Litecoin is a digital currency that uses blockchain technology. It’s a spinoff of the Bitcoin protocol but has a few important differences. Litecoin is decentralised, meaning that a central bank doesn’t control it but instead relies on a wide network of crypto users supporting it.
The supply of mined coins is capped at 84 million compared with Bitcoin’s 21 million. Litecoin has a faster confirmation time of 2.5 minutes as opposed to every 10 minutes of confirmation time for Bitcoin. You can install an online wallet on a PC or mobile device and engage in transactions with other Litecoin users.
A Short History of Litecoin
Litecoin is one of the first cryptocurrencies that were created in 2011. Litecoin is sometimes referred to as the “silver” coin compared to bitcoin being the “gold” coin as the two cryptos became more popular.
Litecoin first became recognised as a leading digital asset when it reached a market capitalisation of $1 billion in 2013, just two years after its launch.
The digital currency remained in second or third place among the top cryptocurrency market valuation for many years. Litecoin toggles between seventh and eighth in market capitalisation among more than 1,600 cryptocurrencies in circulation today. Litecoin has reached an $8 billion market valuation and fluctuates with overall market conditions.
Litecoin adopted the Segregated Witness protocol in May 2017, piggybacking on bitcoin’s upgrade process that year. It also made history when it performed its first Lightning Network transaction that spring from Zürich, Germany, to San Francisco.
Why Use Litecoin?
Like all online casino payment methods, Litecoin has its advantages and disadvantages. The primary disadvantage is the small number of sites that accept this crypto. However, it has many benefits on sites that accept the coin. For example:
- Affordable. Litecoin’s price per token is considerably less than Bitcoin, which means that it still has the potential for exponential growth in the future.
- Fast Transactions. Litecoin processes transactions four times faster than other cryptocurrencies like bitcoin, and it’s the fastest payment method used for online gambling.
- No central bank. Instead of being linked to a central bank, the value of Litecoin is based on its trading volume on crypto exchanges Coinbase, Bitfinex, OKEx, and GDAX.
- Secure. Cryptocurrencies that run on a blockchain are popular because they offer transparency of transactions, safety in assurances that transactions are completed, and the security of your personal information from identity thieves.
- Get larger bonuses. For many crypto casinos, crypto is their preferred payment method. And to encourage you to use it, they offer more and better incentives.
How to Gamble with Litecoin
Playing your favourite online casino games with Litecoin is easy. All you must do is follow a few simple steps to open your account and start playing:
- Choose a wallet. Select a trustworthy service to securely keep Litecoin tokens.
- Select an Exchange. You need an exchange to purchase Litecoin. Choose one of the better ones with good security features and controls.
- Register with an online casino. Use a secure comparison site like Coincasinos.com to identify and select an online casino that accepts Litecoin for payment. Use a burner eMail account for added privacy.
- Deposit some Litecoin crypto and start playing. Your account should be ready for play in just a few minutes. Enjoy!
Once your account is up and running, you’ll have hours of fun and entertainment, knowing that your activities are private and hidden from prying eyes. No payment method associated with the global central banking system offers this level of anonymity and security.
To separate itself from the myriad of cryptocurrencies that exist today, Litecoin focuses its development efforts on being the anonymous coin of choice for private transactions. Their approach to privacy is gaining Litecoin the reputation of being a top long-term investment. Regardless of how many coins are introduced in the future, Litecoin is here to stay.
Although Litecoin is unlikely to exceed Bitcoin’s market capitalisation, it’s still a “better” coin in terms of its robust privacy features, while Bitcoin is simply a much more recognisable name. But with Litecoin focusing on being the leading transaction magnet of the future, it’ll give Bitcoin a hard run for its money.