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Litecoin

Welcome to Litecoin, a cutting edge state of the art, digital currency in the same mold as Bitcoin and Ethereum.

About Litecoin

Developed by Charlie Lee, formerly of Google, Litecoin came onto the scene back in 2011. Utilizing the similar blockchain as Bitcoin, Litecoin offers significantly faster processing times, processing payments in under two and half minutes, as compared to Bitcoin’s normal 10 minutes processing. In addition, Litecoin offers the opportunity to interface and work with additional coins as compared to Bitcoin. Another unique aspect to Litecoin, is that while it enjoys the same security and crypto technology of Bitcoin, it uses significantly less computer processing resources. Because Litecoin uses its own algorithm, specifically the s-crypt.

Ever since its update in 2013, Litecoin features significantly less transnational fees, 20 times to be exact. And just like Bitcoin, Litecoin miners, as they are commonly known, can also perform transactions peer to peer. You can sell, trade and perform transactions on the Litecoin network. To handle transactions, you will need an electronic wallet, suitable for Litecoin. Because it is not based on an actual currency, all you need is a valid email and a way to convert actual currency into Litecoins on their official exchanges.

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About The Litecoin Wallets

Miners have free access to the wallets, thanks to the fact that it utilizes an open source technology that cross platforms on all the major operating systems and browsers. A major Litecoin wallet is Electrum. It cross platforms on Windows, Mac OS X and Linux, for personal computers and smart devices. The key to this wallet is its tough encryption and pass phrases, which can go as long as twelve words to completely thwart and ward off would be intruders. Speed is also the name of game when using Electrum. Unlike other wallets, it does not download the required blockchain, rather, it utilizes it from another server. You have the option of handling one account or several accounts from the Electrum wallet.

Another popular Litecoin wallet is LiteVault. The advantages of LiteVault is that it is also an online wallet, which saves on hard drive and computer ram, by not downloading the blockchain to your personal computer or smart device. It takes your special encrypted password to access your accounts through another remote server for additional security measures. This method adds increased speed to handle and process your peer to peer transactions. And just like Bitcoin, Litecoin can be used to buy products as well.

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