Steemit Crypto Academy | Season 2: Altcoins – Part1 "Looking beyond the Bitcoin" by @endersontowers
Happy start of the week, I am grateful to the entire steemit community for being well engaged in the community and I find it excellent the good cryptocurrency topics that they are throwing in the cryptoacademy, I am grateful for attending your teacher @yohan2on class again, as well last season I will do my best to let the person who does not know about the subject understand and I hope to be very helpful to your class. Thank you.
Altcoins
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Basically altcoins are alternate currencies to the pioneers of cryptocurrencies such as bitcoin and open source ethereum, altcoins most of the time have an algorithm that makes them unique in their blockchain structure for the use of mining, These algorithms are known as prof of work and prof to stake, I can say that altcoins most of the time are the ones that finance and promote new crypto projects, but due to the fact that an altcoin finances a new project, it does not want To say that this project is fruitful, this new project can leave without leaving any profit. These types of currencies most of the time are decentralized, which makes them independent without dependence on a company, altcoins today have many new accessories that make them unique in their structure.
What is Litecoin (LTC).
It was created in 2011, in order to create a currency that would be used like bitcoin, what the developers changed was that they created a currency with some benefits that bitcoin did not have, one of them is that the commission to transfer is low, and its transfer time is too, this coin is open source, and uses p2p for its transactions, due to the high demand and volatility it has at present, its capitalization has grown incredibly and we can say that it is a of the best cryptocurrencies that exist apart from bitcoin and ethereum, it has a “pow” consensus mechanism in scrypt, the time it takes to make a block is 2.5 minutes. Today it is ranked 9 of the 10 most important cryptocurrencies in the world. Many investors prefer this cryptocurrency to make payments for services and transfers to third parties because of its short commission.
Advantages and disadvantages of litecoin (LTC).
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Advantage.
* Very fast transactions due to algorithm changes in its unique blockchain structure.
* It has certain positive variants that bitcoin does not have
* It is the pioneer for new projects
* To mine with this cryptocurrency is very simple and you do not need expensive hardware.
* It is openly created with open source which makes transactions have a very low cost.
Disadvantages.
* It is not governed by any regulatory entity, therefore, if this currency goes away or you lose your access to your wallet, you may lose the entire investment.
* For the use of mining this cryptocurrency uses a large amount of energy to be mined.
* Many users and investors need litecoin to be faster in their transactions.
Where to buy litecoin (LTC).
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Litecoin can be acquired through any Exchange or exchange such as binance, coinbase, kraken etc. Being a popular currency, it is found in most exchanges, many of these you can make the purchase through a debit card, bank deposits or through a cryptocurrency exchange on the Exchange.
The rising price that litecoin is having and its capitalization are increasing as shown in the following image.
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How to mine litecoin (LTC).
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Small-scale mining has become very common today due to the financial help they offer, but many of the small miners have had to go through this process due to the high commissions of the electrical energy that are consumed so that a mining process is good, that is also the use of advanced hardware that allows solving more blockchains in less time and their expensive prices that these hardware have. Litecoin is not free of this since anyone can mine it with any simple computer and receive a small part of the investment, but if we want to receive a considerable amount we have to think about acquiring more advanced equipment, litecoin has a long way to go in your capital of the currency, today it has 66,752,415 of litecoin in the world carrying out transactions and the limited amount of coins that litecoin has are 84,000,000, this means that there is still a possibility of being mined, but this is not so easy because every so often the profit commission for each resolved blockchain is cut like what happens with bitcoin and debit to this many times the currency increases its value.
Conclusion.
This coin is incredibly strong, if the developers keep doing a lot of hard work appending positive variants to it that mainstream currencies don't have and shortening the blockchain resolution time and transaction time it can become one of the best coins on the market. , which it is already doing, my recommendation to mine this cryptocurrency is to investigate very well its profitability in energy consumption and the cost of hardware in order to avoid a loss of investment,
I hope you liked my homework there, a pleasure for me to attend this spectacular class and continue to contribute part of my intellect to the crypto-academy.
Best regards Professor Yohan.
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@yohan2on
@steemitblog
@steemcurator01
@steemcurator02
Hi @endersontowers
Thanks for your attendance and participation in the Steemit Crypto Academy
Feedback
Fairly done! The last image used was got from Cointelegraph. Kindly avoid using copyright images. You are required to use copyright-free images.
Homework task
6
Good morning Professor @Yohan2on, I love doing your homework because it is always very interesting, I am always aware of not plagiarizing I always use free images and with free copyright, the truth in all images I am always on the lookout, thank you for your correction, I will be next Very pending.