Litecoin (which is represented as LTC) is a fully digital form of currency which can be sent between users without the need for a middleman like a bank. This is all facilitated by the blockchain.
The blockchain is a distributed ledger which is public and can be verified across a large network using cryptography hence the term cryptocurrency.
Bitcoin was created by Charlie Lee in 2011.
The beauty of the internet and internet currency is that you can trade the markets all the time 24/7 365 days of the year. Buying or Selling LTC is very easy and simple on theiCE3 Exchange. Simply select the LTC/ZAR trading pair or one of the many other BTC pairs to place your BUY and Sell orders.
The best way to store Litecoin or any cryptocurrency is by using a Hardware Wallet. This way, you and you only have control over your coins and they can not be hacked or scammed. Never store your coins on an exchange or web-based wallet where you do not control the private keys. Only keep coins on an exchange that you intend to trade with, there is no reason not to.
Trading LTC like a commodity is very much the same as trading gold, the difference being, LTC in this instance are like digital gold. Just like gold is traded on stock markets all over the world, LTC can also be traded on exchanges all over the world. The price at which LTC is trading is purely down to supply and demand. We do not get involved in any trading (i.e. We do not sell or buy on the exchange). The local market price for Litecoin in South Africa is down to the users trading on the exchange.