Why does Litecoin become more difficult (Why is Litecoin trading stopped in China)?
Why does Litecoin become more difficult? LTC is based on the PoW blockchain. Li
Why does Litecoin become more difficult? LTC is based on the PoW blockchain. Litecoin adopts the PoW mechanism and after the mining reward decreases, it will package the mined blocks into a new Bitcoin chain, which improves network efficiency. At the same time, to ensure security, it also increases transaction fees (automatically reduced every few hours), which will affect the overall network computing power.
So why does Litecoin increase difficulty? There are three reasons: first, to increase transaction confirmation speed; second, to increase transfer fees; third, to improve validator algorithms to avoid double-spending issues. (Deep Tide TechFlow)
Why is Litecoin trading stopped in China
Why is Litecoin trading stopped in China?
In an article in the “Blockchain Daily,” Charlie Lee, co-founder of Litecoin, said: “China is the first jurisdiction in the world to completely ban cryptocurrencies. It poses a serious challenge to global economic and financial stability.” He also added, “Unless the government takes measures to prevent virtual assets from being used for criminal activities or terrorist financing, strict bans will be implemented.” This means that unless banks in the United States, the European Union, and other countries have the ability to shut down businesses related to this token.
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