The Bitcoin scalability debate led to the cryptocurrency split on August 1, 2017. A chain coming out of the split and setting its block size limit to eight megabytes to increase the number of transactions its ledger can process is called Bitcoin Cash (BCH). The rule change increasing the bitcoin block size limit of one megabyte to eight megabytes is classified as a hard fork.
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the Bitcoin, Litecoin and Dogecoin networks. The snapshots for this distribution were taken at blocks 300377(Bitcoin), 565693(Litecoin), and 218556(DOGE)
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LTC may refer to:
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Bitcoin Core is the reference client of bitcoin. Initially, the software was published by Satoshi Nakamoto under the name Bitcoin, and later renamed to Bitcoin Core to distinguish it from the network. For this reason, it is also known as the Satoshi client. It is the reference implementation for bitcoin nodes, which form the bitcoin network. As of 2018, Bitcoin Core repositories are maintained by a team of maintainers, with Wladimir J. van der Laan leading release process.
The MIT Digital Currency Initiative funds some of the development of Bitcoin Core. The project also maintains the cryptography library libsecp256k1.
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Litecoin (LTC or Ł) is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license. Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority. The coin was inspired by, and in technical details is nearly identical to, Bitcoin (BTC).
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A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets. Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies.
Bitcoin, created in 2009, was the first decentralized cryptocurrency. Since then, numerous other cryptocurrencies have been created. These are frequently called altcoins, as a blend of alternative coin. Bitcoin and its derivatives use decentralized control as opposed to centralized electronic money and central banking systems. The decentralized control is related to the use of bitcoin’s blockchain transaction database in the role of a distributed ledger.
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In cryptography, scrypt (pronounced “ess crypt”) is a password-based key derivation function created by Colin Percival, originally for the Tarsnap online backup service. The algorithm was specifically designed to make it costly to perform large-scale custom hardware attacks by requiring large amounts of memory. In 2016, the scrypt algorithm was published by IETF as RFC 7914. A simplified version of scrypt is used as a proof-of-work scheme by a number of cryptocurrencies, first implemented by an anonymous programmer called ArtForz in Tenebrix and followed by Fairbrix and Litecoin soon after.
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Uphold (formerly Bitreserve) is a cloud-based digital money platform enabling users to buy, hold, convert and transact across 30+ currencies and commodities, including 6 cryptocurrencies. Uphold members can deposit funds to their account via bank account, credit card (disabled) in addition to cryptocurrencies such as bitcoin, litecoin and ethereum into reserve-backed currencies and commodities allowing anyone with a device to send, receive, and exchange money and commodities. Headquartered in Charleston, South Carolina, with offices in Larkspur, Braga, London, and Shanghai, Uphold allows users to convert bitcoin into “cloud money,” in 30+ currencies (dollars, euros, yen, rupee and others) and 4 precious metals (Gold, Silver, Platinum, and Palladium). The company also has an open API and has stated interest in addressing the remittance market through partnerships with the retail outlet Elektra and the Salinas Group. (Remittances from the US to Mexico alone ran to an estimated $22 billion last year, according to the World Bank.) Though Uphold holds bitcoins as stable, real-world currency, Anthony Watson, the former CEO, has stated it is “not a bitcoin company. In terms of bitcoin’s relevance to us, it is a means to an end.”
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BTC Markets is a large cryptocurrency exchange based in Melbourne,Australia. BTC Markets accepts Australian dollars, Litecoin, and Bitcoin in exchange for Bitcoin, Litecoin, Ethereum, Ethereum Classic, and Ripple. BTC Markets uses various security measures, including know your customer procedures and two-factor authentication.
Unlike most other countries, Australia recognizes bitcoin as money, and so does not tax bitcoin purchase or sale.
