Litecoin is a peer to peer cryptocurrency based on the same blockchain technology as bitcoin. The technology Litecoin runs on is open sourced and decentralized without the need for any central authorities such as banks and governments. Litecoin can be sent to anyone in the world from anywhere in an instant while costing next to nothing to do so. Transactions through Litecoin are mathematically encrypted for maximum security, and are fully transparent so that all parties involved know the details of transactions. There are various cryptocurrencies on the market, but very few are as reputable as Litecoin. Litecoin was first released as a cryptocurrency in 2011 and was meant to compliment Bitcoin’s blockchain technology by offering a faster and cheaper method to send the currency than Bitcoin. It is said that Litecoin can be thought of as “silver” while Bitcoin can be thought of as “gold”, in terms of the difference of value and similarities between the two cryptocurrencies.show more
The symbol or sign used to represent Litecoin is “Ł” and the abbreviation or code representing Litecoin is (LTC). The price of a single Litecoin is constantly fluctuating, with an overall upward trend. This differentiates Litecoin from any regular fiat currency as the price rarely stays the same. The denominations of Litecoin are as follows; 0.001 are referred to as “lites” and 0.00000001 are referred to as “photons”. Litecoin is a cryptocurrency and there are literally hundreds of cryptocurrencies out there, all with their own symbols and abbreviations to represent them, such as Bitcoin. However, it is very important to be sure of the symbol when dealing with cryptocurrencies such as Litecoin. As many of the symbols and abbreviations used to represent Litecoin can look very similar to others. Mistaking symbols for one another can easily be done with beginners.
Litecoin, among other cryptocurrencies are proving themselves to be a viable store of value and currency. Litecoins can be exchanged for fiat currency and even used to purchase goods and services or as deposits into online treading accounts and such. However, it is not widely accepted yet by many online businesses and online trading brokerages. Luckily, Litecoins are easily exchanged for fiat currency, or other cryptocurrencies. For instance, Litecoin can be exchanged for fiat currency via online cryptocurrency exchanges for only a small fee. Once exchanged, the money can be transferred to your personal bank account, debit/credit card, or various forms of e-wallets, all depending on the exchange being used. Also, for traders wanting to deposit Litecoins into their trading account, some trading brokerages have an exchange built into their platform which makes converting Litecoins for fiat money very easy.
Another big difference between Litecoin and fiat currency is that there is no need for a conventional bank account to store your Litecoins. Litecoin is stored in your personal cryptocurrency wallet which are completely free to have and do not come with the hefty fees and additional costs that bank accounts have. Traders can deposit their Litecoin funds to their trading account directly from their own Litecoin wallet which significantly cuts back on transaction costs for both parties. As for withdrawing funds from a trading account, only Litecoins can be transferred to a Litecoin wallet.