Introduction to Shutter Speed
The literal meaning of photography is writing with light. So it is very clear that to get a particular photograph we will have to manipulate light. This manipulation is done by adjusting the shutter speed and aperture of the camera. To explain it briefly, the shutter regulates the time for which the light falls on the sensor (film and slide in the older analog cameras) and aperture is the size of the hole which regulates the amount of light that falls on the sensor. So any photograph is the result of the adjustment of these two mechanisms.
In the days of the analog cameras, where adjustable shutter speed and aperture was available, the beginners were advised not to use slow shutter speed. So 1/60 (meaning 1/60th of a second) was the lower limit and those with very steady hand could use 1/30. In case of low light conditions they had to use flash and that sometimes killed the beauty of a shot.

But these days it is not so. Today cameras and lenses are coming with Image Stabilizers and Vibration Reducers (IS series cameras of Canon, OIS of Panasonic, VR lenses of Nikon, etc.) that eliminate shake from images even in low light conditions. So even if you need to lower the shutter speed, the images mostly remains sharp. That translates into a person with a steady hand being able to take pictures even at 1/8. In compact point-and-shoot automatic cameras, the ‘night mode’ and ‘night portrait mode’ uses slow shutter speed.
Slow shutter speed means some dramatic images. Have you seen images of car lights streaking across the night scene, or the wonderful flare of the fireworks or even the veil like appearance of a waterfall? These are all works of slow shutter speed of anything from ½ to 15 seconds.
On the other side you have fast shutter speed of say around 1/250 or higher. Some cameras support shutter speeds of up to 1/4000. Such speed can stop a drop of water right in the air. Even if you do not have a camera of such level, any camera gives shutter speed of up to 1/1000. In compacts the ‘sports mode’ or ‘child and pets mode’ use high shutter speed. So you can easily experiment with shutter speed by adjusting the camera at various settings.