What is Litecoin?

The number of cryptocurrency in the world is estimated to be above 700, and more cryptocurrency is expected to spring up in future. The success and high value of Bitcoin stirred up a lot of people enthusiasm for trading in cryptocurrencies. The digital currencies share some similarities with the regular FIAT currencies. There are multiple cryptocurrencies in circulation just like being obtained in the traditional word. Bitcoin is presently the most publicized currency in words; it competes with several altcoins which Litecoin happens to be one.

Litecoin, like other cryptocurrencies, functions the same way an online payment system does. Like Payoneer or a Paypal, it can be used for currency transfer from one person to another, rather than using the traditional FIAT currency. That is where Litecoin's similarity to most traditional currency and payment systems ends.

Like other cryptocurrencies in the market, Litecoin is not issued by any government. It is a decentralized currency and works in the same way as Bitcoin. If Bitcoin is the "crypto king", Litecoin is the "crypto prince" and estimated to take up the mantle of crypto kingship in years to come. Every 2.5 minutes (as opposed to 10 minutes for bitcoin), the Litecoin network generates what is called a block - a ledger entry of recent Litecoin transaction all over the world. And here is where Litecoin's inherent value is gotten. Mining software is used to verify the block to ensure it is visible to miners that are interested in seeing it. Once a miner confirms it, the next block enters the chain, which is a record of every Litecoin transaction, ever. Litecoin can handle more transactions than Bitcoin.

The following exchanges are where Litecoin can be bought and exchanged anywhere in the world. Most trade Litecoin on exchanges such as Coinbase, Coin Mama or Coin Loft. Other more savvy traders, who want to go for bigger profits, will trade Litecoin as a CFD ... READ MORE