Steemit Crypto Academy Season 2, Week 1 || Assignment on Litecoin (LTC)

It's a great pleasure to be part of your class @yohan2on-s2week1. This post will explain Litecoin (LTC) one of the Altcoins.

Litecoin

Litecoin cryptocurrency was created by Charlie Lee and released on October 2011, his intentions was that Litecoin will be the lite version of Bitcoin and he aim that this coin will provide a secure, fast and low cost payments; The coin has many properties of Bitcoin, in fact it was created based on Bitcoin protocol and it has a very low cost transactions fees which make it good for micro transactions although Litecoin has some difference from Bitcoin; difference in term of the block transactions time, hash algorithm, and other things.

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Since the release of the coin it has gain acceptance and now the coin is currently rank as 10th position in CoinMarketcap and the current price of the coin as of today 12th of April 2021 is $334.43. The current supply in circulation is 66,752,415 LTC.

The utilities benefits like low transactions fees, speed e.t.c and simplicity of Litecoin had make it well acceptable among many merchants and not only that among many users. In fact in some places it is consider to be a good alternative to Bitcoin because of the transactions fees.

Proof of Work

The algorithm used by Litecoin to ensure that transactions are confirmed in a fast time and free of error is a proof of work consensus and just like all other cryptocurrency that make use of the proof of work, the number in circulation increase gradually as the newly mined block increase. Although the number of Litecoin that are mined per Block is arrange to decreasees every four four years. This was plan in order to carryout a block reward halving.

Exchange Platform

Some of the exchange platform where you can do transactions with Litecoin are Binance, Kraken, Bittrex, Huobi Global, Coinbase and many other. Another things is that apart from convert the coin to another cryptocurrency coin, Litecoin also support a variety of fiat trading pairs like Bitcoin some of the fiat currency that it can be exchange into are euros, dollars, Korean won and other.

Now let us take a look at the advantages and disadvantages of Litecoin

Advantages that Litecoin bring to the table

(i) The Litecoin is not manage by an form of central agent and the transferring of Litecoin is based on the open source encryption protocol which make it easy for user to make use of the coin as a means of payment.

(ii) When you compare the speed of Litecoin to that of Bitcoin then you will realize that Litecoin is more faster in time of transaction time.

(iii) In term of transactions fees Litecoin transactions fees is low and this is another advantage. It even support peer to peer and you do not need a middle man during transactions which help to reduce cost.

(iv) The fact that Litecoin is built on Scrypt make it stronger when compare to other Altcoins.

Disadvantage of Litecoin

(i) The fact that it is not manage by any central authority make it difficult to recover any money that is stolen or lost.

(ii) Litecoin is highly volatility

Is it advisable to invest in Litecoin?

It is advisable to check the advantages and disadvantages of the Litecoin before investing on the coin. Personally I will advise that Litecoin is a coin to invest into look at it reputation over time but generally do your research before investing in the coin.

This is the end of my post. Thank you very much for reading my assignment.