Steemit Crypto Academy | Season 2: Altcoins – Part1 "Looking beyond the Bitcoin"

28일 전

Altcoins are basically termed as other Cryptocurrencies besides Bitcoin. These were born following the success of Bitcoin. Altcoins are also referred to as ‘alternative coins’. ‘Alt’ means Alternative and coins are cryptocurrencies.

Namecoin was the very first Altcoin that was introduced in 2011, 2years after Bitcoin’s innovation in 2009. In my opinion, I regard Bitcoin as the mother of all “Altcoins.” Thanks to the pseudonym ‘Satoshi Nakamoto’ who championed the innovation of Bitcoin because today we now have over 5000 Altcoins including Litecoin, Ethereum, Tether, Cardano, BNB, Chainlink, Steem, etc; As portrayed by the rankings and statistics of the various Altcoins on the Coinmarketcap

Altcoins -Part 1.png

Background image:Pixabay

Altcoins were born to address the limitations of Bitcoin. For example, With Bitcoin, there will only be a creation and mining of up to 21 million Bitcoin whereas with an Altcoin like Litecoin there will be a creation of up to 84 million Litecoins. Besides that, every bitcoin takes 10 minutes to be mined whereas Mining of Litecoin only takes 2.5 minutes. Bitcoin mining is costly due to the costly hardware that is employed in the process of mining whereas, with Litecoin, mining is cheaper reason being that it is done by simply using a computer.

Types and Examples of Altcoins

Altcoins go beyond being coins as they are innovated uniquely with a certain working product powered by any of these Altcoins. For instance, Steem as an Altcoin has a great product called “Steemit” a social media blogging site and online community powered by the “steem blockchain”. In the process, Investors are attracted to such a coin. I will elaborate more on the determinants of a successful coin and you will get to learn which ones are worth your investment? Just stay tuned for that part in the next topic “Altcoins – part2”

There are various types and examples of Altcoins

Altcoins.png
Customized using Powerpoint - For images: Pixabay

Stable coins

Previously, during the season 1 Crypto Academy, I delivered a lecture on this type of Cryptocurrencies. You may want to check out that article for more details about Stable coins. Otherwise Stable coins are simply a type of Cryptocurrencies whose value is tied up to an underlying asset that could be fiat-backed with fiat currencies like USD, EURO, or Crypto-backed with cryptocurrencies such as Bitcoin, Ethereum, or commodity-backed with real-world assets like Gold. Examples of Stable coins include Tether, Dai, Paxos standard, USDC, DGX and so on.

Bitcoin is highly volatile, for example during last year in March the Bitcoin price dropped from about $13000 to as low as $6000. Therefore, Stable coins as a type of Altcoins were innovated to offer a great solution to the challenge of high volatility in the Crypto market. These are doing well by always providing a safe haven for the funds of crypto traders and Investors courtesy of their fixed value that does not waver in the times of crypto dumps.

Security Tokens

These are basically an investment contract that represents legal ownership of an asset be it a real physical asset such as real estate or a digital asset. They are linked to a business or an organisation that guarantees certain benefits to its customers like profit sharing, equity in the Company, direct decision making of a company which can be in form of voting rights. In other words, the more security tokens you hold the more voting rights, profit margin/ shares you have in the company.

However, there are stricter guidelines put in place by the company which ought to be carefully observed while transferring the company’s security tokens. These are also subject to federal security regulations.

Examples of security tokens include; Bcap tokens, 22x fund, etc

Utility Tokens

These are a type of Altcoins that avail a user with access to a service. You can also call these “gateway tokens.” For example, a user needs Filecoins in order to gain access to the file storage service in the Filecoin decentralized peer to peer file storage service. Another example is the Basic Attention token BAT, which is used in the interaction with the Brave browser, where a user is incentivized for viewing ads. Companies that need to advertise on Brave browser need to buy and spend BAT on the brave browser. Other typical examples of Utility tokens are Siacoin and Civic token.

The Pros of Altcoins

Offer unique functions

Altcoins are more than just coins; these offer some unique functions such as incentivizing user behaviour for example in social media platforms like Steemit where steem is rewarded to Content creators for creating quality content.

Provide a healthy Competition

These provide healthy competition in the crypto market. Many Altcoins have been innovated uniquely with a great solution to the problems/challenges in other existing Cryptocurrencies such as Bitcoin. These are providing faster and cheaper transactions plus better and low-cost mining algorithms for the tokens.

Less Volatility

Altcoins are less Volatile for example Stable coins like tether, Dai, PAX, USDC are much more stable crypto assets that are a great solution to the challenge of high volatility in the Crypto market.

Cons of Altcoins

Low marketcap value

Due to their low marketcap, they yield a lesser return of investments as compared to that of Bitcoin. Hence this is something that keeps back some potential investors from investing in them.

