Crypto Academy Season 2, Week 1 : Home work post for professor @yohan2on - Altcoin-part 1 "Looking beyond the Bitcoin"

First of all I want to say a big thank you to our Prof. @yohan2on for this wonderful lectures, it was very educative and we'll explained.

NOW TO THE ASSIGNMENT QUESTION

WRITE ABOUT ANY OF THE FOLLOWING ALTCOIN.

1. Litecoin(LTC)
2. Ripple (XRP)
3. Binance coin(BNB)

NOW I CHOOSE TO WRITE ABOUT LITECOIN(LTC).

INTRODUCTION
It is very important that we establish the fact that LITECOIN as a cryptocurrency is an altcoin. Now an altcoin also known as alternative coin, can be referred to as all other coins apart from Bitcoin. These are coins that came up after the introduction of the Bitcoin back in 2009, after developers had noticed the short comings of the Bitcoin and they seeked to address this short comings, vis-a-vis the introduction of the various other crypto coins seen everywhere in recent times.. while some of the coins have seen the light of the day, some have very quickly gone to the drains the same way they came into existent. Litecoin is one of those many coins that has seen alot of significant growth in recent times, born out of willingness to address the short comings and difficulties in dealing with the Bitcoin, and we are going to get to know more about the Litecoin as we proceed in the course of this study.

ABOUT LITECOIN
Litecoin was developed or created back in 2011 by Charlie Lee. A staff with Google and this made it easy for investors to trust the coin. Litecoin was born directly and aimed at addressing some of the issues posed by Bitcoin, it uses almost the same coding as Bitcoin which is not even illegal to do that provided the features of the currently produced coin has some distinctive characteristics, which litecoin has and made for a better alternative to Bitcoin which is actually the mother of other coins.. But a very striking worthy of note about the litecoin is the fact that the original creator (Charlie Lee)of the coin cash out and sold out the coin back in 2017 which was a thing of amazement, owing to the fact that at the time the coin was witnessing it's spike in the crypto market, rising up to $350. But after I made a little research about this fact which actually rose my curiosity about the coin and it's creator. Questions like :

• Didn't he believe in the future of the coin?
• Was he afraid that the coin might crash down in coming years?
• Or was he afraid of a down turn in the market price of the coin?
  I later found out that he did not just sale out the coin but withdrew himself from any possible financial attachment to the company but then just relegated himself to just developing the coin and I would like to say that the coin has actually gone through a great developmental stage which has added to it's growth.. So it was rather a good thing that he did what he did as against what the investors would have thought at that time. And I would like to state here categorically that the Litecoin is a Decentralized coin with some mixture of Centralization, which have come to notice that most blockchain coins are not completely Decentralized. But for Litecoin it is highly Decentralized with a bit of Centralization.
  As a coin basically born out of the short comings of Bitcoin, we are going to address some of the improvements the coin has added to it self that makes it attractive and a good ground for investment.

BITCOIN AND LITECOIN COMPARED

Designed by me....

1. EASE OF MINING: While Bitcoin uses a more demanding and advance mining system. The Litecoin developers saw this loop hole and cash in, in a bit to improve that and they actually succeeded in doing that. Litecoin does not have a more intensive mining system like the Bitcoin. With just your computer being handy, Litcoin can be mined. And worthy of note is that they are different types of Litecoin hardware miners that has been developed to make the mining process of Litcoin very easy, such of which are;

-CPU MINER: This is cheap but very slow at mining.
-GPU MINER: This is very expensive but fast and effective at mining
-ASIC MINER: (Application-Specific Integrated circuits)- This is considered to be the best litecoin miner.

1. Network flexibility: while Bitcoin takes 10minutes of processing timebof each transaction, Litecoin takes just 2.5 minutes. This makes working with the coin alot more easy and faster. Assuming you had a large coin to run a transaction on considering the timing Litecoin would be a better option except for the very patient people. Which owing to the market value of Bitcoin it is still of very much greater value.

2. COIN SUPPLY LIMIT: Bitcoin has a maximum supply limit of 21 million BTC while the Litecoin parachute it to 84million. Though they are both fixed at that production limit but Litecoin is more in terms of production. But at the moment non of the limit of both coins has been reached yet.

So this brings the big question of when the production limit of Bitcoin has been reached, then what next?..

LITECOIN CURRENT EXCHANGE RATE.
Using the olamax cryptocurrency exchange platform. Which is one of the best exchange platforms here in Nigeria.
Below is the picture showing the price of the current cost of 1 Litecoin in the Nigerian market.

source

But then internationally, a Litecoin cost $303.05 (data provided by the morningstar for currency and coinbase for cryptocurrency).
It is worthy of note that, despite the closeness in the relationship between the Bitcoin and litecoin the Bitcoin is still in better market value than the litecoin, though investors have great believe that since it has experienced this current hike in price then it should do better in the coming years.

Conclusion: Litecoin is a very promising cryto altcoin which has shown that over the years. Despite the fact that the original owner had relinquish his position selling it out to other investors, it's growth has still been eminent. And so the litecoin is a good investment ground for investors willing to invest even though the price has surged but if any investor is capable then a good return of investment will be a sure deal.

Thank you.