Alternatives to Bitcoin
The course is part of this learning path
The most well-known cryptocurrency is BitCoin, but in this course, we will introduce you to some other alternatives out there in the cryptocurrency ecosystem. These include Litecoin, Binance Coin, Ethereum, Ripple, Steem, Ethereum classic, and Monero.
In this lecture, we'll be discussing Litecoin. Let's jump in. As with Bitcoin, Litecoin is an open source peer to peer cryptocurrency. In fact, it was Bitcoin that inspired the creation of Litecoin and technically is very identical to it but also different in a select number of ways, which I'll get into with you in just a moment. The origins of Litecoins started back in October 2011 when the project went live. It was one of the first cryptocurrencies to take what Bitcoin had created and modify it to create a new coin. The actual founder of Litecoin isn't anonymous as is the case with Bitcoin. Litecoin was founded by Charles Lee, a former Google employee and more recently director of engineering at Coinbase. So, force to be reckoned with in this ecosystem. He has recently turned his focus back onto the Litecoin project leaving Coinbase in the process. In fact, Charles Lee is so devoted to Litecoin, he declared he sold the majority of his Litecoin holdings, reason being, he wanted to avoid any conflict of interest that could have raised from his influence and position as the founding father of Litecoin. By the way, a little fact I want to share with you here. Charles Lee as you may be able to grasp by now is very well connected in the cryptocurrency space. But did you know his brother, Bobby Lee is a very well known and established cryptocurrency exchange owner? Just thought I'd share that. Now, as mentioned earlier, Litecoin is similar to Bitcoin in many ways. But let me cover the three distinct differences Litecoin has over Bitcoin. That will help you understand its unique proposition. One, Litecoin processes blocks every 2.5 minutes over Bitcoin's approximately 10 minutes, which means that transactions get processed quicker through the Litecoin network. Two, Litecoin a script algorithm over Bitcoin's SHA-256. It's known that script favors large amounts of high speed RAM rather than just raw processing power. Hence, there isn't as much of a race to mine Litecoin with the most powerful machines as there is with Bitcoin. Three, Litecoin also has a max supply cap, but that's 84 million Litecoins. Whereas as you should know, Bitcoin has a max supply cap of 21 million Bitcoins. The reason for the cap being four times larger is to take into effect the four times faster rate of transaction confirmations. If you're considering buying Litecoin, it's a very simple process and follows the same process as buying Bitcoin via Coinbase. As Litecoin is a trustworthy and reputable cryptocurrency, it has the backing of most of the established and trustworthy sites in the ecosystem. If you've purchased and are looking to store your Litecoins safely, as you all know by now I never recommend storing on Coinbase simply because you don't control the private keys. The safest option by far is storing on Trezor and they have an option to store Litecoin with them, which is fantastic. As mentioned, it's a very well known cryptocurrency so support is available. But that's everything for this lecture in Litecoin. I hope you thoroughly enjoyed it and it gave you an insight into another cryptocurrency in the ecosystem. As mentioned earlier, Litecoin is an established cryptocurrency in this space, hence, buying, selling, and holding is similar to Bitcoin. However, with other cryptocurrencies which aren't so widely accepted, it becomes a little more tricky. Join me in the next lecture where we'll be diving into Binance coin.
Ravinder is an expert instructor in the field of cryptocurrencies and blockchain, having helped thousands of people learn about the subject. He's also the founder of B21 Block, an online cryptocurrency and blockchain school.