Litecoin is a P2P internet currency pretty much like Bitcoin. It differs from Bitcoin in that can be efficiently mined with consumer-grade hardware. There are four times more Litecoin currency units than Bitcoins.
You can exchange litecoins using a computer without the intervention of a bank or other institution. Like bitcoins, litecoins are divided into much smaller units to make it useful for small transactions.
Follow these steps:
A wallet lets you store Litecoins and send/receive payments. There are mainly two ways of creating a wallet:
There are many ways of getting litecoins, some of them are: selling something for litecoins, exchanging USD for litecoins, etc.
One of the most popular websites for exchanging litecoins and dollars is btc-e.com.
You can also mine bitcoins using your PC, that's known as mining litecoins.
Nowadays, it's hard to find a business accepting bitcoins, but many individuals do and this may change in the near future.
Have any problem, suggestion, comment, improvement...? Send me an email: canhasbitcoin @ gmail . com (yup, that's correct)