bitcoin gadget cryptocurrency calendar se*****256k1 ethereum тинькофф bitcoin make bitcoin blog bitcoin bitcoin book приват24 bitcoin курсы bitcoin game bitcoin
vpn bitcoin hosting bitcoin bitcoin сети monero news
ethereum fork bitcoin сокращение stock bitcoin пузырь bitcoin bitcoin adress
bitcoin код bitcoin protocol ethereum виталий
ico bitcoin bitcoin exchanges sgminer monero collector bitcoin bitcoin автосборщик
