Hello dear colleagues from the SteemitCriptoAcademy community. Grateful for this second season of study, especially to teacher @yohan2on who continues to contribute his knowledge to his students.
The new study guide presented by the professor teaches us about altcoins.
We can define in simple terms the Altcoins as those cryptocurrencies that are alternatives to bitcoin, however they have the same cryptographic essence of bitcoin with some particular differences. These alternative cryptocurrencies were born with the idea of closing some gaps in the mother cryptocurrency bitcoin by creating competition, which has led to an improvement in the technology behind cryptocurrencies and the blockchain in a short time. It should be noted that not all Altcoins achieve their mission, especially the smallest ones end up worthless, for this reason it is necessary to study the future of the project before making a possible investment.
There are many chances of being scammed through the various Altcoins that multiply through their scam ICOs. In Uganda, I have witnessed many fraudulent coins like Onecoin. You don't have any products that work. You have collected a large number of miles from millions of money from people during your ICO. This crypto project has kept promising its investors for a long time that it will go public soon, look for an exchange and then send withdrawals / cashes of the onecoins. @yhoan2on
Currently there are numerous altcoins, it is very difficult to determine the amount, since tokens are created daily to finance different types of projects. In coinmarkecap we can find the first 100 Alcoins in the market listed showing their prices, charts and capitalization.
Among the top 100 crypto currencies, we found Litecoin ranking 7th on the list by market capitalization.
Litecoin
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Litecoin (LTC) is an altcoin cryptocurrency, that is, it is an alternative currency based on Bitcon technology.
It was created by Charlie Lee, a former Google software engineer, in October 2011.
Charlie Lee's main idea was to create a currency that would not replace Bitcoin, but would shed light on scalability gaps in Bitcoin trading making the system thinner and lighter. Hence the name of the Litecoin coin: "Lite" means light and "coin" means coin. After a number of modifications, changes and new protocols, it became popular with traders and is now known as the "silver" of the "gold" of Bitcoin. Litecoin is often used to test new innovations for Bitcoin before using them.
The coin is traded on many exchanges and digital wallets and has a higher coin turnover than Bitcoin with a coin cap of 84 million.
Like other cryptocurrencies, Litecoin works as a payment system similar to fintech companies like PayPal.
Hi @roseri
Thanks for your participation in the Steemit Crypto Academy
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Very good work. Well done with your research on Litecoin
Homework task
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