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What is Cryptocurrencies?
Introducing the new technology to the general public is what has created trust in the Bitcoin
user base, but it has also led to the development of a variety of competing digital pieces that claim to take Bitcoin and turn it into a better change. A faster and safer currency.
The first to emerge in 2011 was the Litecoin
. The Litecoin was developed by a programmer named Charles Lee, a former Google
employee who identified the enormous potential of the Bitcoin and decided to create a quick little brother. After the Litecoin, and with the boom in Bitcoin, many more people have recognized the potential of the digital currency market and new coins have begun to emerge from every corner of the world.
Each currency claims to be better than its predecessors. Some of the new currency creators have focused on security improvements over Bitcoin, some have improved the speed of network transaction approval and some cryptographic encryption methods used, but the basic principle remains the same: currencies are digital and distributed.
Today, more than 800 digital pieces are marketed on the Internet. Most of them have a negligible market value ranging from tens of thousands of dollars to a few million dollars. Bitcoin, despite the competition, stands out with an enormous market value in a range of thousands of per cent compared to the Litecoin and other currencies.
There is no doubt that the bitcoin is not perfect. Some of the new currencies offer better technological innovations on Bitcoin and improved security, and some of them have economic models more likely to succeed than Bitcoin (structured inflation versus deflation and supply), but none of they are no real competition for Bitcoin. The reason is one: the community.
The Bitcoin community is much larger than any other community of connected digital currencies. Bitcoin International, Bitcoin local communities in a number of countries around the world, Bitcoin code development team, which is constantly working to improve and create new features for the currency and tens of thousands of companies in the world willing to accept the currency as equal value. It is they who give Bitcoin its power. Support for the non-Community currency is worthless and will ultimately fail.
There is a reasonable basis for assuming that in a world where the Bitcoin controls, other digital pieces are also valued, but at this point it is impossible to estimate which ones will be.
We will briefly review some digital currencies (in terms of market value and trading volumes) and those that present unique technological improvements on Bitcoin.
Let's start with the virtual currency Litecoin which was the first to make itself known.
￼The second part generated after Bitcoin. Litecoin says that the objective of the Litecoin is to be an alternative to the Bitcoin because silver (metal) is an alternative to gold. The Litecoin is almost identical to his older brother, the Bitcoin, but still with some changes. First, the maximum final amount of coins is 84 million. Four times more than Bitcoin. The calculation speed of each transaction block is also faster by 4 times, and is on average 2.5 minutes. And it also ensures faster approval of transactions.
The Litecoin uses another proof-of-work method called Script. The purpose of Script was originally intended to allow miners to undermine both Bitcoin and Litecoin and significantly reduce the mining
advantage for users with large computer equipment compared to regular CPU users.
Litecoin addresses are constructed from a string of 33 characters that always begins with the letter "L". The Blockchain of the Litecoin network is: block-explorer.com.
Litecoin made the headlines in 2013 when it climbed on Bitcoin's success wave and rose from $ 1 to a record $ 48 and reached a market value of $ 1 billion.
Today the Litecoin is trading at around $ 50.
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