Litecoin

Since Bitcoin’s launch on 3rd January 2009, an estimated 30,000&#43; altcoins have been created. But only one has survived and thrived for 12 years. With zero downtime, consistent innovation, and dramatic growth of use and adoption year-on-year.<h4>Happy 12th Birthday, Litecoin!</h4>To commemorate Litecoin’s 10th Anniversary, Charlie Lee, creator of Litecoin, <a href="https://twitter.com/SatoshiLite/status/1446159273633800192" rel="noopener noreferrer nofollow">wrote a very comprehensive thread on Twitter</a>. Rather than rehashing the same milestones, this piece shines a light on lesser known events. Giving particular focus to the months leading up to Litecoin’s creation. A period where Lee was formulating distinct views on Bitcoin and immersing himself in the bitcointalk community. Informing Litecoin’s architecture, and the role Lee foreshadowed $LTC playing in a Bitcoin-dominated world.In combing through thousands of Lee’s earliest forum posts, one can piece together the thinking behind Litecoin. A currency designed to be easy-to-use. By anyone, anywhere, in a modern world. It’s during this time Lee came to understand Bitcoin’s limitations and - instead of trying to replace it like every ‘Bitcoin Killer’ altcoin promised to do - create a currency to complement it.Lee explained this best in Litecoin&#39;s announcement post 12 years ago:<blockquote>“Litecoin is the result of some of us who joined together on IRC in an effort to create a real alternative currency similar to Bitcoin. We wanted to make a coin that is silver to Bitcoin&#39;s gold.  We wanted the best innovations of Bitcoin and these other currencies to create a coin with all of their benefits, but nearly none of their problems.” (Read More)</blockquote><img src="https://academy-public.coinmarketcap.com/optimized-uploads/533876e176a7474d899bb222868c664d.png" /><a href="https://bitcointalk.org/index.php?topic&#61;47417.msg564414#msg564414" rel="noopener noreferrer nofollow">Charlie Lee aka coblee announces the launch of Litecoin on bitcointalk.org</a>Enjoy this look into the past and thanks to all who have supported Litecoin along the way!--25th July 2011: coblee’s first, very busy day posting on bitcointalk.Two weeks after registering on the Bitcoin-focused forum, Charles ‘Charlie’ Lee, aka &#39;coblee&#39;, aka ‘chocobo’, aka SatoshiLite, began posting. A lot. The forum was created by Satoshi Nakamoto, Bitcoin’s creator, to - as the name suggests - talk about Bitcoin. Not just the &#39;coin&#39;, but consensus-mechanisms, mining and, as time passed, emerging projects, initiatives and altcoins.From his first day posting on bitcointalk, coblee made it evident he was a Bitcoin believer. At the time, Satoshi’s creation was only 30 months old. In spite of this, coblee was adamant that the nascent technology could be transformational as a currency. That it should be utilized as such, and not just speculated on as an &#39;alternative investment&#39;. In response to a thread mocking ‘Pizza Guy’, aka Laszlo Hanyecz, coblee made his first public argument that currency - like the forthcoming Litecoin - should be used:<blockquote>“It&#39;s silly to hoard bitcoins. Just spend it if you have something to spend it on and replace the spent bitcoins by converting USD. The fact that bitcoin value can go up is besides the point. Just put however many bitcoins you want to save/hoard aside and get more that you will spend to actually help the bitcoin economy.‍</blockquote><blockquote>And to those people who think that the person who bought the 10,000 BTC pizza was stupid, what if because he was able to make a real world transaction with his mined bitcoins, he figured that bitcoins was worth the investment. So he decided to triple his mining hashrate and made 20,000 BTC more than before. Now tell me if that purchase was worthwhile.” (<a href="https://bitcointalk.org/index.php?topic&#61;31537.msg398201#msg398201" rel="noopener noreferrer nofollow">Read More</a>)</blockquote>This is an important moment and one that gives insight into Litecoin’s positioning as a currency created to be spent. It also acknowledges that Lee has always believed that using Bitcoin (and eventually Litecoin) is crucial to growth and adoption. A belief that hasn’t faltered since creating Litecoin, aka the silver to Bitcoin’s gold. Here’s Lee more than a decade later, on stage at the 2022 Litecoin Summit in Las Vegas, espousing the same view:It wasn’t just perspective that coblee contributed to bitcointalk. The user dedicated countless hours to critiquing and assisting peer projects, providing technical assistance to the community, and providing donations (both time and Bitcoin) to support the ecosystem. coblee also cobbled together practical (if not rudimentary) tools for fellow forum users. <a href="https://docs.google.com/spreadsheets/u/0/d/1jWc6XgDjGrLGKnJjpMTXvA9Mhk6C9zaYkpAQPtK0LDA/pub?hl&#61;en_US&amp;hl&#61;en_US&amp;hl&#61;en_US&amp;single&#61;true&amp;gid&#61;0&amp;output&#61;htm" rel="noopener noreferrer nofollow">This Bitcoin Mining Pools spreadsheet</a> (which is still live and updates every 5 minutes) is just one example.Though it would be in the subsequent months that initial intrigue would morph into all-out dedication, as coblee gained an even deeper understanding of Bitcoin, its strengths and, as important, its limitations.‍August 16th 2011: Satoshi admiration; desire for widespread adoption.In the days leading up to the first official Bitcoin Conference, coblee displays even more praise toward Bitcoin, and its creator, Satoshi.<blockquote>“What Satoshi was able to come up with on his own was truly remarkable”.“I actually believe what Satoshi came up with IS brilliant. And that&#39;s why I think he may not be one person. It takes someone who is great at math, economics, and computer science to come up with this. And his solution is also very thorough. I&#39;m really surprised to see such a complete solution in a version 1 product. Know what I mean? When someone comes up with something this novel, normally, the first attempt will crash and burn. So I give Satoshi a lot of credit. He deserves every single bitcoin he owns.” (<a href="https://bitcointalk.org/index.php?topic&#61;37333.msg462388#msg462388" rel="noopener noreferrer nofollow">Read More</a>)</blockquote><img src="https://academy-public.coinmarketcap.com/optimized-uploads/0a41a8388de84508b7a836bdbc21e9ab.png" />Litecoin seeds were also being planted, as the soon-to-be founder expressed a desire to see Bitcoin’s technology gain adoption beyond the technical elite. The best technology is invisible; people adopt and use it without friction in their lives. This seemed of great importance to coblee:<blockquote>“I disagree that Bitcoin is only for the computer literate. It&#39;s true that Today, if you were not computer literate, you may run into issues like losing wallets or mybitcoin fiasco. I believe in the near future, using bitcoins will be as easy as using cash and credit cards. Banks will come up with a safe and easy way for people to store bitcoins. And you will be able to use your smartphone to easily pay merchants and send money to people without needing to know how bitcoins work. For example, right now people use credit cards every day. How many of those understand how Visa charges merchants, how Visa confirms transactions, how chargeback works, or how fraud detection works. And we also use cash every day. How many understand why money is debt, how the Fed can just print money, or even that money can be created by writing a number on a computer without even printing out that money. So people will using bitcoins without having to understand block chains, elliptical cryptography, and hashing”</blockquote><blockquote>Continue reading the rest of this piece <a href="https://www.litecoin.net/news/deep-dive-to-celebrate-litecoins-12th-birthday" rel="noopener noreferrer nofollow">on the Litecoin Foundation Blog here.</a></blockquote>

Celebrating Litecoin’s 12th Birthday!

litecoin

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