STEEMIT CryptoAcademy Season 2 week 1: Homework post for @yohan2on: Altcoins

Hello,good day everyone. First and foremost I would like to say a big thank you to @yohan2on for the good lecture on the Altcoins.Before the lecture,I had little knowledge about altcoins and bitcoin. Today I would like to submit my homework given by @yohan2on.

Altcoins

Basically, altcoins are any other crypto other than the bitcoin. Although bitcoin was the first crypto currency to be created, many more cryptos has been created after the invention of bitcoin. From sources, it is believed that Satoshi Nakamoto in the early 2009 invented the bitcoin.

However after the bitcoin was created,other cryptos like the Ethereum,litecoin,dash,ripple etc.All these Altcoins are similar to the bitcoin since they all have some similar uses. Both the bitcoin and the Altcoins are used to make transactions online.

Today I would like to emphasise more of one of the Well known Altcoin known as the Litecoin.So someone may ask, what is litecoin?

What is Litecoin?

Source

Like other crypto currencies,Litecoin is one of the well known crypto currency in the world, competing with other cryptos as well. The Litecoin was created in the year 2011, 2 years after the Bitcoin was created . Litecoin has been widely accepted other than the other cryptos which are bombarded after their creation.

litecoin is a peer to peer currency in the sense that ,tracsactions between traders involves just the two people without any other intermediate.During transaction, senders can send money directly to the receiver's account.

In 2011, a computer scientist who graduated from MIT, popularly known as Charlie Lee created the Litecoin after the bitcoin had already been created. Although the creation of most crypto currencies were based on the bitcoin, the litecoin grew at a faster rate and was ranked among the top 5 crypto currencies in the world.Charlie Lee continued to modify the litecoin to serve many purposes and keep it stable. There is no doubt about the potential of litecoin in years to come.

Source

looking at the current chart, the litecoin has increased 10171.51% since the time of creation. And that is a very massive rise over the years. Investors who invested during the early days of the creation has made a life changing profit.

Advantages of litecoin over bitcoin

• one of the major advantage of the litecoin over the bitcoin is that, during transactions the litecoin process faster than that of the bitcoin. hence the litecoin can be reliable when money is urgently needed for quick transactions.

• Although both the litecoin and the bitcoin are decentralised crypto currencies, the transaction fee during a litecoin transaction is usually smaller than that of the bitcoin.

• During the mining of the litecoin, block generates almost four times faster compared to bitcoin.

• The number of litecoin in stock is relatively larger compared to the amount of circulation for bitcoin. Litecoin has 63 million coins circulation more than bitcoin.

How To Purchase Litecoin

Currently,there are several ways of buying any crypto currency however,one of the most common way of buying a peer to peer crypto like the Litecoin is through the peer to peer exchange.

I would like two show in few steps how to purchase litecoin on blockchain.

• download the blockchain app or visit the blockchain site at blockchain.com.

• follow the required procedures to register an account.

• use a verified ID card to verify your account.

• link a credit card or a bank account to your blockchain account.

• buy any amount of litecoin you would like to purchase and confirm your transaction.

Some Disadvantages of Litecoin

• A lot of people in the world confuse LTC for BTC which has decrease the popularity of the litecon.

• like the bitcoin and most of the cryptos, the litecoin is not managed by any government or any authority and hence when lost, the owner bears the risk alone.

Conclusion

The litecoin is one of the best crypto currency currently. looking at the annual increase rate of the litecoin, I recommend the litecoin as a very good investment if invested in.