The market for digital currency systems

The market for digital currency systems is now so well established that internationally valid exchange rates, such as the Litecoin rate, regulate such payment modules. The development was set in motion by Satoshi Nakamoto’s invention of Bitcoin and today, not least because of the technology behind it, forms interesting approaches to the global monetary system. Inspired by Nakamoto’s development of a decentralized currency, Litecoin was developed by Charles Lee in 2011.

Bitcoin Profit – What is it?

The Litecoin system is technically almost identical to the Bitcoin system. The creation and transmission of Litecoins is based on an open source encryption protocol and is therefore not centrally controlled. A peer-to-peer network similar to Bitcoin’s manages all transactions, balances and expenses. Litecoins are created by generating blocks based on a cryptological hash function. This process of „finding“ a hash is called mining.

The term Litecoin stands for a digital currency based on peer-to-peer technology. This is a connection made from one computer to another. This makes it possible to send payments in real time to any person anywhere in the world, with the payment order being almost free. It is an open source system that is controlled in a decentralized way. Thus, no central institutions, such as public authorities, are necessary to make a payment. The basis are mathematical calculations which not only guarantee the security of the network, but also offer every user the possibility to decide at any time about his economic means. The crypto currency Bitcoin Profit was invented in 2011 and has long been the second largest digital currency after Bitcoin. And with a market capitalization of over $2.5 billion (as of June 2017), the currency is again among the top 5 of all crypto currencies in 2017, although the exchange rate is subject to significant fluctuations as with other comparable currencies. Mining, which can be practiced fully automatically with the help of a computer, attracts particular attention with this digital currency. With Litecoin Mining the processes are supported in such a way that users can even earn money with it.

The inventor of the crypto currency Litecoin

It was on October 7, 2011 when Charles Lee published Litecoin. He used an open source client, using the online service GitHub for publishing. This provides development projects from the software sector on its own servers. Unlike Satoshi Nakamoto, the inventor of Bitcoin, Charles Lee’s identity is not unknown. Nevertheless, software developers often remain silent when it comes to their private lives. It is known that he is a Californian software engineer and he successfully graduated in 1999. He is working on the project together with six other people. In interviews, however, he reveals nothing about their identity. Most simply do not want their person to be mentioned publicly. In addition, Lee is certain that crypto currencies are suitable for overthrowing governments. Accordingly, he also protects the team around him from interference by the American government. His work was modelled on the idea of Bitcoin. Before he started developing Litecoin, however, he gained his first experiences in „mining“ Nakamoto’s digital currency. Litecoin mining is therefore also an integral part of his project in order to facilitate his entry into the scene.