Litecoin is designed around the idea of using cryptography to control the creation and transfer of money, rather than relying on central authorities.
Litecoin is different from systems like Paypal because
- It is decentralized (no group has monopoly control over it)
- It is not tied to US dollars or other government fiat currencies
- It is impossible to suffer chargebacks or frozen accounts
- It is (relatively) anonymous
- Fees are optional (you may pay to make your transactions process slightly faster)
Litecoin is a new digital currency that enables instant payments to anyone, anywhere in the world. Litecoin uses peer-to-peer technology to operate with no central authority: managing transactions and issuing money are carried out collectively by the network. Litecoin is also the name of the open source software which enables the use of this currency. The software is a community-driven open source project.Litecoin is intended to be a coin that is silver to Bitcoin's gold. Litecoin manages to have the incomparable traits and attributes of Bitcoin, while adding to the mixture CPU-specific mining and a 2.5 minute block rate. This means that Litecoin doesn't have to vie for the utilized computational cycles of your graphics card if you're already mining Bitcoins, but can work independently on your processor. We'd like everyone to get their chance at being an "early adopter", so we've preannounced Litecoin various days beforehand of theactuation day for you to be able to prepare your mining on our Testnet. There have also been no more than two blocks mined before release; the genesis block followed by a block to verify it.
Safety of trading Litecooin
To guarantee that a third-party cannot spend other people's Litecoins by creating transactions in their names Litecoin uses public key cryptography to make and verify digital signatures. In this system, each person has one or more addresses each with an associated pair of public and private keys that they may hold in a wallet.
Only the user with the private key can sign a transaction to give some of their Litecoins to somebody else, but anyone can validate the signature using the user’s public key.
Litecoin - where to get it
Where will the BTC price of Litecoin be in Six months? (Voting at bitcointalk)