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?
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!
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.