Steemit Crypto Academy | Season 2, Homework Post for [@yohan2on]: Altcoins – Part1 "Looking beyond the Bitcoin

INTRODUCTION

good day sir @yohan2on congratulations on your position as a professor in this great community. i went through your article about altcoins and I learnt alot from it,thank you for making such a nice article sir.

LITECOIN

HISTORY OF LITECOIN

Litecoin
Litecoin is a decentralized cryptocurrency, created on the 31st of October 2011 by Charlie Lee born in ivory coast, Litecoin is also known as the silver to Bitcoin's gold on. It is a very popular coin In the world of crypto currency and this coin is very similar to the bitcoin which is the father of all crypto currencies because it is based on the model of bitcoin.

source image of charlie lee

Litecoin is one of the very first altcoins in the crypto market. Many altcoins(alternative coins) were created during the period of creation of the litecoin I.e 2011 while some of them are no more litecoin still stands.
There are only 84,000,000 Litecoins made available in the market nothing more nothing less. Litecoin is the third-largest cryptocurrency after bitcoin and XRP.

source

HOW LITECOIN IS MADE

Like all cryptocurrencies, Litecoin is not issued by a government or banks, Litecoins are created by the elaborate procedure called mining, which consists of processing a list of Litecoin transactions. Unlike traditional currencies, the supply of Litecoins is fixed. There will ultimately be only 84 million Litecoins in circulation Every 2.5 minutes (as opposed to 10 minutes for bitcoin), the Litecoin network generates a what is called a block – a ledger entry of recent Litecoin transactions throughout the world.

HOW TO GET LITECOIN

there are 2 ways to get the litecoin

1. By buying
2. By mining

buying: like any other crypto currency the litecoin also has its own wallet address which helps you to receive the amount of litecoin you've purchased by purchasing it on the Digital asset management exchange.

Mining : mining is the only way Litecoins are made so it's obvious it's also a way of getting them the first miner to successfully verify a block: a ledger entry of recent Litecoin transactions throughout the world. is rewarded with 12.5 Litecoins,The number of Litecoins awarded for such a task reduces with time. In August 2015, it was halved to 6.25 and was later halved to 3.125 until you are able to mine insignificant amount of litecoin i.e which are called litoshi 100,000,000(one hundred million litoshis make a litecoin), and the halving will continue at regular intervals until the 84,000,000th litecoin is mined
And people have tried hacking the mining of litecoin trying to spent the same litecoin twice,The scam would be detected immediately by some other miner, anonymous to the first. The only way to truly game the system would be to get a majority of miners to agree to process the false transaction, which is practically impossible.

THE HIGHEST PRICE OF LITECOIN EVER

The absolute record is set at around 371 dollars on 19 December 2017, i.e. a 500% increase in 2 months!!!!!!!! wow that's really high,In 2018, Litecoin suffers a new crash like the whole cryptocurrencies market and its price will fall back to a low of around 25 dollars on December 15, 2018 cause anycoin that rise will surely fall

source

LITECOIN PRICE ON ITS BIRTHDAY:

Litecoin will be 10years old on the 31st of October 2021. Litecoin price on It's birthdays are:
10/13/2012 — $0.09
10/13/2013 — $2.08
10/13/2014 — $4.07
10/13/2015 — $3.13
10/13/2016 — $3.88
10/13/2017 — $63.91
10/13/2018 — $53.93
10/13/2019 — $56.49
10/13/2020 — $50.00

WHAT DRIVES THE PRICE OF LITECOIN?

There are several factors affecting the price of Litecoin. Like every other asset, the first and most important one is supply and demand. The scarcer an asset is, the higher its price usually gets.

The next thing that moves Litecoin’s price is the halving schedule. In the six months before the halving in 2019, the price of the coin jumped by more than 370%. This is often referred to as “profit-taking”, and we’ve seen it in other cryptocurrencies as well, notably Bitcoin.

Another factor that affect the price of litecoin is the development or underdevelopment of the bitcoin because the litecoin was made similarly to the bitcoin just like I said earlier However, it is worth noting that, although historically Litecoin’s price has followed Bitcoin’s, the relationship is pretty-much one-sided. That is why it is essential to look at Litecoin-specific factors, in the first place, and then to keep an eye on the developments in the world of Bitcoin

another thing that can influence the price of Litecoin is its listing on Coinbase. Although often underestimated, this factor is one of the main reasons why Litecoin managed to attract so much interest over time. Coinbase’s Android and iOS apps are among the most popular in the Finance category in both stores, while its website gets 20 – 30 million visits per month. Overall, the exchange serves more than 30 million users. With that said, being one of the five listed cryptocurrencies there, has helped Litecoin reach the point where it is today. Although this isn’t something that may influence its price positively from now on, should, at some point, the coin gets delisted or even in case of such rumors, its price will surely be affected.

CONCLUSION

this is all i have on litecoin sir i hope you enjoy my content, thank you sir.

Cc @yohan2on