Litecoin is another peer-to-peer cryptocurrency that facilitates near-zero cost and instant payment to anyone across the world. Complementary to Bitcoin, Litecoin is released through an open source client, providing a decentralized, global payment network that requires no banks, and no corresponding equivalence in gold or silver. Based on mathematical proof, Litecoin is an electronic payment system that is not tangible and thus cannot be printed.
Founded on the amount of currency on the market, Litecoin ranks third after Bitcoin and XRP. Since it is not issued and regulated by any government, Litecoins are made or created by a process called “mining”. The supply of litecoins is fixed and limited, with 84 million Litecoins in circulation as the limit.
Charles Lee was motivated to create and release Litecoin in 2011 to improve on Bitcoin. For end-users, the 2.5 minute it requires to generate a block in Litecoin is a marked improvement on Bitcoin’s 10 minutes. It is possible to send money from the USA to Europe in under a second. Thus:
• Litecoin is more capable of handling higher volume of transactions.
• Faster block time equates to reduced risks in double spending attacks
• Less waiting time for merchants to get their confirmations
With Litecoins, one can buy services and goods anonymously. There is no need to give out personal information to transact online. Paying with Litecoin is cheaper as there are no country regulations to observe, no credit card fees to pay.
All transactions are secure as cryptocurrencies are locked in a public key cryptography system. It is impossible to break or breach this scheme. This is why even online casinos such as Slotland and Winaday Casino are using Litecoins for deposits and withdrawals.
Purchasing Litecoin is the same as buying Bitcoins. All one has to is to find a Litecoin exchange, then convert his particular currency to Litecoin, then send the converted Litecoins into his virtual wallet.
There are Litecoin exchangers that do not require a buyer to buy Bitcoin first. These are direct Litecoin exchangers such as Kraken, Snapcard, Bitrush and Bitfinex.