Steemit Crypto Academy Season 2 Part1 Post For @yohan2on

Hello everyone, this is my first assignment at Steemit crypto academy. I would like to give thanks to prof @yohan2on for his guidance in this week's task.

My topic is based on litecoin (LTC) selected from the 3 coins we were given.

Litecoin (LTC).

---

source

---

I don't have any experience with the currencies but I do hope to trade in them very soon.

LTC is an example of alt coin which has been clearly explained by our prof as being other cryptocurrencies apart from bitcoin.

Understanding LTC;

Following the success of the first cryptocurrency, alternative coins just likenlitecoin were made as successors to the bitcoin making alot of people realise the potential in these coins and have started investing in them.

LTC is an open source software released under the MIT/X11 by Charlie Lee on October 7th 2011 after he became interested in bitcoin. According to Lee, he was just trying to create a fork of bitcoin as a fun project as he was playing with the bitcoin coin base. It's a decentralized system based on open source global payment network.

LTC runs on the blockchain scrypt. Scrypt was developed by Charlie Lee to make custom built hardware hacks on the currency more difficult.

Litecoin is in some ways similar to bitcoin. I would talk about the comparison in my subsequent paragraphs. Scrypt requires a lot of random access as a blockage to parallel processing unlike bitcoin SHA -256.

Advantages or merits of LTC;

In market capitalization, litecoin is currently the fifth largest cryptocurrency in the world.

LTC offers alot if merits to users which includes faster processing speed, lower transaction costs and better security.

We can all agree that security is probably the most important factor we consider before venturing into certain opportunities.

The litecoin blockchain has got you covered in terms of security as scrypt is nearly impossible to hack.

Processing blocks for litecoins are faster than cryptocurrencies like bitcoin by four times. It boasts of 2.5 minutes transaction speed.

LTC is one of the most tradeable cryptocurrencies and has seen its transaction volume decrease by 40% in the beginning of 2021.

Litecoin is decentralized meaning users don't have to rely on banks or higher authorities.

Demerits of LTC;

Before a user joins a new network, I think he or she weighs the merits and demerits of that platform before deciding.

As much as the litecoin as a cryptocurrency has it's advantages there are negative effects that result from their use.

To begin, litecoin is one of the most used coins on the darkweb. Big investors rely on positive feedback before investing and with a feedback of litecoin being used on the darkweb, it drives investors and ordinary users away.

There's high probability of scam. Litecoin has lost its crredibility over the years especially with Charlie Lee with Charlie Lee selling his coins in 2017. This makes people doubt or question if it's legit.

Comparison between LTC and BTC;

source

---

Litecoin	Bitcoin
Created in 2011	Created in 2009
Created by Charlie Lee	Created by Sakoshi Namakato
Block generation time is in 2.5 minutes	block generation time is in 10 minutes
Uses scrypt algorithm	Uses SHA -256 algorithm
84 million coin limit	21 million coin limit
Rewards halved every 840000 blocks	Rewards halved every 210000 blocks

How to get or buy litecoin;

You can get litecoin through these ways: to mine or to simply just buy from an exchange like coinbase.

Mining litecoin earns you a lot of profit but involves devoting a lot of time and resources.

Mining litecoin is the process by which the blockchain is maintained. It involves miners receiving transaction data spread by the various users in the network since the last block was found, assembling those transactions into merkle trees and working to find acceptable hash.

You can buy with credit card or debit card, coinbase, coinmama, among others through very simple steps.

How to create an account on coinbase for trading.

Step 1: Search coinbase in google.

Step 2: Click on get started to start the process.

Step 3: A page opens where you have to fill your details to create the account.

Step 4: Certify you are 18 and above and click create account.

Step 5: there's a 2 step verification.

a. Login into your email to verify.

b. Input your number to complete verification.

The coin page is opened where you have coins like BTC, Ethereum, LTC.

My wallet is empty as this was my first time creating the account but in this case you can just store your fiat currency into wallet, select purchase LTC or receive LTC as shown in the screenshot above. This reflects immediately in your exchange wallet.

You can also purchase BTC and trade for LTC if the exchange doesn't give you LTC.

Conclusion;

To conclude, I have learnt about alt coins, how litecoin is good to work with as it has fast transaction speed and low costs, avoiding banks, among others. Also, I have learnt it's disadvantages like the risk involved, it's branding, among others. Because if this information, I have decided to start trading in this coin and other coins.

Thank you.