Crypto Academy Week 9 Season 2 Homework Post for @yohan2on [Altcoins (Litecoin)]

We've entered the 2nd season of Crypto Academy and now we meet again on homework for the 9th week of Steemit Crypto Academy. This time I will make a post for the homework of @yohan2on. The topic I will discuss is Litecoin.

Litecoin

Litecoin is a cryptocurrency that is included in the oldest digital currency in the world. He was created in 2011 by a person named Charlie Lee, Charlie Lee is a graduate of the Massachusetts Institute of Technology (MIT) campus and he has also worked at Google in making modifications to Bitcoin code that can still be upgraded. The results of the experience he got from his previous work made him make a new breakthrough by making a cryptocurrency that could compete with Bitcoin from several aspects. Then came a new cryptocurrency called "Litecoin" with some of the latest features offered which could be an alternative to Bitcoin.

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Many people say that if Bitcoin is "Gold" then Litecoin is "Silver". This is because Litecoin shares many similarities with Bitcoin, as they both use the same code in the mining process. However, there are things that make Litecoin different from Bitcoin, namely in terms of speed and cheaper transaction fees, this is something that Bitcoin miners often complain about because the transaction process is very slow and the costs required are quite expensive with skyrocketing prices from Bitcoin today.

My Experience With Litecoin

I got to know Litecoin when I was looking for fun about how to mine cryptocurrency, this happened about 3 years ago when the price of Bitcoin was experiencing a very significant increase and became a topic of conversation everywhere. At that time I was browsing on the internet about how to mine cryptocurrency, and in an article, I was shown several cryptocurrencies that were worth mining and recommended by miners and one of them was Litecoin.

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My impression when I was first introduced to this coin was that I immediately looked at one eye, because indeed at that time Bitcoin's prestige was very large, and was able to beat all other cryptocurrencies. however, I tried to study it further carefully. After that, I also found a way to get Litcoin by mining it.

But I was not very successful in this cryptocurrency mining process, because at that time to get more information about the world of cryptocurrency mining was still very minimal. So I figured out another way to get Litecoin, and the result was by buying it on exchanges. Until now, almost all exchanges around the world have included Litecoin in their market, this is due to the rising prestige of Litecoin which is being predicted as a substitute for Bitcoin in the future. I will explain how to mine and buy Litecoin in the next explanation.

Mining Litecoin

There are several types of mining that I know of and that you might be able to use to get Litecoin, including:

1. Solo Mining

As the name suggests, solo mining is a mining activity by doing it individually, aka there is no help from other parties, many veteran miners are taking this solo mining method to get Litecoin. This is because every Litecoin generated from the mining process will be taken completely by the miner.

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However, this method requires significant investment and operational costs. To do solo mining, you must first buy all the computer equipment needed to do Litecoin mining, and the price of these computer parts is very expensive. After that, you also have to pay other operational costs while the mining process is in progress such as electricity costs.

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I personally don't use this method to mine Litecoin, because I don't have enough capital. So I used another method.

2. Cloud Mining

The next way is with Cloud Mining, this method is the method I use to mine Litecoin. Cloud mining is a mining process that is done by paying to a company that offers Litecoin mining so that we will get the Litecoin revenue share generated from the mining process.

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This method is perfect for those of you who are still very unfamiliar with Litecoin mining, apart from not having to buy mining equipment, we are also free from individual operating costs. This means that we work together to pay operational costs with many people participating in mining at the same company.

To be able to use this Litecoin Cloud Mining mining service, all you have to do is find out which company you will invest in mining Litecoin, after getting the right company, then you just have to visit the mining website online then enter your wallet address so that the Litecoin results from mining can be sent to you.

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There are many company websites that offer Cloud Mining services such as Hashflare, Genesis Mining, Hashnet, Mining Rig Rentals, and many more. You have to be very careful about choosing the company you are going to Cloud Mining for, because it is often Cloud Mining companies that scam and steal investors' money, so be careful when doing this type of mining, OK !!

Buy/Trading and Investing Litecoin

1. Litecoin Investment

If you want to invest in Litecoin, I'll support you. Because indeed investing in this coin is very good, if we look at the graph of the value of Litecoin, we will see that Litecoin continues to increase so that the prospect of this coin is very guaranteed for the future.

source by CoinMarketCap

2. Buy/Trade Litecoin

And also if you want to buy or trade Litecoin, you will have very easy access to it. Because Litecoin is listed on almost all exchanges in the world, you can buy and trade Litecoin on any exchanges you like.

source by CoinMarketCap

Conclusion

In my opinion, Litecoin is a very good Altcoin to consider as a future investment tool, with the features it offers that are better than its predecessor, Bitcoin, Litecoin is able to make its users experience a better experience in terms of transaction speed and lower fees.

cc: @steemcurator01
cc: @steemcurator02
cc: @yohan2on
cc: @steemitblog