What is Litecoin?

What is Litecoin?

Litecoin is an innovative peer-to-peer online currency that can be used by anyone in the world without restrictions. Payments can be sent instantly and at nearly zero cost, no matter where the sender and recipient are located. Litecoin is powered by an open source network that functions in a completely decentralized manner, with no central authority having control over the currency.

The network is secured by the power of mathematics and encryption. This enables users to securely transact with other individuals and businesses. Litecoin can be used for transactions of all sizes, meaning that no matter whether you sell digital items worth a few pennies each or are a luxury car dealer, this online currency can work for you.

Litecoin has several advantages over the Internet’s leading cryptocurrency, Bitcoin. It offers more efficient coin storage and faster transaction confirmations. Litecoin has also been in use for several years, enjoying a huge amount of support in the industry, high trade volume and liquidity. This explains why so many online merchants who take payments in Bitcoin will also gladly accept Litecoin from their customers.

Community

When you use Litecoin, you’re never alone. You can interact with other cryptocurrency users from all over the globe on the Litecoin forums, the Litecoin subreddit and the IRC Freenode channels #litecoin (for end users) and #litecoin-dev (for developers).

If you have any questions or are unsure about how something works, there are millions of Litecoin users and developers ready to provide valuable advice or point you towards the right resource.

Useful Resources for Litecoin Users

The Litecoin Wiki is a useful source of information about the cryptocurrency and has something for beginners and advanced users alike. You can use it to find out how to set up the wallet software, how to mine Litecoin, how to keep your coins secure and a whole lot more. The Litecoin Wiki also contains a list of exchanges and other services that let you buy or sell Litecoin.

The most up-to-date statistics on the network can be found by accessing the Litecoin Block Explorer. Additionally, you can use the Block Explorer tool to find out if a transaction has been processed.

Finally, developers can find the source code for Litecoin Core and associated projects on the Litecoin GitHub.

Fully Open Source Software Powered by Blockchain Technology

Litecoin is a completely open source software project, so you can modify, copy and distribute it how you want to. The network is powered by the Litecoin blockchain, which has been designed to be able to handle large transaction values by having more frequent block generation. This gives users faster confirmation times when compared to Bitcoin.

Encryption to Secure Your Wallet

Wallet encryption provides an added layer of security for your wallet. You can view your balance and transactions instantly, as they’re public information stored in the blockchain. However, you’ll need to enter your password before sending coins to another Litecoin address.

While using wallet encryption is optional, it is recommended to protect your coins from security threats like hackers, viruses and trojans.