Litecoin is an electronic payment system that uses the cryptocurrency of the same name. The basis for creating the system is the centralized administration protocol.
In the beginning, Litecoin was developed by specialists as the evolution of Bitcoin. As of October 18, 2015, the system currency is equal to $ 3. It ranks second in terms of cryptocurrency capitalization. Litecoin is used for exchange for ordinary money and for making payments for the purchase of Internet products. It should be noted that not all sellers accept this currency.
The protection of the system and ensuring its uninterrupted functioning occurs through the use of cryptographic methods.

 

Payment system functioning

The main component of Litecoin is a special open source client program. Clients are connected with each other thanks to the application layer network protocol that runs on different computers. Litecoin offers users to conduct foreign exchange transactions in private.
Litecoin applies the principle of a peer-to-peer network without the intervention of the administrative center. Thus, government regulation and purposeful manipulation of the course becomes impossible.
Litecoin is now being exchanged for both Bitcoin and fiat funds. This mostly happens on online platforms. Reversible processes (using bank cards) for buying Litecoin are not used due to the existing fear of a chargeback.

Litecoin wallet creation

The creation of the systems wallet is associated with the development of earning cryptocurrencies on the Internet. Registering a Litecoin wallet will not take a lot of time from the user. This procedure can be carried out in 2 ways:

Download the payment system wallet on the official website.
Create a wallet online.
Most users prefer online wallets. It is more convenient to work with them and there is no need to allocate memory for the program on the computer.
To register on the site, you need to find the appropriate section (Open an account). Next, you need to fill out a form consisting of an email and a personal password. After that, a message comes to the specified address with a request to confirm the registration. This completes the creation of the wallet. The personal account has its own lightcoin address. To earn money, you only need to indicate this link and the funds will automatically be credited to the account.
Replenishment of the wallet
Users replenish their Litecoin balance in order to obtain benefits, for example, subsequent sale or payment for Internet services. You can buy litecoin in 5 ways:

Via Webmoney wallet. This option is considered the simplest. To do this, you need an active account in the Webmoney system, type WMX. You can buy cryptocurrencies either on the Webmoney website, or using an exchanger. The advantages of this method include the ease of conducting a transaction, and the disadvantages are a large commission for conversion.
Purchase through the exchanger. Statistics indicate that the most common exchanger among users of the Russian Federation is Matbi. There is no commission here, and you only need your mobile phone number to register.
Balance replenishment through cryptocurrency exchanges. To purchase, you must submit an application for the auction. It is important to remember that on some exchanges there are restrictions on how to replenish an internal ruble or dollar account.
Buying with a forex broker. For a beginner, this method is not appropriate. There are some nuances here, ranging from account replenishment to the conditions for buying cryptocurrencies. The advantage of purchasing through forex brokers is that there are no restrictions on the amount of purchases.
Buy cryptocurrency directly. The method involves the acquisition "from hand to hand." To do this, find on the forums the user offering the sale. In this case, the commission will be minimal, but there is a risk of losing your finances, because there are no guarantees.

Selling and withdrawing litecoin

There are 3 options for disposing of cryptocurrency:

Carry out a litecoin sale operation and fix your profit from the transaction.
Do not take any action to expect an increase in cryptocurrency growth.
Purchase a product in an online store.
The development of cryptocurrency contributes to an increase in demand, therefore, the number of points of sale that accept it is growing every day.

Litecoin development

Litecoin developers decided to rebrand in order to attract new users. Charlie Lee is one of the leading specialists in the field of creating a payment system, emphasizes that fast and high-quality development is needed, including external ones.
To date, it is worth highlighting the GoCoin system, which is actively involved in the idea of payment with litecoins. But GoCoin simultaneously processes Dogecoin payments and some merchants give their preference to them.
The planned rebranding will affect the Litecoin logo: the community will promote a standardized cryptocurrency logo in one color.
In 2014, Litecoin was not in the best condition, but after 10 months the management managed to stabilize the work. The first step was to increase the value of bitcoin and the dollar several times. Major investors and companies have shown interest. Litecoin was able to take a leading position in the digital value market.
Litecoin withdrawal
There are specialized exchangers for the withdrawal of cryptocurrency. They translate to:

VISA / MasterCard (USD, EUR) - commission from 2.5 to 4.5%.
Privat 24 (UAH) - commission 4%.
By ordering a bank transfer (USD, EUR) - 2% commission.
On average, exchangers process withdrawal requests within 1 hour, and the term for receiving funds to the owners card is from 3 to 6 days, depending on the conditions established by the bank.