What is a litecoin?

So litecoin simplistically is the same idea that bitcoin is. A peer to peer crypto-digital currency that allows instant payments world wide that is faster then bitcoins transactions. Litecoin runs off the same protocols as bitcoins but can be mined with consumer grade computer hardware unlike bitcoins needing almost industrial computer hardware. Litecoin can be mined with the exact same machines that mine bitcoins with just as much efficiency.

Bitcoin vs litecoin - 2014 digital combat

So as we begin 2014 and bitcoins have reached unimaginable value heights many people are looking toward the next big thing and litecoins may just be that. Litecoins are currently trading right around 25$ USD while the bitcoin is currently trading at 986$ USD. Many believe that bitcoins are floating on a financial bubble and that it may pop any time.

Bitcoins can be mined by anyone but the mining machines are very expensive leaving a mining monopoly to those who can really afford an army of a couple thousand dollar computers. Litecoins mining machines are a bit cheaper but rarer at this point but both digital currencies have a cap to them so the market won't become flooded.

Some people made a fortune on bitcoins when they were at the value litecoins are at now. With the future going completely digital quicker than we can imagine one must think investing in that isn't a bad idea .

Bitcoin alliance of Canada

I recently became a member of bitcoin alliance of Canada . They are a great organization dedicated to spreading the idea of bitcoins for personal and commercial usage. Join up and help spread the word. 

What is a bitcoin?

Over the past year of 2013 bitcoins have made a prominent stand in our mind and I have been asked hundreds of times,what is a bitcoin?

Bitcoins are a form of person to person digital currency, a non physical form of money, that you keep in a digital wallet. You have to get a digital wallet before you can start receiving or store your bitcoins and these wallets can be online or on a data stick for even safer keeping(keep an eye on your data drive, a man threw out his by accident, losing 7 million dollars worth of bitcoins). One can get bitcoins in a few different ways, one is by transferring physical currency or money to digital currency or bitcoins through a currency exchange site. Another way is by selling products or services for bitcoins and lastly is by earning them through sites that offer small tasks for small amounts of bitcoins or by gambling for them.



The thing about bitcoins that has people loving the idea is the annoy amity of them. When a bitcoin is mined through bit mining it is publicly recorded and that record is known as a block-chain but they don't record any personal information. By holding these public records it makes duplicating and counterfeiting very difficult. Also the digital wallets hold annoy amity as high as they can and many people use a bitcoin tumbler. A bit tumbler is essentially a bitcoin money launderer, you put your bitcoins in the tumbler and it mixes it with everyone's else's bitcoins then delivers them to your pre-chose digital wallet for a small fee. All of this plus using the onion router and pgp encryption make bitcoins the most anonymous form of currency we have now.

Canadian banks are not liking bitcoins

Since bitcoins first came into the financial scene it has been met with resistance from the financial institutions world wide such as Thailand and China .

Canada's Royal Bank(RBC) and Toronto Dominion bank( TD) both have began shutting down and freezing accounts of Canadian companies who trade people currency for bitcoins known as currency exchanges. The banks haven't given clear reasoning to why they are doing this but just say no comment due to privacy laws but privacy may just be the reason why those banks are shutting down those accounts.

Canadian banks are largely intertwined with the government and couldn't function without them. The government could easily lean on the banks and get them to do as they please. If this can happen in canada it could happen anywhere globally.

Tor vs government world wide

As the usage of bitcoins and the tor (the onion router)browser explodes all over main stream media by financial institutes and criminal investigations ,the worlds governments are trying to watch tor users even closer.

The governments of USA and England have been using a flaw in Firefox to watch tor users with malware they trick people into downloading. Being anonymous scares governments so technology that makes us harder to watch and track infuriates any of the worlds big brothers.

Be careful and stay informed. Just because your paranoid doesn't mean someone isn't watching.