Litecoin is a blockchain technology which started near the beginning of the crypto-currency era, which uses peer-to-peer networking technology (like BitTorrent) to create a network of nodes which synchronise every transaction on the network. Transactions between “accounts” are recorded on the blockchain, which keeps record of every single transaction on the network, on every single node – this means that transactions are highly secure, and cannot be reversed. This high security is provided by a process called “mining”, which requires the transactions to be “hashed”, a process of computing large amounts of random jibberish to a certain specification (let’s call if difficulty) such that when the specification is met, transactions which are used to compute that jibberish, are committed to the network and through a process of synchronising and voting, are rendered permanent.
Good question. The financial world is full of regulation. As Litecoin is a digital currency, you can’t just go to the bank and exchange your money. To buy Litecoin, you need to have an account with an intermediary, who will take your “real” money in the form of AUD or USD, and exchange this for LTC (Litecoin) or any other of a whole long list of cryptocurrencies. The problem for Australian’s, is we have limited choices here; there’s only a small handful of services which allow you to purchase Litecoin, and even fewer which allow Australian’s to sell it!
EDIT: Since sharing this post, I’ve been pointed to a few other exchanges which support buying/selling for Australian users; these are listed at the bottom of the post.
What’s different with crypto-currency, is that you are even more responsible for securing your new found money. If your CoinSpot account is hacked, it’s easy for someone to send the Litecoin in your account to their own account, and at that point, it’s gone forever.
You MUST secure your account, your computer, and any other devices you use to login!
Now you do whatever you want to do with your Litecoin. Watch the price soar, hoping it will net you millions of dollars. The beautiful thing about CoinSpot, is that Australians can easily buy and sell Litecoin and transfer it to other parties with ease. Want to pay your bills with Litecoin? Just buy some Litecoin on Coinspot, and use Living Room of Satoshi to pay any bill in Australia!
If this guide has helped you at all, feel free to send any amount of Litecoin to