Do You Know Whats Bitcoin and Who Created it?
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A pseudonymous software developer going by the name of Satoshi Nakamoto proposed bitcoin in 2008, as an electronic payment system based on mathematical proof. The idea was to produce a means of exchange, independent of any central authority, that could be transferred electronically in a secure, verifiable and immutable way.
Bitcoin can be used to pay for things electronically, if both parties are willing. In that sense, it’s like conventional dollars, euros, or yen, which are also traded digitally.
Just like bitcoin, litecoin is a crytocurrency that is generated by mining. Litecoin was created in October 2011 by former Google engineer Charles Lee. The motivation behind its creation was to improve upon bitcoin. The key difference for end-users being the 2.5 minute time to generate a block, as opposed to bitcoin’s 10 minutes. Charles Lee now works for Coinbase, one of the most popular online bitcoin wallets.
Cryptographic keys in the hands of individuals allow for new ownership rights and a basis to form interesting digital relationships. As we’ve discussed in our guides “What is Blockchain Technology?”, “How Does Blockchain Technology Work?” and “What Can a Blockchain Do?”, blockchains provide an opportunity to establish a strong system for digital identity.