Litecoin is a digital crypto-currency created as an alternative to the bitcoin virtual cash. Incepted in 2011 by a guy named Charles Lee, its popularity has intensively grown rising the price of one litecoin in 400% and making it worth about 50 USD as of the time of writing. Based on bitcoin protocol, the litecoin e-money is supported by the same peer-to-peer open source network – however, there are some differences concerning the mining process and the transaction speed. Another distinctive feature is that the final number of litecoins ever to be created is 84 million, which is four times higher than the potential overall amount of the BTC.
Below, you will find the major characteristics of the Litecoin digital cash, its advantages and uses.
Litecoin Transactions: Speed and Security
Litecoin payments are completed extremely fast – it takes about 2.5 minutes to receive a confirmation for a single transaction. All online trading activity is processed by an encrypted system, enabling protection for both the buyer and the seller. Just like with bitcoins, the litecoins transactions are irreversible – once the payment is made there is no way of claiming your money back. This combination of security, convenience and promptness of the financial operations makes litecoins an attractive form of e-commerce for small and medium purchases.
Where Can I Acquire and Keep My Litecoins?
Litecoins can be bought online through exchanges and marketplaces or accepted as a form of payment for goods or services. Trading platforms such as btc-e.com, for example, allow users to buy and sell this crypto cash to other members virtually or in person. Similar to bitcoins, litecoins can be stored in a digital wallet – an application installed and downloaded to your PC, tablet or a mobile phone. A web-based wallet allows its owner to use the electronic money in any location with an internet connection. However, due to security concerns some prefer using a combined form of storage: offline – for larger litecoin amounts, and online – keeping smaller funds for daily trade and purchases.
How Can I Use Litecoins?
There are many websites and businesses that work with litecoins: a wide range of goods such as jewellery, custom printed items and even solar power generators can be acquired for this currency. Some webhosting and domain-names websites also accept litecoin as a form of payment. Another way of using litecoin is investment: it goes without saying that litecoins are much more affordable than bitcoins today. Since litecoin price is currently on the rise some buyers believe, that sooner or later it may follow the bitcoin price curve pattern. Unfortunately, there is no way to accelerate transactions with Litecoin.
The litecoin electronic cash is the second largest internet currency after bitcoin: its current market cap today is exceeding 1bn USD. While there is an apparent similarity between litecoins and bitcoins, these are two different currencies. The Bitcoin value has soared dramatically and the virtual currency market is subject to a constant change – which is one of the reasons for users to diversify and acquire other forms of digital cash. A growing litecoin community including forums, discussion boards and latest news provides a solid base of knowledge for anyone wishing to get exposed and start trading.