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!
galaxy bitcoin
краны monero maps bitcoin xbt bitcoin
bitcoin ne
iota cryptocurrency currency bitcoin mt4 bitcoin bitcoin gambling bitcoin apk ethereum news расчет bitcoin перевод bitcoin bitcoin игры порт bitcoin
bitcoin обзор How does bitcoin work?продать ethereum iota cryptocurrency
ethereum ethash cubits bitcoin видеокарта bitcoin bitcoin фарминг loan bitcoin pos ethereum buy tether bitcoin cny bitcoin banks bitcoin автосерфинг
торрент bitcoin lamborghini bitcoin monero обмен клиент bitcoin ethereum pool config bitcoin
bitcoin бесплатный bitcoin book Bitcoin is a digital currency;bitcoin youtube bitcoin шахты bitcoin blue bitcoin rpg окупаемость bitcoin tor bitcoin bitcoin investing algorithm bitcoin bitcoin кредиты cryptocurrency tech мерчант bitcoin payeer bitcoin lamborghini bitcoin bitcoin japan bitcoin minergate bitcoin играть ethereum бесплатно
bitcoin apk википедия ethereum bitcoin dollar bitcoin суть
trezor bitcoin faucet bitcoin
tether gps bitcoin cap bitcoin service bitcoin курс bitcoin half bitcoin rotator bitcoin bloomberg blogspot bitcoin exchange cryptocurrency кран ethereum bitcoin фильм биткоин bitcoin bitcoin ru convert bitcoin chaindata ethereum сложность ethereum minergate ethereum monero обменник bitcoin 4096 bitcoin machine keystore ethereum хабрахабр bitcoin goldmine bitcoin bitcoin poloniex bitcoin hunter bitcoin novosti bitcoin market bitcoin links price bitcoin click bitcoin bitcoin cgminer
bitcoin 2048
bitcoin калькулятор bitcoin transaction конвертер ethereum bitcoin block bitcoin traffic monero windows bitcoin miner настройка monero asus bitcoin bitcoin maps bitcoin анонимность ethereum упал ethereum stratum ethereum info
ethereum pool bitcoin xpub fast bitcoin
bitcoin 123 bitcoin ad bitcoin 84 million LitecoinBitcoin is a classic network effect, a positive feedback loop. The more people who use Bitcoin, the more valuable Bitcoin is for everyone who uses it, and the higher the incentive for the next user to start using the technology. Bitcoin shares this network effect property with the telephone system, the web, and popular Internet services like eBay and Facebook.ethereum online nova bitcoin
краны monero bitcoin mixer ethereum капитализация проект bitcoin cryptocurrency logo bitcoin ммвб взлом bitcoin trading bitcoin генераторы bitcoin monero xmr
ethereum github
cap bitcoin keystore ethereum асик ethereum андроид bitcoin bitcoin microsoft bitcoin trend local bitcoin
bitcoin qazanmaq bitcoin services ethereum кран краны monero bitcoin cryptocurrency bitcoin инструкция wikipedia cryptocurrency bitcoin club dogecoin bitcoin обменники bitcoin bitcoin check bitcoin uk калькулятор bitcoin cryptocurrency wallet
ethereum хардфорк fpga ethereum reward bitcoin lealana bitcoin ethereum vk micro bitcoin buy ethereum tether chvrches bitcoin видеокарты
film bitcoin bitcoin pps полевые bitcoin service bitcoin скрипт bitcoin bitcoin doge bitcoin xt bitcoin заработок difficulty ethereum курс ethereum fpga ethereum bitcoin tx bitcoin loan tether wallet 0 bitcoin ethereum описание баланс bitcoin love bitcoin bitcoin 4pda автомат bitcoin анализ bitcoin bitcoin moneybox bitcoin nyse mine ethereum bitcoin china bitcoin monkey ethereum complexity rotator bitcoin bitcoin видеокарты dwarfpool monero ethereum claymore получить bitcoin
биржа ethereum mikrotik bitcoin bitcoin ann bitcoin global bitcoin capital bitcoin cgminer bitcoin capitalization bitcoin visa bitcoin center games bitcoin bitcoin суть bitcoin account my ethereum
обзор bitcoin cryptocurrency wallets bitcoin mt5 king bitcoin
tether js bitcoin location xpub bitcoin coin bitcoin trader bitcoin смесители bitcoin ethereum raiden bitcoin x2 bitcoin png bitcoin аналитика bitcoin biz bitcoin windows bitcoin visa bitcoin novosti 2016 bitcoin
bitcoin торги Ethereum screen on mobile.bitcoin favicon вход bitcoin bitcoin farm описание bitcoin контракты ethereum курса ethereum фарминг bitcoin alpha bitcoin tether приложение bitcoin лопнет bitcoin crypto
майнить bitcoin разработчик ethereum monero proxy
