Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin.
The main difference is that litecoin can confirm transactions must faster than bitcoin. Litecoin can handle a higher volume of transactions thanks to its faster block generation. Transaction speed (or faster block time) and confirmation speed are often touted as moot points by many involved in bitcoin, as most merchants would allow zero-confirmation transactions for most purchases. It is necessary to bear in mind that a transaction is instant, it is just confirmed by the network as it propagates.
As of February 2015 there are many exchanges that deal with Litecoin. Although some exchanges allow only trading between litecoins and bitcoins, many exchanges provide trading between litecoins and US dollars
Bitcoin is the top crypto-currency or virtual currency in the industry because it was the first to market and the game changer on crypto-currency. This so called, "First-ism" or something that breaks out in a market before anyone else, typically has the leading position. Bitcoin has set that standard and to date is still the reigning champion.
However, Litecoin has been touted as being the second most successful virtual currency to date. Although there are slight nuances to how they approach the algorithm Bitcoin is based on, the value of Litecoin has has had the same volatility in price fluctuations as Bitcoin.