High potential of Fraud and Scam

There are high chances of being scammed through the various mushrooming Altcoins that is through their scam ICOs. In Uganda, I have witnessed plenty of scam coins such as Onecoin. It has no working product. It has collected plenty of billions of people’s money during its ICO. This crypto project has for a long time kept on promising its investors that, it will soon go public, get an exchange and then enable withdraws/cashing out of the onecoins.

Lack of Acceptance and exposure

Many Altcoins lack acceptance and Exposure hence keeping investors from investing in them. Many people (investors) are rather attracted to Bitcoin because of its popularity and exposure hence the neglect and low interest in Altcoins.

In conclusion, Altcoins are built on the success of Bitcoin but with a different set of rules of operations. They are uniquely designed and each of them seeks to address the drawbacks of Bitcoin.

Homework task: Write about any one of the following Altcoins

  • Litecoin (LTC)
  • Ripple (XRP)
  • Binance coin (BNB)

Rules and guidelines for the homework task

  • Post your homework article in the steemit Crypto Academy
  • Only steemexclusive articles will be curated
  • Your article should range between 300 – 1000words.
  • Use an exclusive tag #yohan2on-s2week1 and also tag me @yohan2on so that I can easily find your article.
  • Clearly reference your work in case you have directly borrowed any content from other sources. Otherwise, be original and as creative as possible.
  • Plagiarism and spinning of other users’ articles will not be tolerated in the homework task. Otherwise repeat offenders will be blacklisted and banned from the Crypto Academy.
  • Use only copy-right free images and showcase their source.
  • This homework task runs till 18th/04/2021, Time: 11:59 pm Ugandan local time.
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Professor this is my assignment

homework task

Hello prof @yohan2on,
Kindly review my assignment.

Thank you.

Hello Professor @yohan2on, I hope you are well, I will leave my participation here.

f57160446c72349cec5fea5687457be8181f38c5aef638cac9f70212c937d4d8.0.png

I hope you are very well, greetings.

Hello teacher @ yohan2on it is a pleasure to have you back in this second round, here is my TASK

Hello! Thank u very much for article!

Buenas noches profe @yohan2on espero se encuentre muy bien. Agradecida por su clase, aquí le presento mi tarea de esta semana por mi persona @minikay

Steemit Crypto Academy | Season 2: Altcoins – Part1 "Looking beyond the Bitcoin" | Ripple (XRP)

An informative course. Thanks for disclosing.

Thanks for this lesson... First of all, do you want me to write a comment when the lesson is done, or isn't is needed since the tag has been added anyway? Just asking for future reasons... Anyway, here you have my homework: https://steemit.com/hive-108451/@unbiasedwriter/steemit-crypto-academy-or-season-2-homework-post-for-yohan2on-altcoins-part1-looking-beyond-the-bitcoin

Hi professor, @yohan2on
First take my greetings and love💓💓. Here is my homework link. Please check.

https://steemit.com/hive-108451/@md-raju/crypto-academy-or-or-season-2-altcoins-part1-or-or-homework-post-for-yohan2on

Good day my Professors.
I have studied your course and done the homework. Below is the link to my post.

https://steemit.com/hive-108451/@tmighty/crypto-academy-week-9-homework-post-for-yohan2on-by-tmighty

Thank you so much prof for this wonderful lecture. I really learned a lot from your lecture prof. Below is the link to my homework

https://steemit.com/hive-108451/@tymes2/steemit-crypto-academy-season-2-part-1-task-by-tymes2-altcoin

this is a great lesson , i just learnt about the type of altcoins and this makes my day positive and useful , just preparing for the gomework task

It's nice to be under the umbrella of lecture once again professor @yohan2on, thanks for the great lecture as always. I present the link to my task below;

https://steemit.com/hive-108451/@fredquantum/3en4my-steemit-crypto-academy-season-2-week-1-task-or-altcoins-part1-looking-beyond-the-bitcoin-or-lecture-by-yohan2on

Thank you, prof.

Very important topic treated in this course. Nice job.


Here's my entry - link

Hello teacher @ yohan2on here is my delivery this week, I loved your lecture on altcoin and I learned a lot.

https://steemit.com/hive-108451/@juanjo09/the-litecoin-or-steemit-crypto-academy-season-2-week-1-homework-or-by-juanjo09

One more great lecture delivered sir and than

you will get to learn which ones are worth your investment?

I got so curious about it.

Will be participating in this week's lecture asap.

Thank you.

