Steemit Crypto Academy Season 2 || Week 1 Homework Post for [@yohan2on] || Altcoins – Part1
Litecoin is a digital currency. Litecoin is a cryptocurrency that uses blockchain technology to enable individuals and businesses to send money directly to each other. This means that all transactions are registered in a public ledger, allowing the currency to run a decentralized payment system that is free of government control or censorship.
Litecoin is a digital currency that is created and transferred using an open source cryptographic protocol. It makes use of blockchain technology to keep track of all transactions in a decentralized, public ledger.
Speed of transaction
Litecoin whole purpose was to fix Bitcoin's vulnerabilities, right? So, how do they stack up against each other? Each Bitcoin block, on the other hand, takes ten minutes to validate. At 2.5 minutes, Litecoin is four times quicker. If Litecoin is to become a global payment system, this is critical.
The block has one confirmation after 2.5 minutes. This implies that it cannot be undone. Some merchants need additional confirmations before processing a transaction for added protection. Litecoin, on the other hand, will have four block confirmations in the time it would take Bitcoin to get one!
A centralized organization like bank is a good example. A criminal might theoretically gain access to your bank account (and steal all of your money) if they were able to hack into their central servers. Unfortunately, centralized hacking occur often and there is nothing you can do to prevent them. Now that we have a decentralized payment systems like Litecoin,it is Only if someone owned 51 percent or more of the Litecoin network could it be hacked. To do so, a hacker will need to produce more than 51% of the mining computing capacity across the entire network.
Since the network is much too large for anybody to gain that much leverage, the chances of this happening are slim to none.
Investing in Litecoin
In 2021, Litecoin, unlike Bitcoin and Ethereum, struggled to hit a new all-time high.
This does not rule out the possibility of Litecoin investment. It shows that Litecoin has a higher reward-to-risk ratio than other crypto assets, owing to the fact that it still has a long way to go to catch up to the rest of the industry. It also has a higher financial reward in terms of upside potential, whereas other coins have already used up a significant amount of bullish momentum.
On Thursday, the price of Litecoin increased by 2.67 percent. Litecoin finished the day at $286.18, up 4.14 percent from the previous day.
Litecoin had a mixed start to the day, rising to an early morning high of $282.80 before reversing.
Litecoin dropped to a late morning intraday low of $266.01 after failing to break through significant resistance levels.
Litecoin rallied to a final hour intraday high and a fresh swing high of $291.25, avoiding the first major support level at $262.
Litecoin broke through the first major resistance level at $289 before reverting to $286 levels at the end of the day.
LITECOIN PRICE PREDICTION
Experts have made incredible Litecoin price forecasts as a result of Litecoin's status as a top crypto asset with incredible volatility.
After Litecoin breaks out of its "consolidation," Dan Gambardello, Youtuber and Founder of Crypto Capital Company, predicts a "huge run to $1,000+."
According to Crypto Research Report Group, a leading cryptocurrency research company, the price of bitcoin will reach $1,200 in 2025, with a potential peak of $2,250 in 2030.
INVESTING IN LITECOIN LTC
Investing in Litecoin, like other crypto properties, can be achieved by mining or through purchasing LTC online through a cryptocurrency trading site or exchange in a few simple clicks. Once you have Litecoin, you may choose from a variety of cryptocurrency investment options. Some of the most popular Litecoin investment strategies are mentioned below.
Purchase and Keep:
Purchasing and keeping Litecoin and other altcoins entails first purchasing the commodity on a spot exchange and then transferring it to an online wallet or hardware wallet for safe storage.
Buying and selling
Rather than purchasing and keeping an asset, investors may try to benefit from price volatility by being traders I.e buying when the price drops and selling at higher price, thereby making profit.
ADVANTAGES AND DISADVANTAGES OF LITECOIN (LTC)
- Transactions are confirmed even more quickly than in Bitcoin.
- Fees are lower than those of other cryptocurrencies.
- Has a long history in the top ten cryptocurrency markets.
- The founder's asset selling tarnished his early investor's perception of him.
- Recent sentiment has shifted to the downside.
- The asset's halving has a smaller effect than Bitcoin's.
Belowis the link to the assignment