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!
1 ethereum обзор bitcoin bitcoin telegram
ethereum проблемы
автосборщик bitcoin bitcoin greenaddress bitcoin crash котировки bitcoin bitcoin монета
monero *****u ethereum описание bitcoin golden
bitcoin форк bitcoin update coinbase ethereum анимация bitcoin ethereum проекты geth ethereum bitcoin hesaplama bitcoin casino monero купить converter bitcoin tp tether новости monero bitcoin keywords simplewallet monero bitcoin mmgp cryptocurrency calendar обменник ethereum mooning bitcoin bitcoin register google bitcoin ethereum биржи
bitcoin открыть продать monero pools bitcoin bitcoin playstation monero xmr bitcoin сбор
заработать bitcoin bitcoin wm bitcoin bitrix programming bitcoin bitcoin doubler bitcoin bitrix roulette bitcoin bitrix bitcoin bitcoin падение monero обменник bitcoin trezor bitcoin hub wallet cryptocurrency de bitcoin prune bitcoin trader bitcoin cryptocurrency charts
1000 bitcoin bitcoin шифрование bitcoin landing bitcoin калькулятор bitcoin change обзор bitcoin tether gps bitcoin world теханализ bitcoin bitcoin магазин
проверка bitcoin Additionally, simple observations from economics make it clear what the outcome of an uncapped block size will be. Since there is a virtually unlimited demand to store information in a replicated, highly-available database, blockchains will be used for storage of arbitrary data if space is sufficiently cheap. The problem here is that the data stored exerts a perpetual cost on the verifiers, as they have to include it in the initial block download and buy larger and larger hard drives in perpetuity. (Ethereum’s State Rent proposal acknowledges this problem and suggests a solution.)bitcoin nvidia bitcoin gpu In simple terms, updating a cryptocurrency protocol or code is called forking. Fork implies that a Blockchain splits into two branches. It can happen when the participants of the network cannot come to an agreement with regards to the consensus algorithm and new rules to validate transactions.ethereum картинки claymore monero xbt bitcoin
bitcoin etf
продать monero курс tether зебра bitcoin банкомат bitcoin bitcoin token simple bitcoin bitcoin allstars
bitcoin дешевеет bitcoin swiss
bitcoin кошелек forum ethereum конвертер ethereum bitcoin legal
transactions bitcoin ethereum serpent tp tether best bitcoin lealana bitcoin Cryptocurrency is also known as digital currency. It's a form of digital money created by mathematical computations and policed by millions of computers (called miners) on the same network. Physically, there's nothing to hold, although crypto can be exchanged for cash.php bitcoin ethereum info bitcoin c fork ethereum исходники bitcoin bitcoin 2x bitcoin escrow bitcoin mercado
bitcoin wallpaper
paidbooks bitcoin рост ethereum bitcoin links bitcoin код txid ethereum industry, the search engine wars, the domain name markets, the growth of3. Five Industries that Blockchain will Disruptethereum usd bitcoin banking bitcoin обменник ethereum кошельки bitcoin multisig putin bitcoin
ethereum telegram monero miner bitcoin генераторы android tether bitcoin local bitcoin links
ethereum алгоритм bitcoin coingecko bitcoin genesis Bitcoin price is volatileHot wallets are online wallets through which cryptocurrencies can be transferred quickly. They are available online. Examples are Coinbase and Blockchain.info. Cold wallets are digital offline wallets where the transactions are signed offline and then disclosed online. They are not maintained in the cloud on the internet; they are maintained offline to have high security. Examples of cold wallets are Trezor and Ledger.Bitcoins are worthless because they're based on unproven cryptographybitcoin aliens курс bitcoin bitcoin nodes bitcoin zona ethereum classic tether перевод bitcoin project разделение ethereum
bitcoin мастернода
1 bitcoin
проект bitcoin avto bitcoin
заработок bitcoin bitcoin rbc bitcoin usd bitcoin fork bitcoin best Cryptocurrencies such as Bitcoin and Ethereum offer a number of benefits, and one of the most fundamental is not requiring trust in an intermediary institution to send payments, which opens up their use to anyone around the globe. But one key drawback is that cryptocurrencies’ prices are unpredictable and have a tendency to fluctuate, sometimes wildly. bitcoin казино ultimate bitcoin ethereum cryptocurrency bitcoin капча новости bitcoin field bitcoin деньги bitcoin bitcoin fx cryptocurrency calendar electrum bitcoin криптовалют ethereum bitcoin прогноз bitcoin xl bitcoin stiller обновление ethereum
cryptocurrency bitcoin get time bitcoin bitcoin shops ethereum markets прогнозы bitcoin ethereum rotator верификация tether bitcoin buying bitcoin tm майнеры monero стоимость ethereum keys bitcoin ethereum contracts пожертвование bitcoin bitcoin государство
bitcoin boxbit system bitcoin free bitcoin принимаем bitcoin ethereum кошельки bitcoin машины ethereum обменять
ethereum blockchain bitcoin history валюта tether tracker bitcoin bitcoin hashrate bitcoin майнеры
bitcoin twitter обменник ethereum wikipedia ethereum bitcoin aliexpress биржи monero plasma ethereum bitcoin machine bitcoin paper ethereum график ethereum валюта nicehash bitcoin A smart contract is like a traditional contract; except it is digital, runs on the blockchain, is executed automatically, and cannot be changed.bitcoin уязвимости bitfenix bitcoin clame bitcoin bitcoin neteller panda bitcoin перспективы ethereum bonus bitcoin de bitcoin
инвестирование bitcoin контракты ethereum bitcoin yandex перспективы ethereum bitcoin mail stealer bitcoin bitcoin компания bitcoin banking
miner monero bitcoin bio london bitcoin source bitcoin cryptocurrency это Several people have proposed opcodes that might render a transaction invalid after a reorg. The proposals are generally requested to be redesigned to be always forward valid using the OP_CLTV design, but sometimes that's unwanted or impractical and it's suggested that it might be acceptable to have an opcode that encumbers a transaction for a hundred blocks similar to a coinbase transaction or OP_CSV 100 blocks.ethereum habrahabr bitcoin hyip transactions bitcoin bitcoin это bitcoin paw
difficulty ethereum mixer bitcoin ethereum бесплатно ethereum miner bitcoin проблемы кошель bitcoin bitcoin webmoney bitcoin будущее надежность bitcoin bitcoin bat bitcoin робот poloniex monero bitcoin nasdaq metropolis ethereum java bitcoin ethereum виталий monero dwarfpool иконка bitcoin ethereum nicehash
криптовалют ethereum ethereum токены today, with digital currencies such as Bitcoin playing a significant role.options bitcoin кошелька ethereum
