Steemit Crypto Academy | Season 2: Altcoins – Part1 "Looking beyond the Bitcoin" for @yohan2on

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I have decided on writing about Litecoin, as in fact it is one coin which I have worked with, sometimes I have to sell some crypto and what I do is trade whatever amount of crypto I am going to sell to Litecoin, and then I send it to the buyer (I already have a person who buys most of what I can offer) for the simple reason that Litecoin transactions are very cheap.

Now when was Litecoin created? Litecoin came into being in 2011, the creation of one Charlie Lee, basing it on Bitcoin but on a completely different blockchain. Now what was the idea behind creating Litecoin? Well for one Bitcoin transaction speeds were very slow and Litecoin was able to produce much faster transactions. Also the consensus protocol known as script is considered to be safer than Bitcoin's. Thus we can say that Litecoin's creator intention was to improve on Bitcoin. Theoretically it has, but Bitcoin still remains the king of crypto currencies, but I do think Litecoin has a very good future.

Transactions on Litecoin blockchain are intense, they are very quick and confirmation, is if not automatic very satisfactory, and as I said the fees are very small. Litecoin transactions are made for peer to peer moves, so I can send whatever I want to another wallet without any problems, in my case I don't do that as I first have to trade my crypto to Litecoin and from an exchange send my Litecoin to the buyers wallet. Still it is very efficient.

At first bugs were present which made Litecoin not too trustworthy, nevertheless in 2013 all bugs were fixed and Litecoin reached a market cap of 1 billion USD, Litecoin had become a player in the crypto world. Of course one of the things which have made Litecoin very popular is the fact that you can mine it on your computer easily without having to buy expensive equipment like you have to do for Bitcoin. I personally have never tried this, I am actually afraid of the electricity costs of mining.

In 2017 Litecoin adopted the Segregated Witness protocol which created the Lightning Network, allowing for even faster transactions, Litecoin's place in the market became even more important. Litecoin in fact has been quite an innovative coin, many new ideas have sprouted here. I know that this also created Atomic Swaps, trading one crypto for another without using an exchange, I have very little knowledge of this so I will not dwelve on it.

In 2017 Charlie Lee sold all his Litecoin in an apparent move to just work on its development, the impact was seen the next year when Litecoin's price just dumped, its value went down incredibly and in fact it wasn't until last year that Litecoin was able to get out of its funk and right now it is doing very good, its price is around $261.00 and is ninth in market cap.

So overall Litecoin is a wonderful coin to work with, very fast transaction speeds and very low costs and at the moment it looks like a great buy, those who have HODLed it are doing very nicely at the moment. I expect it to go way higher than it currently is doing and I think it will continue to be one of the top alt coins.

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@yohan2on