Crypto Academy Week 9 - Homework Post for @yohan2on | Altcoins – Part1 "Looking beyond the Bitcoin" | By @Psicoparedes🧠

Hello everyone, my name is Alejandro. My alias is @psicoparedes. On this occasion, I want to make my first participation in this great dynamic as is the cryptocurrency academy of the steemit team. It is a great place to learn about cryptoeconomy and to make interesting dynamics that help us to have a greater knowledge about how the immense blockchain works. On this occasion, I want to make the delivery of my task to Mr @yohan2on, which is about altcoins.

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As far as you can tell or what I was able to investigate about this cryptocurrency, Litecoin, this is the first alternative cryptocurrency to be released after the big bitcoin. This cryptocurrency was developed by a gentleman named Charlie Lee, who is currently an old employee of the great Google.

This coin was created with the intention of being the younger sister of bitcoin and offering greater security and confidence for investments. Also, it uses the same purpose or digital payment system which is completely peer-to-peer, without interference from third parties.

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Ways to use Litecoin

As a payment method: you can use this cryptocurrency to make decentralized payments from peer to peer, and there are a lot of sites that currently offer payments with this cryptocurrency, due to its growing popularity. Although bitcoin is still the most popular payment method today.

Your transactions are pretty fast: For example, if you want to transfer money to a partner to a friend or family member anywhere, you do not need external banks or anything like that or third-party services to send or receive money. This is the advantage of using cryptocurrencies. These transactions are made in just a few minutes and are person-to-person, and commission fees for the exchange are quite low.

Investments: Of course, litecoin can also be used to keep it in a wallet and use it as an investment. The price of Litecoin may increase, of course, in the future; so many of these cryptocurrencies can be used as a long-term investment in which to make a profit.

Litecoin mining: Cryptocurrency mining is something that is not new either. Litecoins can also be mined with a powerful computer performing and verifying transactions, which are rewarded with percentages of this cryptocurrency. Of course, mining litecoin today is not a simple thing. You need a lot of technical knowledge about how the network works, and you also need to make a necessary investment in equipment powerful enough to perform these kinds of tasks.

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What are the factors that affect the price of Litecoin?

Regulation: actually, this cryptoeconomy is a decentralized issue. Cryptocurrencies are not governed by any particular bank. Actually, there are many questions about it, about how this can affect the future of cryptocurrencies.

Offer: As discussed above, and for the information provided about Litecoin, there is a specific number of Litecoin created to be extracted. That is 84 million Litecoin. This also affects what is the availability of the currency within the market and this makes its price fluctuate quite a bit as well.

News: Of course, the prices of this cryptocurrency can be directly affected by the press, such as fake news, by specific tweets from people with great power, among other aspects such as the perception and public reception of the currency. It is also indirectly affected by other factors such as the price of bitcoin, security, and longevity of the same currency.

Adoption: Litecoin has few companies or consumers currently considering litecoin as a fixed mean of payment. Currently there are no official authorities that pay with litecoin, but the blockchain is an immense world and has a lot of potential, so this could change in the future.

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Litecoin current price and more information (screenshot taken by me)

Conclusion: The truth is that cryptoeconomy is something fascinating that shows us that there are more and more ways and means of doing business. This could become the payments of the future and we would enter a new monetary system, since currently most of the transactions that are made are digital. Technology has become very important today, and it is becoming more and more part of us. Now, when it comes to litecoin, it has undoubtedly made a dent in the crypto economy, being an old and recognized option that has the potential to unleash great things in the future along with the other altcoins.

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Thank you very much for reading me this time. Feel free to leave your comments ⌨, so that we can have a better interaction. Greetings to the entire English-speaking community and neighboring communities as well.

Let's continue making Steemit a valuable platform, where we can all share our best experiences together, and may this become part of our best memories.