CRYPTO ACADEMY WEEK 9-HOMEWORK POST FOR [ @yohan2on ]||ALTCOINS-PART 1

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INTRODUCTION
ALTCOINS(alternative coins) are other digital currencies apart from Bitcoin.They are simply called alternative coins because they serve as alternatives to Bitcoin.Examples of ALTCOINS are Litecoin,USDT,Binance Coin etc.
For the purpose of this homework I will explain Litecoin.

LITECOIN (LTC)
Litecoin is one of the most popular and ranked altcoins in the world.Litecoin is a digital currency which is used to transfer funds from one user to another.It runs a the blockchain technology and as such transactions are secure, transparent and decentralized.
It is worthy to note that Litecoin is similar to Bitcoin because it originates from Bitcoin source.So we can see that Litecoin which was launched in 2011 by CHARLIE LEE is a descendant of Bitcoin.
At the moment the price of a single Litecoin is around the region of $271.20.

KEY FEATURES OF LITECOIN (LTC)

•BLOCKCHAIN FEATURE
It is important to note that Litecoin works on the blockchain technology.This means that transaction is recorded in blocks which are chained to other blocks by cryptography.
Blockchain feature of Litecoin makes it possible to accommodate large volume transactions with the highest possible ease.

•MINING FEATURE
Mining is simply the process of getting rewards by solving cryptographic equations.Mining ensures that transaction are completely and voted in favour-of in the blockchain.

Interestingly,Litecoin mining is four times faster that that of the parent Bitcoin.

•WIDE ACCEPTANCE AND APPLICATION
Since Litecoin is a hybrid of Bitcoin.It has similar features with Bitcoin and this has given Litecoin wide acceptability and usage.
Litecoin has found application in the hands of online exchanges, merchants,ATM etc.

EXPLORING LITECOIN (LTC) IN TERMS OF MARKET CAPITALIZATION, TRADING VOLUME,SUPPLY ETC

Name of Altcoin is LITECOIN

PARAMETERS	VALUE
PRICE	$271.20
MARKET CAP	$18,116,067,154
VOLUME	$7,370,141,842
CIRCULATING SUPPLY	66,752,415 LTC

LTC is at number 9 on the list

ADVANTAGES OF LITECOIN

•FASTER TRANSACTION
Transactions on Litecoin is very fast and cost effective.It is four times faster than Bitcoin.This is a big advantage.

•LARGER AMOUNT OF COINS
Litecoin has a great number of coin in existence This means that mining of Litecoin is lucrative because the competition is less as a result of the plenty number of coins in circulation.

•EASILY ACCESSIBLE
It is easy and quicker to buy and transfer Litecoin either from other cryptocurrencies or with fiat.

•LESS TRANSACTION COST
Since the Litecoin network is faster and more efficient.Users will pay lower fee on the process of transferring LTC from one wallet to another.

•LESS SUSCEPTIBLE TO HACKING
Since hacking mostly happen during the process of transferring funds.It would be difficult to hack LTC transactions because it is very fast and wouldn't offer the hacker(s) enough time to attack.

FACTORS THAT INFLUENCE THE PRICE OF LITECOIN (LTC)

•Awareness and Public Perception.

•Since there are 84 million LTC available for mining.This could affect the price pending on the flow of the Altcoin in the market.

•Demand and supply.

HOW IS LITECOIN GENERATED
Litecoin is generated via mining: a process whereby miners(nodes) verifie Litecoin transactions making the transaction block(record) to be added to the existing blocks in the the existing blockchain.Miners are rewarded for verifying transactions.
The Litecoin network generates a new block after every 2.5 minutes.There exist only 84 million Litecoin in the world and every first miner who verifies a block is rewarded with 50 Litecoin although it has been halved to 25 Litecoin reward in 2015.The halving will likely continue at intervals until the whole 84 million Litecoin is mined.

HOW TO SWAP LITECOIN
To swap Litecoin for USDT or any digital currency.

•Log in to your wallet or crypto exchange.
You can join Roqqu exchange via this link Roqqu.com

•Go to Swap coin.

•Enter LTC in the first box and enter the currency to wish to swap it for in the second box.

•You will see the equivalent value of LTC to the intended currency you wish to swap it for.

•Click on ACCEPT.

•Congratulations,the swap is done successfully.

NB You would be charged a 2% fee for the swapping.

HOW TO BUY OR RECIEVE LITECOIN

I am using a crypto exchange called RoqquRoqqu.com
There are three (3) ways to buy/recieve LTC:
1.Through the recievers LTC address

2.By swapping

3.Through fiat

1•BY RECIEVING LTC THROUGH YOUR RECIEVING ADDRESS

•After sign in or signing up

•Click on LITECOIN

•Select RECIEVE

•Copy the your LITECOIN recieving address

•The sender will send only LITECOIN to that address

•Then the sent value of LTC will reflect on you LTC wallet on Roqqu.

2•BY SWAPPING

One can recieve LTC by swapping others currencies for LTC.

For example,I can swap Bitcoin for LTC as shown below.

•Then input the amount of BTC that you want to swap to LTC while a fee of 2% is charged.

•Click on ACCEPT

3•THROUGH FIAT
One can buy LTC on Roqqu through Fiat.
•** Click on the INSTANT BUY**

•Select LTC as the currency you wish to buy

•Enter the value of your fiat currency that you wish to buy LTC with

•You will the fiat equivalent in LTC and you then complete the transaction

So we have seen the practicals ways of buying,/recieving LTCon Roqqu exchange.

HOW TO TRANSFER LTC

•Select LTC

•Select SEND LTC

•Enter the recievers LTC address and the amount of LTC to be sent.Its equivalence in USD is also displayed

•Complete the transaction pronto.

CONCLUSION
LITECOIN is a very important and popular altcoin which has a similarity with Bitcoin.
It has gained wide acceptance and application because it's mining and transaction is very fast( 4 times faster than that of Bitcoin).
Thank you professor @yohan2on for this enlightenment.

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