Litecoin is a peer-to-peer crypto currency and open source software project. Litecoin is identified under currency symbols LTC or XLT.
Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority.
To a large extent, Litecoin is technically similar to Bitcoin (BTC), but it offers some technical improvements over Bitcoin. It allows for a greater number of transactions to be processed by the network, thus reducing potential bottlenecks. Litecoin also has minimal payment cost.
Litecoin features two important differences for crypto-currency traders compared with Bitcoin:
- The Litecoin Network facilitates payments approximately four times faster than Bitcoin, processing a block every 2.5 minutes, compared with Bitcoin’s 10 minutes. In addition to faster transaction confirmation, making it suited for small-size purchases, this could allow for better resistance to attacks over the same period compared with Bitcoin.
- The Litecoin Network will produce 84 million Litecoins, which is over four times as many units as will be issued by the Bitcoin Network.
Litecoin can be traded on the following exchanges: 247Exchange.com, 796 Xchange, ANXPro, AlcurEX, AltQuick, AnyCoinDirect.eu, BITTREX, BTC China, BTC-E, BTC100, BTER, BitBay, BitIn.io, BitYes, Bitfinex, Bittylicious, CHBTC, CRXZone, CanadianBitcoins.com, Celery.com, Changer, Changer.com, Coin.MX, Coin4Coin, CoinGateway.net, CoinMKT, coinimal.com, CryptoCollider, Cryptonit, EXMO, ExchangeMyCoins.com, ExpressCoin, GDAX, harbor.ly, Huobi, Ice3X, Instacoins.ca, Instant Exchanger, Koinim, Kraken, LitecoinLocal.net, OkCoin, ShapeShift.io, SimpleSwapMe, The Rock Trading, TheCoinCave.com, Vircurex.