Crypto Academy Season 2 week 1- Homework For @yohan2on

Hello, Prof @yohan2on

I will like to explain what an altcoin is. Any cryptocurrency that is not bitcoin is said to be an altcoin.
Now that we know what an altcoin is I will like to talk about litecoin which is an example of altcoin and happened to be the first altcoin to be produced.

LITECOIN

source

Litecoin is a type of altcoin that helps in the payment of goods and services and has low transaction cost.
Litecoin was created by Charlie Lee to be a close substitute to bitcoin. Even though Litecoin is cheaper than bitcoin it happens to be faster than bitcoin. Since litecoin is decentralized it is not controlled by any central authorithy.

Now lets look at the advantages and disadvantages of litecoin.

ADVANTAGES

• It is very fast and easy when using litecoin for transactions as compared to bitcoin.
• Transaction cost of litecoin is low.
• It's very easy.
• it is the strongest alt currency.
• Intermediaries are not needed to make transactions.

DISADVANTAGES OF LITECOIN

• Ones coin can easily be stolen
• It is not accepted by all virtual trading websites
• It's development is stagnant.

SIMILARITIES BETWEEN LITECOIN ANDBITCOIN

• Both are decentralized
• Both use proof of work system to validate.
• Halving occurs every four years.

PRICE OF LITECOIN

• The price of litecoin on coinmarketcap as at today (14-04-2021) is US$265.55

One can buy lite coin by the following ways.
-Direct purchase

• Crypto ATM
  -Exchanges

DIRECT PURCHASE
One can buy litecoin from people who are willing to sell their coin.
CRYPTO ATM
One could also buy litecoin at any crypto ATM that sells litecoin
EXCHANGES
One can also buy litecoin on exchanges such coincap , binance and other exchanges that sells litecoins.
these is the easiest and fastest way to buy litecoin.
CONCLUTION
I will conclude by saying investing in litecoin is the best since it is a direct substitute of bitcoin and is cheaper and faster than bitcoin. And since lite coin is the oldest and stongest altcoin it is advisable for investor to invest in litecoin if the want to invest in an altcoin and litecoin can also be found on most exchanges. one could say litecoin is the safest altcoin to invest in.