What is Litecoin? Litecoin is a peer to peer crypto currency open users software project created by Charles Lee, a former employee of Google. A crypto currency is medium of exchange wherein cryptography is employed to ensure the security of the transaction. Crypto currencies are exclusively digital, rather obviously, since you cannot encrypt hard cash, the process is, however, sometimes used for hard cash transactions for the same purpose. Litecoin was originally intended to be a improvement over the then popular medium of bitcoin. Litecoin is also a open source software program, meaning that there is no pivitol hub of control or authority which gives businesses a lot of leeway and flexibility when using Litecoin for their financial transactions. Background:
Litecoin was first developed prior to 2011 but was only given it`s first initial release upon October 7, 2011. Litecoin was first released on GitHub, a web based hosting service website, by program designer, Charles Lee. Litecoin gained significant popularity after released and only two years later, in 2013, the Economist put out a article which mentioned Litecoin as being a very viable alternative to Bitcoin. The stated that since it`s initial release Litecoin had soared in value.
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