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Learning Bitcoin

Learning Bitcoin

By : Caetano
3 (3)
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Learning Bitcoin

Learning Bitcoin

3 (3)
By: Caetano

Overview of this book

The financial crisis of 2008 raised attention to the need for transparency and accountability in the financial world. As banks and governments were scrambling to stay solvent while seeking a sustainable plan, a powerfully new and resilient technology emerged. Bitcoin, built on a fundamentally new technology called “The Blockchain,” offered the promise of a new financial system where transactions are sent directly between two parties without the need for central control. Bitcoin exists as an open and transparent financial system without banks, governments, or corporate support. Simply put, Bitcoin is “programmable money” that has the potential to change the world on the same scale as the Internet itself. This book arms you with immense knowledge of Bitcoin and helps you implement the technology in your money matters, enabling secure transactions. We first walk through the fundamentals of Bitcoin, illustrate how the technology works, and exemplify how to interact with this powerful and new financial technology. You will learn how to set up your online Bitcoin wallet, indulge in buying and selling of bitcoins, and manage their storage. We then get to grips with the most powerful algorithm of all times: the Blockchain, and learn how crypto-currencies can reduce the risk of fraud for e-commerce merchants and consumers. With a solid base of Blockchain, you will write and execute your own custom transactions. Most importantly, you will be able to protect and secure your Bitcoin with the help of effective solutions provided in the book. Packed with plenty of screenshots, Learning Bitcoin is a simple and painless guide to working with Bitcoin.
Table of Contents (10 chapters)
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9
Index

Litecoin


As the second largest cryptocurrency to date, in terms of market capitalization, Litecoin was built as a clone of the original Bitcoin software. Charlie Lee, an ex-Google employee who is now director of engineering at Coinbase, forked the original Bitcoin-QT code and released it as Litecoin in October of 2011 with some additional changes.

Block rate

Bitcoin is designed to deliver a new block approximately every 10 minutes. Some had raised the issue that the confirmation time was too long. Thus, Litecoin was launched with an increased block rate approximately every 2 minutes. This gives Litecoin the slight advantage of reducing the confirmation time, which improves the user's experience.

Litecoin can support higher transaction volumes due to the increased number of blocks. A faster block rate also implies that it's harder to double-spend litecoins. As 5 times more Litecoin blocks are produced for every Bitcoin block, the additional confirmations decrease the chances of double-spend...

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