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Ultimately, monetary systems converge on one medium because their utility is liquidity rather than consumption or production. And liquidity consolidates around the most secure, long-term store of value; it would be irrational to store wealth in a less secure, less liquid monetary network if a more secure, more liquid network existed as an attainable option. The aggregate implication is that only one blockchain is viable and ultimately necessary. Every other cryptocurrency is competing for the identical use case as bitcoin, that of money; some realize it while others do not but value continues to consolidate around bitcoin because it is the most secure blockchain by orders of magnitude and all are competing for the same use case. Understanding these concepts is fundamental to bitcoin and it also provides a basic foundation to then consider and evaluate the noise beyond bitcoin. With basic knowledge of how bitcoin actually works, it becomes clear why there is no blockchain without bitcoin. forum ethereum Bitcoin is a type of cryptocurrency. Balances of Bitcoin tokens are kept using public and private 'keys,' which are long strings of numbers and letters linked through the mathematical encryption algorithm that was used to create them. The public key (comparable to a bank account number) serves as the address which is published to the world and to which others may send bitcoins. The private key (comparable to an ATM PIN) is meant to be a guarded secret and only used to authorize Bitcoin transmissions. Bitcoin keys should not be confused with a Bitcoin wallet, which is a physical or digital device which facilitates the trading of Bitcoin and allows users to track ownership of coins. The term 'wallet' is a bit misleading, as Bitcoin's decentralized nature means that it is never stored 'in' a wallet, but rather decentrally on a blockchain.buying bitcoin
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If you want to own some Litecoin but aren't interested in mining it, purchase cryptocurrency with another cryptocurrency on an exchange site. Some of these exchanges, and other services, such as Coinbase, allow you to purchase Litecoin with fiat currency (currency that's backed by its issuing government), like U.S. dollars.
Litecoin Wallets
Like bitcoins and other cryptocurrencies, litecoins are typically stored in a digital wallet. There are different kinds of wallets. Some are software-based and live on your computer or mobile device. Others are physical hardware wallets.
Another secure, yet outdated and complex, method to store litecoins is to create a paper wallet. Creating this wallet involves generating and printing a private key on a computer that isn't connected to the web.
WalletGenerator.net paper wallet creator
Each wallet has private keys that are required to receive and send coins to and from your Litecoin address. Because these keys are stored offline in a hardware wallet, the keys are more secure than wallets connected to the internet.
These application-centric wallets exist in the form of desktop or mobile software and are available for most popular operating systems and devices. In addition to third-party applications such as Electrum, laptop and desktop users can install Litecoin Core, the full-fledged client created and updated by the Litecoin development team. Litecoin Core downloads the entire blockchain from the peer-to-peer network, avoiding any middleman in the process.
Litecoin Blockchain Explorers
As with other public cryptocurrencies, all Litecoin transactions in its blockchain are public and searchable. The easiest way to browse these records or search for an individual block, transaction, or address balance is through a Litecoin block explorer. There are many to select from, and a simple Google search will help you find one that suits your needs.
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