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

Hello friends i am so glad to be here today to discuss with you about my homework task season 2 week1. given by professor @yohan2on. On the homework task i elaborated on Litecoin (LTC).

Homework task Season2 week1 post of professor @yohan2on

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

Source

Litecoin (LTC or Ł) is a peer-to-peercryptocurrency and open-source software project released under the MIT/X11 license. Litecoin is part of Altcoin.litecoin is identical to Bitcoinsource

Brief history about Litecoin

Litecoin was founded in October 2011 by Charles Lee, an engineer who had worked for Google, since then Litecoin has been growing. Charles lee created Litecoin by modifying Bitcoin code.

Some basic Uses of Litecoin

1 Cross border transaction

Litecoin can be use to send money to friends , family members etc that live in another country, Litecoin can be use to send money oversea, quickly, affordably and securely. We can use Litecoin to send money to someone in another country which is more faster cheaper and safer than our traditional banking system.

2 Litecoin can be use within trade finance

As we all know that Litecoin is built on block chain technology, in the trade finance manual process are involved, in which they is a third parties but with Litecoin as part of Altcoin the manual method will change to digitizing process, there by cutting out third parties making international transaction faster , more secure and even cheaper. than the usual traditional banking system.

3 Litecoin use as an Investment

Many investors are now investing in the cryptocurrency market , and Litecoin has attracted more investors than many other cryptocurrencies. because it is secure.

4 As a daily payment method

Litecoin aims to be viable digital currency that could ultimately replace fiat currencies for everyday purchase but the challenge is that the retailers that accept Litecoin are limited at present but in time they will increase.

Some advantages of Litecoin

1 Transaction processing speed

Litecoin is much has a much faster speed than Bitcoin. Litecoin transaction take about 2.5 minute it is very fast process, purchase can be performed more faster, while Bitcoin transaction take about 10 minutes. Also Litecoin can produce about 84, million coins while Bitcoin can produce 21million coins.

2 Low Cost of Transaction

Litecoin transaction is very cheap, more cheaper than Bitcoin and other cryptocurrencies

3 Mining Requirements

Litecoin was built with Scrypto algorithm, this was designed to be more ASIC resistant and make mining more accessible to every day users.https: source

Some disadvantages of Litecoin
1 Competition

Litecoin aims to complement Bitcoin rather than competiting with it but the both share the same goal, if more users continue to use Bitcoin as their main cryptocurrency it will affect Litecoin potential and it's value.

2 Not widely accepted

At present not all retailers that accept Litecoin, some investors are not still are of it, even in some communities around the developing Countries of the world are not aware of Litecoin.

3 Subject to Regulations

Litecoin like other cryptocurrencies are subject to Regulations especially by the government. for instance i could remember last two months in my country Nigeria when the federal government try to abolish cryptocurrency transaction, that no bank should accept any form of cryptocurrency payment or transaction, so if more severe rules or regulations are made it could limit or hinder Litecoin there by cause it's price to fall heavily.

Conclusion thank you all for reading my Homework post i appreciate.