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  1. #1
    Senior Member Jennifer's Avatar
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    What is a litecoin? (looking for a description in layman's terms)?

    I only just heard about litecoins and bitcoins today. I understand they are a digital currency, but i dont understand how people use them and what does it mean when people say they "mine" them?

  2. #2
    Junior Member mackindale's Avatar
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    Basically, these will replace currencies like the Euro, US dollar, yen and other forms of money.
    There is a limited amount, so over time, their value will INCREASE rather than decrease, like what's happening to the USA dollar. If you look at prices in the 1920's, you'll see $10 bicycles and 5 cent comics. Now those things cost a hundred dollars or 3 dollars.
    Bitcoin is the opposite. A few years ago, a person bought a pizza for 10,000 bitcoins.
    That was roughly $20 dollars worth. Now, 10,000 bitcoins is worth $1340000.
    It also means if you buy $500 worth of bitcoins with your US dollars, if you wait, those bitcoins will increase in value, and someday, maybe in a year, you could see them for $2000 or more, perhaps.
    No one knows the future, but Bitcoins are a GOOD investment. They're also VERY secure.
    I recommend you read more on them, and tell your friends about them.
    The more people who know about bitcoins, the more they are worth as well!

  3. #3
    Junior Member aliraza1's Avatar
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    There is a limited amount, so over time, their value will INCREASE rather than decrease, like what's happening to the USA dollar. If you look at prices in the 1920's, you'll see $10 bicycles and 5 cent comics. Now those things cost a hundred dollars or 3 dollars.



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