Crypto Academy | Season 2 | Home Work Task by @stephenoppong On Altcoins – Part 1 for @yohan2on

Hello lovely Steemians,

It’s a great opportunity for me to learn from the able crypto professor @yohan2on in this edition of Steemit Crypto Academy where he lectured on Altcoins – Part 1

I personally didn’t have much idea about cryptocurrencies until a good friend of mine who is already a big man in this trade market took his time to explain more about it to me and to my understanding. He however, introduced me to this business and I must testify that it is very fantastic.

I have come to known that in some few years to come, majority of people will not bother themselves dealing in business by using the physical system of transacting business since the demand of Altcoins keeps on rising day after day and it is going to gain much more attention sooner than later.

Having carefully and patiently gone through the lecture delivered by crypto professor @yohan2on, I would like to present some details on LITECOIN and how it operates.

Before I dive more into this topic, I would want us to look at what Altcoins is.
All cryptocurrencies (Ripple, Binance coin, Litecoin etc.) are all classified as Altcoins. Altcoins is a combination of two terms, i.e. “Alt” which means alternative and “coin” which also stands for cryptocurrencies. Bitcoin was introduced into the system in 2009 after which all other altcoins started emerging, with Namecoin been the first to be announced in 2011.

WHAT IS LITECOIN?
This is a decentralized cryptocurrency. This means that, LITECOIN has no global control and it is not controlled by any governmental body. There are over 5,000 altcoins in existence now. But our focus is more on LITECOIN.

source
Litecoin comes third in order of largest cryptocurrency after bitcoin and XRR. All are used for the purpose of online transaction. Traveling in Litecoin is very fast and affordable and transparent. This is due to the mining process – a process used to create new Litecoin. People who go through the process of mining are referred to as miners.

WHO CREATED LITECOIN?
A man called CHARLIE LEE is the brain behind Litecoin. He created this in the year 2011. He was an employee at Google as a software engineer.

Charlie Lee permitted miners to use CPUs in the mining process initially but later GPUs were allowed to be used in the mining of Litecoin just as it is used for mining bitcoin.

One interesting thing is Lee launched Litecoin two years after bitcoin was introduced into the system. That is very interesting.

TRADING IN LITECOIN
Just as in the physical trading and transaction system, we do take risk every day. Similarly, there is the need to take that same risk when trading in cryptocurrency which Litecoin is a good example here.

You have to know that, the market prices of Litecoin and other cryptocurrencies would not always be stable. There may be fluctuations in every day’s trading so you have to know how it all works and not give up.
In the case of Litecoin, the price keeps on increasing week after week by week which signifies that in some time to come, Litecoin can become one of the most sort after altcoin in the world.

Currently, 1LTC = $313.65
source; CoinMarketCap
Screenshot taken by me

HOW CAN YOU GET LITECOIN?
If you are wondering where to purchase and trade in Litecoin, worry not at all. Just as we have other altcoins on the various exchange platforms (Houbi, Binance etc.), you can similarly get Litecoin there as well.

TIME FOR TRANSACTION
The time period to make transaction in Litecoin is the fastest as compared to other altcoins. Litecoin is faster in doing transaction as compared to bitcoin. While it takes bitcoin in 10 minutes to do transaction, it takes Litecoin 2.5 minutes.

DIFFERENCES BETWEEN BITCOIN AND LITECOIN

source

Litecoin has a very faster time period for carrying out transaction than that of Bitcoin. They have 2.5 mins and 10 mins transaction speed respectively.

They all use different algorithms in their operations. Bitcoin uses an algorithm known as SHA-256 and Litecoin uses an algorithm called scrypt, which is a modified version of SHA-256.

The Graphical User Interface (GUI) of Litecoin is much more modified as compared to that of Bitcoin

ADVANTAGES OF LITECOIN
I will say trading in Litecoin is faster and comfortable especially in time speed for blogging and transaction. It has also come to add up to the values of other altcoins in the system.

The time for transaction in bitcoin – 10 mins. and that of Litecoin - 2.5 mins. Shows that Litecoin is very faster and it is an advantage for those who deal in Litecoin.

It has very low transaction fee which makes it one of the best cryptocurrency to invest in.

DISADVANTAGES OF LITECOIN
The lack of rules of circulation in Litecoin makes the market unstable.

Since Litecoin is one of the world well known coins in the market, this has made it difficult for big investors to purchase it since Litecoin is not centralized. This makes it unsecured to trade in it. For instance, if your coins are stolen, then the money is gone and you have no control over it again.

Thank you all so much for reading through my post. All the best to you all