Saludos estimado profesor aquí le envío mi tarea semana Season 2: Altcoins – Part1

Bendiciones para usted.

https://steemit.com/hive-108451/@florni/steemit-crypto-academy-or-temporada-2-altcoins-parte-1-altcoins-sobre-litecoin-ltc-florni

Thanks this a great lesson

Hello prof @yohan2on this is my homework,I hope you want to give a grade for the assignment that I have made.
https://steemit.com/hive-108451/@karimjz/steemit-crypto-academy-season-2-week-1-homework-from-prof-yohan2on-litecon

Hello my amiable professor @yohan2on here is my assignment I will appreciate it if you go through my work, thou I have a work which you did not vote on which has been up-to 18 days @yohan2onhttps://steemit.com/hive-108451/@teco/crypto-academy-season-2-alticoins-part1-homework-post-for-yohan2on-or-litecoin-by-teco

Buenos días profesor aqui le dejo mi tarea

TAREA

Hello profesor yang saya hormati @yohan2on , saya sudah mengerjakan pekerjaan rumah saya semoga saya bisa mendapatkan hasil yang memuaskan

https://steemit.com/hive-108451/@muhammadrafi/akademi-crypto-steemit-or-musim-2-binance-coin-bnb

good afternoon teacher here my task this weekgood afternoon teacher here my task this week

https://steemit.com/hive-108451/@rhina27/season-2-altcoins-part1-litecoin-ltc

Thanks for the lecture Prof. Here is my homework submission

Hello dear teacher, it is good to be back, here I share my homework for this week. regards.

https://steemit.com/hive-108451/@dairhial07/crypto-academy-week-9-homework-post-for-yohan2on-altocoins-part-1-litecoin-ltc

Hello! prof @yohan2on it´s really good to participate in the cryptoacademy season 2! really good lesson and really good choices of altcoins for the task!!

here is my homework

https://steemit.com/hive-108451/@joseantpp/esp-eng-binance-coin-bnb-steemit-crypto-academy-or-season-2-altcoins-part1-looking-beyond-the-bitcoin-task-by-joseantpp

#venezuela #affable

My post was graded but it is not curated till now and is expired so i have made same post again and this is the link attached @steemcurator01

@steemcurator02
@yohan2on
@kouba01

LINK OF OLD POST(WHICH WAS NOT CURATED): https://steemit.com/hive-108451/@shahab1998/steemit-crypto-academy-or-season-2-altcoins-part1-looking-beyond-the-bitcoin-for-yohan2on-by-shahab1998

New LINK : https://steemit.com/hive-108451/@shahab1998/steemit-crypto-academy-or-season-2-altcoins-part1-looking-beyond-the-bitcoin-for-yohan2on-by-shahab1998-posting-again-because

PLEASE CURATE IT @steemcurator02

Below screenshot is of my post with grade attached:

18afeb01-d38d-4981-b6ed-edba2e0c8439.jpg

GRADE = 6;

record.jpg

hi, @yohan2on a great pleasure to greet you and know that you are back with us sending assignments in the cryptoacademy a big hug from Venezuela beforehand brother.

https://steemit.com/hive-108451/@darwinking/steemit-crypto-academy-or-temporada-2-or-altcoins-parte-1-for-yohan2on

Hello prof @yohan2on, I have gone through your wonderful topic on altcoins and I decided to attend to your questions. Here is the link to my answer, https://steemit.com/hive-108451/@prolee/steemit-crypto-academy-or-season-2-altcoins-part1-looking-beyond-the-bitcoin-lectured-by-prof-yohan2on-or-written-by-prolee

With all due respect @yohan2on professor. My post is not curated by @steemcurator02. This is my 6th or 7th post like this. I have posted total 15 homework Post and 7th of them aren't curated.
Can you please tell me what can I do. ????
@kouban01??

Hello, Prof. I hope you will be fine and good. Here is my homework when you are available please check it.
Steemit Crypto Academy Season 2, Week 1 Homework Post For [@yohan2on] || Altcoins - All about the Binance (BNB) Coin. What Is Binance Coin?

Thanks

Hello professor @yohan2on, it's been 2 days after I finished working on my assignment, but I haven't gotten any input and grades I hope you still want to check my assignment. this is my homework.
https://steemit.com/hive-108451/@karimjz/steemit-crypto-academy-season-2-week-1-homework-from-prof-yohan2on-litecon

Alt coins are integral part of cryptocurrency. Thank you for this lecture sir.

It's good to be back once again.

Hello Professor I am happy to know that you are one of the professors who continues with the cryptoacademy, here I leave my participation.
https://steemit.com/hive-108451/@mayepariata/steemit-crypto-academy-or-temporada-2-altcoins-parte-1-mirando-mas-alla-del-bitcoin-by-mayepariata

Hi, professor, it was interesting to read and learn about this altcoin.

