Hello Steemit:

How are you all, hope you all are doing well. So, today after reading and understanding @yohan2on week 9 lecture on Altcoins(part 1), i learn many things about Altcoins. It is a very important topic with a detailed knowledge of Altcoins and there future scope in crypto world. So, the homework task given by @yohan2on is,

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Homework task: Write about any one of the following Altcoins
Litecoin (LTC)
Ripple (XRP)
Binance coin (BNB)

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I selected Litecoin(LTC). Let's start with the understanding of What Altcoins are and then what is Litecoin.

What are Altcoins

As we all know, Bitcoin is the first coin in crypto world which was launched in 2009. After the success of bitcoin, many other coins was made, these coins are commonly known as Altcoins in which Alt means Alternative. There are 5000 Altcoins are made after the success of bitcoin. These Altcoins are fulfill the gap and needs of people which bitcoin is failed to do. There are many Altcoins in the cryptocurrency market. Some famous Altcoins are,

• Ethereum
• Litecoin
• Ripple
• Binance
• Tether

Litecoin (LTC):

source

Litecoin was invented back in October 2011 by a Google Employee Charlie Lee. It is an open source software and has a peer-to-peer cryptocurrency. It is made on his own blockchain named as Litecoin Blockchain. In cryptocurrency market, it's rank is 9. It is basically operates on decentralized platform. The price of 1 LTC is 265.95$ USD.

Difference Between Bitcoin and Litecoin:

source

As we know, Litecoin is an Altcoin of Bitcoin. It have different features which makes litecoin different from Bitcoin. Some key differences between Litecoin and bitcoin are,

• There is a big different in market capitalization of both cryptocurrencies. In 2021 March, Bitcoin total value is around $1 trillion. And Litecoin total value is $13.7 billion which is 70 times smaller than bitcoin.

• Both coins are used different algorithms. Bitcoin use SHA-256 cryptographic algorithm and Litecoin use Scrypt cryptographic algorithm. Algorithms directly impact on the process of mining new coins. SHA-256 is more complicated algorithm than Scrypt but it provide greater parallel processing.

• Transaction speed makes both coin differ from each other. Bitcoin network average transaction speed is under 10 minutes and as compared to Litecoin has just 2.5 minutes transaction speed which makes Litecoin more faster than Bitcoin. Transaction speed means, how much time does network takes in verifying the block and added them into the blockchain.

Benefits of Litecoin:

Transaction Fee:
Transaction fee of Litecoin is very low as compared to Bitcoin and it is easy to transfer Litecoin in any other platform. It cost just 1 LTC out of 1000 LTC as transaction cost.

Blockchain Secured:
Litecoin blockchain is known as the secured blockchain which is based on Scrypt based network.

Decentralized Finance:
It is always an easy to work in decentralized platform as compared to centralized because it is peer-to-peer cryptocurrency.

My Experience with Litecoin:

Litecoin is ranked in top 10 cryptocurrencies. Invest in those cryptocurrencies which is ranked in top of the list is difficult. I'm not in a position to invest in large capital. So, i don't have a much experience in Litecoin.

Conclusion:

Litecoin is the alternative of Bitcoin which is made to fill the gap in some areas in cryptocurrency. Such as bitcoin transaction speed is slow. This problem is tackled by Litecoin. We can't neglect these type of coins which has a market capitalization over 10 billions. Litecoin worth grow rapidly and in future it will be a good competitor of Bitcoin just like Ethereum.

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That's my homework of week 9. Hope I done my homework correctly. This post is plagiarism free. I provide the sources of image which i used from internet. Thankyou for reading.

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