Due to the size of its market capitalisation, Litecoin is rendered to be the third biggest cryptocurrency after Bitcoin and XRP. Users go to Litecoin to transfer currencies from one to another but in units of Litecoin, as opposed to USD. Just like the other cryptos, Litecoin is not issued by the government instead they are created through a process known as 'mining'. There are only meant to be 54 million Litecoins in circulation after this, the process will cease. There are incentives provided for miners who successfully verify something called a block. A block is a record of all recent Litecoin transactions throughout the world. Litecoin is known to be in high correlation with Bitcoin sort of like Gold and Silver when trading precious metals.
Litecoin is identical to Bitcoin in many ways, with a few unique features. Transactions on the Litecoin network are processed in 25% of the time it takes on the Bitcoin blockchain. Litecoin is also easier to mine, which the creators hope will lead to the network being even more decentralised.
How to trade Litecoin?
You can trade Litecoin with Litecoins CFDs, this means you can speculate on its value without having to own the underlying asset. With a CFD you are essentially trading a contract based on its price in the underlying market. You will need to place a small initial deposit down but this means you can gain exposure to a larger position and if the market moves in your favour your profit will also be magnified. Please note whilst your profits can be magnified, CFD trading will also have the same effect on your losses.