I attach my participation:

Steemit Crypto Academy -Temporada 2 | Altcoins, parte 1 : Ripple XRP | Profesor: @yohan2on

Greetings! @yohan2on

Hello dear teacher, it is good to be back, here I share my homework for this week. regards.

https://steemit.com/hive-108451/@dairhial07/crypto-academy-week-9-homework-post-for-yohan2on-altocoins-part-1-litecoin-ltc

good afternoon teacher here my task this weekgood afternoon teacher here my task this week

https://steemit.com/hive-108451/@rhina27/season-2-altcoins-part1-litecoin-ltc

·

Good day Sir @yohan2on, I think my homework was mistakenly skipped. I just wanted to re-notify thanks. @kouba01

Hello professor @yohan2on, it is my pleasure to learn from you in this season of Crypto Academy.

Here is my entry to my home work task for season 2 week 1
https://steemit.com/hive-108451/@stephenoppong/crypto-academy-or-season-2-or-home-work-task-by-stephenoppong-on-altcoins-part-1-for-yohan2on

Respected Crypto Professor @yohan2on, here is my task for your evaluation.

https://steemit.com/hive-108451/@cryptokraze/crypto-academy-or-season-2-week-1-or-home-work-post-for-yohan2on-or-looking-beyond-the-bitcoin

Looking forward to learn more from you.

Thank You

Good day sir @yohan2on I went through you article and I love it so educating keep on the good work sir

Here is my assignment
https://steemit.com/hive-108451/@mykhell007/steemit-crypto-academy-or-season-2-homework-post-for-yohan2on-altcoins-part1-looking-beyond-the-bitcoin

Wow this is a wonderful class

This is my homework link here

Hello @yohan2on, you reviewed my assignment late after the curation had past my post, please can you help with it.

https://steemit.com/hive-108451/@ajewa/looking-beyond-the-bitcoin-binance-coin-bnb-steemit-crypto-academy-or-season-2-altcoins-part1

Thanks

Hello Sir, Here My Homework. I do not know why my last section styling is getting wired. In edit mode it just fines but when I update to post it becomes rough. Please ignore it.

https://steemit.com/hive-108451/@faisalamin/steemit-crypto-academy-or-season-2-altcoins-part1-looking-beyond-the-bitcoin-homework-post-for-yohan2on

Hello teacher @yohan2on! here is my homework from season 2
https://steemit.com/hive-108451/@vsaa/tarea-2-temporada-2-moneda-binance-bnb-por-victoria-saa

Hope you are having a great day.

Hello professor 👨‍🏫 it’s really good to see your lectures back..
This is my homework task for this week
https://steemit.com/hive-108451/@janemorane/steemit-crypto-academy-or-season-2-altcoins-part1-looking-beyond-the-bitcoin-homework-by-janemorane

Hello professor @yohan2on. Here my homework. Thank you!

Hola estimado profesor @yohan2on presento acá mi humilde respuesta a la tarea
https://steemit.com/hive-108451/@clavel/steemit-crypto-academy-or-season-2-altcoins-part1-looking-beyond-the-bitcoin-ripple
me disculpo por los detalles de formato, pues me estoy acostumbrando al nuevo editor de la plataforma. Saludos

Good day @yohan2on. What a nice article you wrote on altcoins.
This is my link for the assignment given.
https://steemit.com/hive-108451/@theopportunist/iqoku-write-up-on-litecoin-by-theopportunist

Profesor @yoan2on estoy pasando nuevamente el link para ver si hay posibilidad que me sea evaluada la tarea.
Teacher, @yohan2on I am passing the link again to see if there is a possibility that I can try the task
https://steemit.com/hive-108451/@adriancabrera/steemit-crypto-academy-or-temporada-2-altcoins-parte-1-mirando-mas-alla-del-bitcoin-steemit- cripto-academia-o-temporada-2-altcoins

hello professor @yohan2on my home work task has not been reviewed is up to 4days now here is my link://steemit.com/hive-108451/@jasminemary/steemit-crypto-academy-or-season-2-altcoins-part1-looking-beyond-the-bitcoin

Hi again professor. This is my homework task for this week
https://steemit.com/hive-108451/@piensocrates/crypto-academy-week-9-homework-post-for-yohan2on-litecoin-ltc

Thank you so much! And greetings!

Hello sir @yohan2on currently i saw that i did not had the choice of Ethereum and had to write on any of the three Altcoins given in the post. Please reply sir should i make another post or should i edit the same post and correct it?

·

I don't think you have enough time to create another article seeing that today is the deadline for this week's homework.

Besides, I have already reviewed your article and I cannot change my judgement on it. I have plenty of other posts to review.

Its a lesson that you have to learn. Just always read carefully, understand the guidelines and instructions of the homework task before proceeding to create your article.

·
·

Ok sir no problem will definitely do my next homework carefully....

Good-day Prof. @yohan2on.
This is my homework task. It's 5 days now, please help me , I forgot to post it in time here. Thanks:
https://steemit.com/hive-108451/@ericanthony/cryptoacademy-season-ii-or-or-homework-task-for-prof-yohan2on-or-or-altcoins-part1

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