Cryptocurrency Litecoin: Analysis of Adoption, Use, and Technology

This report provides an analysis of Litecoin cryptocurrency, focusing on its technology, usage, and the challenges hindering its widespread adoption. It explores the methods of purchasing Litecoin, highlighting platforms like crypto.com, CoinMama, and BitPanda, and discusses the advantages and disadvantages of cryptocurrency in general, such as ease of use, decentralization, and anonymity versus risks like price volatility and lack of regulation. The report also touches on the history of cryptocurrency, starting from David Chum's blinding algorithm in the 1980s to the emergence of Bitcoin in 2008, and delves into the reasons for the slow pace of cryptocurrency adoption, including price fluctuations, pump and dump schemes, and lack of price uniformity. The document emphasizes the need for understanding the technology and addressing the issues that impact its adoption for future growth.

Running head: CRYPTO CURRENCY
CRYPTO CURRENCY
Name of the Student
Name of the University
Author note

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The chosen crypto currency is Litecoin.
Purchase method
For purchasing of the crypto currency named Litecoin logging in the crypto.com is
necessary. Location is the main issue that is present in the buying of the Litecoin. The entire
process is performed with the help of the verifying the payment method, country of origin and
the fee payment management. The payment method that is used includes usage of the credit or
debit cards. Platforms of CoinMama and BitPanda is used for purchasing of the project. This is
performed with the help of the EU based crypto service. The average charge for Coinbase is
1.49% of the entire bank transfer. Bitcoin can be purchased with the help of the PayPal from the
Cryptex24. Litecoin can be purchased with the help of exchange of the crypto as well. Binance is
one of the similar stage.
Crypto currency
Crypto currency is a digital set asset that is designed for securing the exchange rates of
the products that are being transacted. Usage of strong cryptography ensures creation of
additional units as per the centralized digital currency of the central banking system. Bitcoin is
the first open source software that is launched as per the management of the decentralized crypto
currency (Pieters 2017). The decentralized crypto currency system ensures that the management
of the architecture that is used by the management is used for asset building. Mining is
considered to be the main reason for the validation of the transaction.
The main advantages of crypto currency includes the ease to use the technology is very
high. Decentralizing of the crypto currency is one of the main reason f usage of the product. In
this case the centralization is absent and this is the main reason that the projection of the

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management of the crypto currency is open to all the potent and existent clients of crypto
currency. This aspect ensures that the payment method will be open to the buyers of the crypto
currency. The cost that is incurred in buying of the crypto currency is comparatively low.
Unlimited and fast transaction is also one of the major advantage of the project. Maintenance of
the anonymity is also one of the main advantage of the crypto currency (Moran 2018).
The major disadvantage that is present in the usage of the crypto currency include lack of
knowledge regarding the topic of the system. This is the main reason that the popularity of the
entire system decreases. The risk of investing in the crypto currency is very high. The major
issue of lack of centralized issuer of the process. This ensures the fact that the management of the
project might get insecure. Low acceptance rate will act as one of the major issue in the
commencing of the project. This is the main reason that the usage of the crypt currency has not
been very high.
History of crypto currency
In the year 1980, David Chum invented the blinding algorithm. This process was
performed with the help of the help of the web based encryption. With the help of the blinded
algorithm, the main advantage of this system was used for blinded money. In the year of 1990,
Microsoft wanted to deal with the DigiCash regarding the management of the deal agreement but
the deal gradually failed. This process reached the peak in the year 2000 (Sayed & Abbas 2018).
This ensured the fact that the platform was growing in legal pressure. In the year 2009, the
operation got ceased. In the year 2008, Nakamoto displayed Bitcoin publicly. In the year of
2012, Wordpress was the first merchant to accept the Bitcoin.
Reason of slow pace of adoption of the technique

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The main reasons that are present in the management of the crypto currency includes
fluctuation in the pricing strategy. This ensures the fact that the management of the project was
prosecuted. The fluctuation might lead to a drop and increase in 49% of the total amount in one
single day. In case the there is a certain drop in the processing of the total sum, it decreases the
encouragement of investing in the crypto currency. Introduction of the pump and dump ICO
scheme with the help of the integral part of the crypto currency (Joy2018). This issue continues
to be the main issue behind the projecting of the lack of growth in the crypt currency. Lack of
price uniformity is one of the main reason of lack of progression.
After checking the rate of Litecoin, there is no change in the rate of exchange.

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References
Joy, A. I. (2018). THE FUTURE OF CRYPTO-CURRENCY IN THE ABSENCE OF
REGULATION, SOCIAL AND LEGAL IMPACT. PEOPLE: International Journal of Social
Sciences, 4(1).
Moran, J. D. (2018). The Impact of Regulatory Measures Imposed on Initial Coin Offerings in
the United States Market Economy. Catholic University Journal of Law and
Technology, 26(2), 7.
Pieters, G. C. (2017). The Potential Impact of Decentralized Virtual Currency on Monetary
Policy.
Sayed, M. N., & Abbas, N. A. (2018). Impact of crypto-currency on emerging market focus on
gulf countries. Life Science Journal, 15(1).