Litecoins are currently traded primarily for both fiat currencies and other cryptocurrencies, mostly on online exchanges. To avoid the danger of chargebacks, reversible transactions, such as those with credit cards, are not normally used to buy litecoins as Litecoin transactions are irreversible.
Payments in the Litecoin network are made to addresses, which are Base58-
Litecoin transactions are recorded in the Litecoin blockchain (a ledger held by most
clients). A new block is added to the blockchain roughly every 2.5 minutes (whenever
a small enough hash value is found for the proof-