Hello lecturer @fredquantum, thanks for lecturing. Here is my homework.

1. What are Bitcoin, Altcoins, and Stablecoins? Explain them under separate subheadings and list at least three (3) examples of Altcoins and Stablecoins.

ANSWER

Bitcoin:

Bitcoin can be defined as a decentralized digital currency that created by an individual or group that claim to be called Satoshi Nakamoto.

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This currency use peer to peer method of sending funds to others without the help of an intermediaries to permit or cancel the transaction. It is decentralize in operation.

Bitcoin is the most expensive digital currency and regard as number one in ranking on crypto currencies site surch as but this ranking is not fix as another crypto currency can over take push bitcoin back.

Bitcoin secured it data transactions history in a decentralized blockchain. A blockchain is an encrypted ledger that shows all the data history of it user, make it transparent but well immutable.

Bitcoin make use of proof of work. A method that the first miner is reward with bitcoin token.

Checking every exchange website, Bitcoin is regarded as no.1. because if it full market cap which is $807,517,972,465.77 and 1bitcion cost #18,363,619.2 Bitcoin data verification method is called proof of work (PoW).

Bitcoin transactions can not be altered because it make use of algorithm encryption.

Altcoins

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Coins that are created have after existence of Bitcoin is altcoin. The existence of Altcoins began just 2yrs after the existence of bitcoin is known as namecoin. Developers of Bitcoin are anonymous but Altcoins owners are known unlike Bitcoin. Justin Sun is the official owner of Tron.

Examples:

Ethereum, dogecoin, avalanches, steem etc.

Stablecoins

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Stablecoins are alternative coins that it price fluctuate is in accordance with a valued resource such as gold.
Most Stablecoins operates on American dollars rate. Stablecoins does a volatile movements in a ratio of 1:1 with it pegged material. Stablecoins is the best coin use for a long period saving.
The examples of Stablecoins are; USD coin, E naira, tether USd, Binance USD.

2. Do you prefer Stablecoins to other cryptocurrencies or otherwise? Why? You can explain with Joe and Jane's illustration given in the lecture.

Other coins are my preferred coin. The profits made by users is what really sparks people’s interest in crypto currencies. Although the profits can reduce any time just like right now in crypto market, but the owner can wait a bit till their coin trend to it initial state.
In the lecture, Joe’s money increase and he had lot of profits. At that time, Joe can take his profit and invest it should in case the price drop.
Jane money remains stable just because she is using a fix money.

Conclusion

Thanks for reading my homework.
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