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Charlie Lee is the creator of Litecoin and the Managing Director of the Litecoin Foundation. He attended The Massachusetts Institute of Technology where he graduated in 2000 with a Bachelors and Masters degree in Electrical Engineering and Computer Science. Prior to creating Litecoin, Charlie was a Software Engineer at Google. In 2011, he created Litecoin in an effort to improve upon Bitcoin’s high fees, slower transaction times, and scalability issues. Charlie went on to work for Coinbase where he became Director of Engineering before leaving the company in 2017 to focus on supporting the development of Litecoin full time. What is Bitcoin (BTC)? Once the miner is able to solve a complex cryptographic puzzle successfully, they are rewarded with free Bitcoins and transaction fee. The miners who are able to mine successfully can earn up to 6.25 BTC per block as they validate. Apart from mining fee, they also receive transaction fee which is also paid in Bitcoin. It is to be noted that mining for the largest cryptocurrencies such as Bitcoin requires a lot of energy as competition to earn Bitcoin rewards is extreme.
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