monero вывод bitcoin map курс monero дешевеет bitcoin займ bitcoin buy tether bitcoin bio
eos cryptocurrency bitcoin novosti
bitcoin get bitcoin казино weekly bitcoin market bitcoin взлом bitcoin алгоритм bitcoin 1PGFCtrJHUsc7fs4LGWLmXUEwuKyDaHuRabitcoin зебра обновление ethereum
bitcoin motherboard monero cpu bitcoin окупаемость bitcoin metatrader
blocks bitcoin ethereum проблемы bitcoin trezor работа bitcoin bitcoin auto apple bitcoin clicks bitcoin flypool monero bitcoin cranes bitcoin oil bitcoin вебмани cryptocurrency calculator пулы bitcoin bitcoin black bitcoin eth bitcoin суть обменник bitcoin bitcoin protocol bitcoin инструкция ico ethereum bitcoin прогноз Indeed, the dubious nature of many of these 'features' become obvious over time. For example, Ethereum’s Turing-completeness makes the entire platform more vulnerable (see DAO and Parity bugs). In contrast, Bitcoin’s smart contract language, Script, has avoided Turing completeness for that exact reason! The usual response by the coin’s centralized authority is to fix such vulnerabilities with even more authoritarian behavior (bailouts, hard forks, etc). In other words, the network effect and time compound with centralization to make altcoins even more fragile.курс ethereum
bitcoin laundering bitcoin mail
The widespread adoption of double-entry through the Italian trading ports led to the growth of business beyond the limits of family. Double entry therefore was the keystone to the enterprise, it was what created the explosion of trading power of the city states in now-Italy .ethereum монета
20 bitcoin
ethereum cryptocurrency token ethereum korbit bitcoin bitcoin hesaplama tether bootstrap bitcoin рухнул bitcoin hesaplama кран bitcoin bitcoin обменники bitcoin symbol bitcoin knots ethereum продать bitcoin rus proxy bitcoin bitcoin asic bitcoin banks халява bitcoin bitcoin фото ethereum mine терминал bitcoin bitcoin currency bitcoin обсуждение форк bitcoin bitcoin окупаемость daemon monero lurkmore bitcoin greenaddress bitcoin компиляция bitcoin
е bitcoin bitcoin simple
bitcoin take вклады bitcoin
java bitcoin bitcoin red black bitcoin carding bitcoin ethereum twitter ultimate bitcoin tether wallet takara bitcoin ethereum кошельки xbt bitcoin Why does the dollar have value?обмен bitcoin конвертер bitcoin зарегистрироваться bitcoin адрес bitcoin bitcoin ne bitcoin fasttech ethereum заработок magic bitcoin rotator bitcoin ethereum crane ethereum chart bitcoin javascript cryptocurrency trading bitcoin вирус keyhunter bitcoin отзыв bitcoin shot bitcoin bitcoin расчет bitcoin 2010 ethereum картинки casino bitcoin coinmarketcap bitcoin сигналы bitcoin bitcoin pizza
monero free monero
happy bitcoin bitcoin доходность ethereum myetherwallet bitcoin casascius
blockstream bitcoin tether gps film bitcoin bio bitcoin payoneer bitcoin avatrade bitcoin что bitcoin trezor bitcoin сервера bitcoin bitcoin easy cryptocurrency market bitcoin spend ethereum logo tether обзор registration bitcoin доходность ethereum bitcoin roll bitcoin автомат doubler bitcoin bitcoin оборот
bitcoin прогноз курс bitcoin ethereum plasma bitcoin обмена ethereum gas tera bitcoin decred ethereum 6000 bitcoin bitcoin auto ethereum покупка
Smart contracts aren’t intended to be used in isolation. Some smart contracts are built to assist other smart contracts.bitcointalk monero visa bitcoin china bitcoin cranes bitcoin ethereum wallet bitcoin scanner bitcoin 2000
обменять ethereum bitcoin создать bitcoin авито monero algorithm bitcoin зарабатывать bitcoin алгоритм bitcoin utopia bitcoin перевод bitcoin робот шифрование bitcoin bitcoin оборот котировки ethereum ethereum сайт bitcoin broker bitcoin half bitcoin tradingview хешрейт ethereum
nonce bitcoin кликер bitcoin bitcoin видеокарта blogspot bitcoin bitcoin sha256 bitcoin калькулятор abi ethereum trader bitcoin bitcoin future bitcoin ключи
картинки bitcoin асик ethereum ethereum exchange bitcoin бесплатный bitcoin reserve bitcoin рейтинг bitcoin flapper bitcoin machine ethereum pools bitcoin yen bitcoin qr alpari bitcoin