Crypto Academy Week 9 - Homework Post for [@yohan2on]
Introduction
Hello Steemians,
Welcome to another week in the Steemit crypto academy. I attended the lecture by the crypto professor @yohan2on as the professor based his teachings on Altcoins. This blog is my homework task after the completion of the lesson. I will be discussing one of the following Altcoins
- Litecoin (LTC)
- Ripple (XRP)
- Binance coin (BNB)
From the knowledge I have gotten from the lecture delivered by our very professor in the person of @yahon2on, I have concluded that Altcoins are all digital currency that came into existence after the successful lunch of Bitcoin. The word altcoin simply means an alternative to Bitcoin. Research has shown that over 900 altcoins have been created since the invention of Bitcoin in 2009. We have a whole lot of altcoin among which include Ethereum (ETH), Stellar (XLM), Ripples (XRP), Litecoin (LTC) etc. For the sake of this lecture, I will choose Litecoin (LTC) as a topic in this article.
What is Litecoin (LTC)
Litecoin is a crypto currency that was set up in the year 2011 by a former employee of Google that goes with the name Charlie Lee. Litecoin is originally designed because of the high rate of transactions in bitcoin. More also, Litecoin is designed to be used for short-term purposes. It is also important to mention here that the market cap in Litecoin when compared to Bitcoin is far more better. Because of that, the mining process for Litecoin is faster than that of Bitcoin and also the transaction process is faster and cha paper..jpeg)
Brief History of Litecoin
As the name suggests Litecoin, it is a Lighter version of Bitcoin. It is assumed that Bitcoin has weight (essences in Bitcoin) therefore Litecoin is created to tackle all the essences of Bitcoin. As earlier discussed it came into existence in the year 2011 by Charlie Lee. Series of upgrade took place in 2013 and 2014 to ensure both the security of the crypto currency and it's continuity.
Why Invest in Litecoin?
Since Litecoin serve as silver where Bitcoin is the gold, you will agree with me that Litecoin among other crypto currency is one of the most fast growing digital currency. Hence the usage of Litecoin in our daily lives can not be overemphasised. Reason why I think you as a person should invest into Litecoin is because
- Unlike Bitcoin it is very fast once it comes to transaction
- The few involve while transacting it is very low
What are the benefits of Litecoin?
The benefits of Litecoin as a crypto currency can not be over emphasized the reason is that the main aim of creating Litecoin was because of the lapses found in Bitcoin, that is in the side of delay or slow in a transaction. Litecoin was created to be 4 times faster than Bitcoin and also it is cheaper when compared to Bitcoin. So people find it easier to buy Litecoin than buying Bitcoin.
Advantages of Litecoin
There are many advantages of Litecoin but I will be listing few for the sake of this assignment, I will be present them. Therefore the advantages of Litecoin are as follows:-
- Litecoin transaction is much faster than that of Bitcoin.
- Litecoin has very low transaction fees
- Litecoin has no middlemen when it comes to the transaction.
- Litecoin is more scalable than Bitcoin. Scalability talks about the number of transactions that can be done within sads in a blockchain.
- Because of the disadvantaged nature of Litecoin, you as a user have complete access to your funds.
Disadvantages of Litecoin cryptocurrency
We all know, anything that has an advantage also has a disadvantage. We have successfully listed some few advantages above. Below is a few disadvantages of Litecoin.
- Litecoin is not as popular as Bitcoin
- Litecoin is also in competition, with other crypto currency.
- Litecoin is not as valued as Bitcoin.
Conclusion
As earlier stated, the reason why Litecoin was brought into existence by Charlie Lee was to help solve the issue associated with Bitcoin. And from his work he was able to achieve his goal and that is why today we have these
- Total Supply of Litecoin = 84 Million
- Transaction for Litecoin = 5 minutes
- Maximum Transactions Per Second = 56
Finally, these is just but a few things I have been able to study and learn about Litecoin. My appreciation goes to professor @yohan2on for this great lecture. I have learnt a whole lot. I look forward to learning more from you and other crypto processors as the course progresses.
Hi @simonwigwe
Thanks for the attendance and participation in the Steemit Crypto Academy.
Feedback
You could do much better than this. You simply needed to put more effort into your research study. You also need to always proofread your work to correct any errors made in the course of writing and designing your article.
For instance:
Kindly re-cross check your article and rectify the errors made in the phrases below;
Homework task
5
Thank you sir, i have effected the correction and i promise to make a deeper research in the next task and also look through my work regularly before submitting.