Litecoin - A cryptocurrency

Litecoin Overview

Litecoin is an internet currency that is instantly available with little to no cost payment service to virtually anyone in the world. The global payment network is completely distributed and regionalized expansively without any form of central authority. Through mathematic measures it secures the entire network enabling individuals to have total control over their finances. It is closely related to the Bitcoin currency concept and based off the same protocol with one main difference. Litecoin has the unique capability to resourcefully be mined with consumer-grade hardware. One of the focuses of this internet currency is to provide a mining algorithm that is compatible and will run at the same time as the hardware used for Bitcoins. The projected network schedule is to produce 84 million Litecoins that is 4 times more currency units than Bitcoin and is capable of handling a much higher volume of transactions.

How to Use Litecoin Currency

The open source software is released under the MIT/X11 license which allows individuals to run, modify, copy software and distribute modified copies. The transparency process of the software permits independent verification binaries and source codes. The advantage of network supports more transactions without having to modify the software in the future. This gives merchants faster confirmation times and receive further confirmations when selling larger ticket items.

Download the software compatible with Windows, Mac OS X, Blackberry, Android and GNU/Linux by first confirming the sites security certificate found in your browser preventing websites that are not authentically Litecoin. It is best to use bootstrap.dat to reduce installation time from 2 days to one hour. Encrypt your wallet with a passphrase that is easy to remember to you only. Log into the Litecoin forums or IRC to introduce yourself and begin mining, development, trading or using your Litecoin currency.

Litecoin Security

Encryption secures your wallet from unauthorized users allowing you to see history of transactions and your account balance. Your account is password protected and in order to spend litecoins clients must successfully login. A understanding check is required before sending payments. The security system protects against wallet-stealing viruses and Trojans.