Crypto Academy Week 9 - Homework Post for @yohan2on | Litecoin

Hello steemit community!

I hope you all are doing well.I am back with homework for @yohan2on in season2.I took the lecture and found it very productive and helpful. So without any further delay lets start homework.

What is altcoin?

It is basically the combination of two words 'alternate' and 'coin'.It is crytocurrency which was created in alternate to bitcoin after it was successful.Basically all cryptocurrecies other than Bitcoin are altcoins.They were created to overcome the qualities in which bitcoin was lacking.There are more than 5000 altcoins some of the examples are Litecoin,Binance,Ripple etc.

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Introduction

I am choosing to write about Litecoin (LTC)

It was created in october 2011 by the charlie lee. It is almost similer to the bitcoin.It uses the algorithm called scrypt.It is a peer to peer internet currency and an open source software project under the MIT/X11 licence by which you can pay anyone anywhere around the globe.It is a decentralized currency free from any centralized authority.Its capability of handling more higher transaction volume gives it a plus point.
According to the coinmarketcap website its current value is $271.63(41,427.64 Pkr) and its ranking is 9th among other coins.

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Purpose

Bitcoin was launched in 2009 and after entertaining the huge market,there was need to bring in other alternatives keeping in view the generation time and its other qualities.litecoin was launched to fill up some gap.And we are able to generate more blocks in less time as compared to bitcoin.and keeping the cost of transaction as low as possible and maximizing the speed for the better experience of the customers.It can be transferred using an opensource cryptographic protocol.The track of all transactions is kept with the use of blockchain technology in a decentralized public ledger.
When we hear the word cryptocurrency the first thing that hits the mind is Bitcoin so lets compare litecoin with bitcoin.

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Litecoin vs Bitcoin

• Its transaction speed is 4times faster than the bitcoin.for litecoin it is 2.5mint and for bitcoin it is 10mint approximately.
• It can produce coins upto 84million whereas bitcoin can only produce coins upto 21million.
• The market capitalization in the month of march 2021 for litecoin was $13.7 billion and for bitcoin was $1trillion.
• Litecoin is highly scalable.It means it can handle more higher volume transactions which is possible because of its greater block production as compared to bitcoin.
• The transaction fee for litecoin is less as compare to the bitcoin which is great advantage for a buyer.
• Litecoin uses the algorithm scrypt while bitcoin uses the SHA-256.

Trade/Exchange

You can easily buy litecoin on various crypto buying sites just by converting your fiat money into LTC or first converting it into Bitcoin and then into litecoin.It is also further tradeable into various other cryptocurrencies or fiat currency on sites like binance etc.like it can be changed to bitcoin etc just in the similer way we change our fiat currencies.like USD to euro etc.

Conclusion

I will conclude this by saying that litecoin is a successful altcoin which has fulfilled its purposes for which it was created and has a huge impact on crpto market.That is all from my side.I hope I have justified my points.

##Thankyou.