Steemit Crypto Academy Season 2 Part 1 Task By @fadil1 : Altcoins

Good day everyone, it’s a great pleasure to be part of this steemit crypto academy for the first time and am ready to learn and do more in my assignments. I will like to answer the questions below which where given to us by our noble professor @yohan2on.

INTRODUCTION

I will like to start by making you know the basics of Altcoin before getting into the main issue.
Altcoin is simply any crypto currency besides bitcoin and the word Altcoin is an abbreviation for Alternative coins. Usually Altcoin tries to create a better or different version of bitcoin,for example litecoin transactions are made faster than bitcoin. It a lots varies from bitcoin in the way they are minedAnother thing to keep in mind is that if an Altcoin is new or not all that known it will probably e harder to buy and will have you a wallet that is suppoted. Until today thousands of Altcoins have been introduced into the market but only a few have managed to gain a significant following like bitcoin has.

There are so many Altcoins around the globe and they are:
1)Ripple (XRP)
2)Binnance coin (BNB)
3)Litecoin (LTC) etc
I will now want to emphasize on Litecoin which is one of the type of Altcoins as stated earlier

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LITECOIN(LTC)

Litecoin is a decentralised online currency created in October 2011.It can be used to purchased services such as website development and it also provides a safe and easy way for marketers to accept money as there are no fees to receive payments and no charge backs.With Litecoin to you send money to anywhere in the word to anyone instantly because the transaction fees considered as the most charged made by credit card companies ,traditional bank transfers and even any other data processes.

Litecoin also works using secure software expecially when making payments and sending an email.You can send and store them securely on your computer and it also have a stable establish market place consisting of amny exchangers that handle million of dollars in Litecoin trades everyday.You can use these trusted exchangers to trade with dollars, euros and other currencies for Litecoin.

HOW LITECOIN CAN BE MINED

The encouragement for mining is that the first miner to successfully verified a block was rewarded with fifty Litecoins and the number of Litecoin rewarded reduce from time to time.But could any miner change the block,enabling the same Litecoins to be spent again and again can never happen because the scam would be detected quickly by other miners.

Litecoin can be mined with ordinary personal computers more so than other crypto currencies can.The greater capacity of the machine for mining, the better the chance it will earn something useful and if you want to find out which forex parent time frame is the best to trade always understand the market trends in patterns in forex trading.

LITECOIN ADVANTAGES

1)The speed in terms of transaction making which makes it faster to spend when in need of funds.

2)Transaction fees of litecoin is very low so when trading is made charges taken out are not much which make investors gain a lot of profit.

3)Mining of litecoin is very simple and easier which makes people get in touch with it a lot.

4)It has a higher hashrate which makes the network secure for any miner to attack or hack the network.

LITECOIN(LTC) DISADVANTAGES

1)The value of litecoin is not all that much which makes it lower in the market when selling.

2)Coins are mostly stolen on litecoin because it has not been guided by any force so investors usually take risk in trading in this because anything can happen in any day.

3)Many people have in mind that Litecoin is used for criminal acts which makes have fear in investing into it.

CONCLUTION

From my own research about Litecoin, I can say it is the easiest and simplest way to make more money if only you decide to take the risk involved.

Am very glad to be part of this wonderful lecture and I will like to thank our one and only professor @yohan2on for that owesome great work. May the good lord bless us and be with us all.