Litecoin is a cryptocurrency based on bitcoin but is not Bitcoin. It’s like Bitcoin an open-source payment network and it is fully decentralized so there are no governing authorities or central banks regulating this digital.
Answering the question what is litecoin ? you can go as deep as you want but t comes down to that litecoin in its most basic format, it is a digital record held in ledgers on servers across the world and the number of servers is growing every week.
Payments are controlled by a distributed database called a blockchain. The blockchain is secure by design and acts as the ledger. Then entire process of the blockchain you should see as a action in series (that is where the name chain comes from)
Data in any block cannot be altered after the transaction without altering all subsequent blocks making it impossible to do so.
The blockchain is maintained by the active Litecoin community who help time-stamp all the transactions. Whenever a transaction is made, it is placed in a pool of transactions that are added to the blockchain by ‘miners’. The first miner to essentially solve a complex coded problem using specific computer hardware, receives commission.
This process is call mining and this is also the way new Litecoins are introduced into the pool of litecoins, (you must have heard the term somewhere by now.)
Buying and selling Litecoins is more secure when going through a regulated forex online broker.
1Advantages of trading Litecoin with a regulated online broker
As with almost any internet related activity there are people that have less honorable intentions that you have to be aware of.
like anything else if it is too good to be true… this is why trading with a regulated Broker that is monitored and audited by a proper regulation entity will make a difference. Everyday new Litecoin brokers hit the market and I am not saying that unregulated litecoin brokers are not good as many are just fine.
You just have to do your own research and look around to see if the broker offers those trading conditions you need. I know from experience that even with the best brokers like Ducascopy it can be almost impossible to open an account as it takes way too long and there are simply too many forms to fill in for the simple trading activity I plan to perform.
What is Litecoin used for?
www.Litecoin.com - The official website of Litecoin, where you can download your own digital wallet.
www.Litecoin.info - An informative Wikipedia style site packed with everything you would want to know about Litecoin.
www.Litecointalk.org - The official Litecoin forums, containing guides on buying, selling and mining Litecoins, plus technical support and general discussions.
www.reddit.com/r/Litecoin - A community of Litecoin fans which post and discuss the latest Litecoin news.
www.Litecoinassociation.org - A community dedicated to the promotion of Litecoin.
www.btc-e.com - One of the larger trading websites used to buy and sell Litecoins.