Litecoin is a decentralized online currency. It can be used to purchase internet services, such as website development or goods, such as jewellery or other related accessories. The great thing about Litecoin is that it provides merchants with a safe and easy way to accept money, as there are no fees when sending or receiving funds.
You will also find that all payments are recorded via an online system, otherwise known as the blockchain. This enables the payment receiver to immediately verify the payment and the user, without having to research it all by hand.
Litecoins can be used worldwide, by anyone. The fees experienced by Litecoin users are significantly lower when compared to that of credit card companies and bank transfers. For example, a customer in France can receive a payment from someone in New York within seconds, with both parties obtaining clear proof that the transaction has gone through while also having it stored on the blockchain system. Litecoin uses software which allows you to send payments, much like sending an email.
It is worth noting that there will only ever be 84 million litecoins, so you don’t need to worry about inflation affecting the overall value of your currency. Many people make exchanges using litecoins, with millions of trades happening every day. These exchanges are often used to trade Euros, dollars and more into litecoins, so the possibilities really are endless. This also enables users to protect their financial investments by trading their physical currency into litecoins, so exchanges can happen without worry of the new currency depreciating in value.
Whatever you need, litecoins can be a great way to make online purchases, not to mention that they can also help you protect your own finances by protecting you from inflation and other external influences that might affect the value.