WHAT IS LITECOIN?
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin.
Community
Find support across a growing number of Litecoin communities:
Litecoin Forums
Litecoin Telegram
Reddit Litecoin
Search for Users on Twitter
IRC FreeNode network channels #litecoin (for general users) and #litecoin-dev (for developers).
Resources
Find general information as well as a list of services and exchanges that support Litecoin at the Litecoin Wiki.
Up-to-date network statistics can be found at Litecoin Block Explorer Charts.
Source code for Litecoin Core and related projects are available on GitHub.
Open Source Software
Litecoin is an open source software project released under the MIT/X11 license which gives you the power to run, modify, and copy the software and to distribute, at your option, modified copies of the software. The software is released in a transparent process that allows for independent verification of binaries and their corresponding source code.
Blockchain
The Litecoin blockchain is capable of handling higher transaction volume than its counterpart - Bitcoin. Due to more frequent block generation, the network supports more transactions without a need to modify the software in the future.
As a result, merchants get faster confirmation times, while still having ability to wait for more confirmations when selling bigger ticket items.
Wallet Encryption
Wallet encryption allows you to secure your wallet, so that you can view transactions and your account balance, but are required to enter your password before spending litecoins.
This provides protection from wallet-stealing viruses and trojans as well as a sanity check before sending payments.
Mining Reward
Miners are currently awarded with 12.5 new litecoins per block, an amount which gets halved roughly every 4 years (every 840,000 blocks).
The Litecoin network is therefore scheduled to produce 84 million litecoins, which is 4 times as many currency units as Bitcoin.
If you have a secure ledger, the process to leverage it into a digital payment system is straightforward. For example, if Alice sends Bob $100 by PayPal, then PayPal debits $100 from Alice's account and credits $100 to Bob's account. This is also roughly what happens in traditional banking, although the absence of a single ledger shared between banks complicates things.As mentioned above, the easiest way to acquire bitcoin is to simply buy it on one of the many exchanges. Alternately, you can always leverage the 'pickaxe strategy.' This is based on the old saw that during the 1849 California gold rush, the smart investment was not to pan for gold, but rather to make the pickaxes used for mining. Or, to put it in modern terms, invest in the companies that manufacture those pickaxes. In a cryptocurrency context, the pickaxe equivalent would be a company that manufactures equipment used for Bitcoin mining. You may consider looking into companies that make ASICs equipment or GPUs instead, for example.
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