Hello friend..!!
After all this time we finally met again and finally the class at Steemit Crypto Academy started again. As we know, currently the Steemit Crypto Academy has entered a new chapter with the presence of several new professors who will give us something new and also teach us about things we don't know about in the cryptocurrency world. I also want to congratulate the new professors who were selected this season.

What is Litecoin?

Litecoin is a cryptocurrency created in 2011 and is open software under the MIT / X11 license. Litecoin itself is also a currency that is a derivative of Bitcoin Core QT, which means that everything that is incorporated in Litecoin is no different from Bitcoin. Litecoin itself has a cheaper price compared to Bitcoin, Litcoin also has a system that is more practical and faster. Because to get Litecoin we can use the Windows, Linux, and MacOS operating systems.

Litecoin is the oldest crypto asset on the market. Unlike the case with Bitcoin which is commonly known and referred to as Gold, Litecoin is often known and referred to as Silver. Even though Litecoin has the same protocol as bitcoin, Litecoin has differences in separate blockchain. Litecoin is also part of a peer to peer crypto asset whose purpose is to serve as a digital and global payment system.

History of Litecoin

In 2011, in October, Litecoin was founded by a person who graduated at MIT and also a former Google employee, named Charlie Lee. He has a goal to develop a new version of Bitcoin that is faster, cheaper and also lighter, of course. That's why he named it Litecoin. Litecoin was designed with the aim of being a complement to Bitcoin in order to solve problems such as fees and transaction times.

Litecoin was launched after the crowd used GPUs to mine Bitcoin. The aim of the Litecoin team was to create coins that could later be mined directly from home computers. They did this because they were concerned about the bad effects of using overly sophisticated hardware. both are the faster time to create Litecoin blocks, namely 2.5 minutes. As well as for Litecoin the maximum number of coins that can be made is 84 million coins, while the limit of Bitcoin is 21 million.

How Does Litecoin Work?

Basically, the way Litecoin works is not much different from the way Bitcoin works and if we already understand and understand how Bitcoin works, you may find it easy to understand Litecoin. Litecoin also uses cryptography to allow its owners to exchange cryptocurrencies with the amount in limit at 84 million.Similar to Bitcoin, Litecoin also has a proof-of-work form of mining to allow anyone who wants to dedicate computing hardware to add uke bar blocks to blockchain and later get the new Litecoin it creates.

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There are two important differences in that Litecoin aims to complete transactions faster and easier using different mining algorithms. In Litecoin each new block added to blockchain every 2.5 minutes is different from Bitecoin which takes about 10 minutes.

At first the Litecoin mining algorithm had the aim of reducing the effectiveness of special mining equipment, but in the end this method proved unsuccessful. For now, litecoin can still be mined with hobbyist equipment, even though the market remains dominated by large scale miners.In 2017, Litecoin took a different path by adopting a “Separate Witness”. This is a technology that can help Cryptocurrency add more transactions to each existing block.

Difference Between Bitcoin and Litecoin

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As we know there are several differences between Bitcoin and Litecoin, as written above, I also mentioned some of the differences in Bitcoin and Litcoin here, I will try to explain in more detail the differences between Litecoin and Bitcoin.

1. Difference at The Time of The Transaction
   In this first I try to explain the differences in terms of transactions here are the most prominent differences between Litecoin and Bitcoin where Litecoin only takes 2.5 minutes to generate a block of transactions, while it is very different from Bitcoin which takes 10 minutes to generate one block transaction. It is very clear that Litecoin uses 4 times faster time than Bitcoin. This difference in transaction time makes traders more interested in Litecoin. Therefore Litecoin is often used as a currency for daily transactions, while Bitcoin itself often used as a place to store value. This is because by using a simple computer at home we can mine Litecoin, which is very different from Bitcoin which has to use a computer with high and special specifications.
2. Limit of Coins and Rewards from Block
   In number two we will talk about the limits of coins and the rewards that can be earned. Basically Bitcoin or Litecoin was created to reward miners for verifying and processing transactions during mining. Both of these coins have different supply limits. For Bitcoin itself the limit of the number of coins is 21 million, while Litecoin has a larger limit of 84 million. If the total amount of each coin has been reached then no new coins will be added. take it out again. The rewards themselves are divided into two goals in order to limit the number of new coins in circulation and create scarcity. For Bitcoin the rewards you get from blocks are halved every 210,000 blocks, and for rewards from Litecoin are halved out of every 840,000 blocks.
3. Market Capitalization
   In this third part we will talk about the market capitalization of Bitcoin and Litecoin. As we know, because Litecoin is a modification of Bitcoin it is clear that Bitcoin still has a significantly larger market capitalization. In 2020, the total value of Bitcoin on the market is $ 128 billion, and that's 45 times less than Litecoin, which only has $ 3 billion in circulation.

How to Buy Litecoin?

The last thing I want to share in this assignment is how to buy Litecoin on Coibase.
A. You must first create an account by registering on Coinbase

Create an Account
B. The second step you have to verify the account is via your email in order to prevent theft or identity fraud.

Verify The Account
C. Finally, you only need to press the buy button at the top and you can start by buying 25 rupiah. You can pay with a credit card or bank account.

Buy Litecoin

Conclusion

Conclusion, so here I want to conclude about what I already know about Litecoin after writing this I know that Litecoin is a modification of Bitcoin but Litecoin is made much easier than Bitcoin and we can mine it from home only from a simple computer different from Bitcoin which requires a computer with a special specification.

Here I also know that the storage capacity of Litecoin coins is much larger than Bitcoin, even though the market capacity of Bitcoin is still much bigger than Bitcoin. And to buy Litecoin I don't think it's too difficult with the little tutorial I gave above I hope that can help friends all.

And lastly I would like to say a big thank you to Steemit Crypto Academy for the opportunity given to learn about Litecoin. Hopefully it can be useful for others
Thank you for reading my assignment post and thank you for the support of all of your friends, it's great to be able to return to participate in this Steemit Crypto Academy.

See you at completing the next assignment, all my friends.
Regards @karimjz

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