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Litecoin is a fully decentralized digital currency created in 2011 by a former Google employee and MIT graduate Charlie Lee. An open source, global payment network based on cryptography and blockchain technology, it is in many technical aspects similar or identical to Bitcoin, however there are certain differences which might make it more easily obtainable and transferable. Much like its virtual counterpart, it is a peer-to-peer currency controlled and managed by individual users based on supply and demand, with a capped amount of units, and completely free of any central authority or banking institution influence. It was launched to outshine Bitcoin in terms of number and speed of transactions, using a scrypt as proof of work algorithm and different protocols to overcome the scaling and size issues of blockchain, and implement more appropriate transactions formats. The Litecoin network therefore produces more new units per block, handles higher transaction volume and allows faster transaction confirmation times.
LTC is an internet currency that is instantly available with little to no cost payment service to virtually anyone in the world. The global payment network is completely distributed and regionalized expansively without any form of central authority. Through mathematic measures it secures the entire network enabling individuals to have total control over their finances. As said, it is closely related to the Bitcoin currency concept and based off the same protocol with one main difference. Litecoin has the unique capability to resourcefully be mined with consumer-grade hardware. One of the focuses of this internet currency is to provide a mining algorithm that is compatible and will run at the same time as the hardware used for Bitcoins. The projected network schedule is to produce 84 million Litecoins that is 4 times more currency units than Bitcoin and is capable of handling a much higher volume of transactions.
How Does Litecoin Work?
Those initiated into the inner workings of Bitcoin, should not have any issues switching over to Litecoin or using both currencies simultaneously, as the latter is based on Bitcoin's open source code base and works on the same basic principles. It is best viewed as a complementing currency with a greater total supply.
The open-source software is released under the MIT/X11 license which allows individuals to run, modify, copy software and distribute modified copies. The transparency process of the software permits independent verification binaries and source codes. The advantage of network supports more transactions without having to modify the software in the future. This gives merchants faster confirmation times and receive further confirmations when selling larger ticket items.
Download the software compatible with Windows, Mac OS X, Blackberry, Android and GNU/Linux by first confirming the sites security certificate found in your browser preventing websites that are not authentically Litecoin. It is best to use bootstrap.dat to reduce installation time from 2 days to one hour.
Just like other cryptocurrencies, Litecoin resides on the blockchain, and to use it, the coins must be stored in a private digital wallet - an online or preferably a hardware version for greater security. To create a wallet, you must first open an account with a website or application which serves as an online exchange for buying and selling. There are numerous exchanges like CoinBase, Bittrex, Kraken and others, but it is important to choose a trusted one with a good reputation in the community. Wallets can be installed on tablets, mobile and desktops with all operating systems supported. Encrypt your wallet with a passphrase that is easy to remember to you only. Log into the Litecoin forums or IRC to introduce yourself and begin mining, development, trading or using your Litecoin currency.
Litecoin Security
Encryption secures your wallet from unauthorized users allowing you to see history of transactions and your account balance. Your account is password protected and in order to spend LTCs, clients must successfully login. An understanding check is required before sending payments. The security system protects against wallet-stealing viruses and Trojans.
Pros and Cons
Especially suited for smaller or micro-transactions, Litecoin is a good choice for gamblers to transfer funds to and from casinos. However, there aren't many operators who integrate the currency, simply because its use has not yet become widespread. In the future, merchants should find this option more beneficial than Bitcoin, due to faster transaction confirmation rates, meaning there's less time to wait and ensure customer payments have been received. Due to the confirmation rates of only 2.5 minutes and more frequent block generation, Litecoin can process more transactions in a given time frame.
Compared to traditional currencies, there are major advantages which make it potentially more suitable for gamblers. Being anonymous and independent is especially convenient for US players, but also all others who appreciate the self-serving cryptocurrency system. Provided a safe and trusted exchange is used, along with an encrypted hardware wallet, the safety of transfers will be on an even higher level than with banking accounts. You can send or receive funds instantly from anywhere in the world, at any time you choose. Furthermore, the network and software are dynamic, ever-expanding and changing, with numerous developers working to improve existing features or implement new tools.
Litecoin payment method fees and facts | |
Litecoin is popular in these countries United Arab Emirates, Australia, China, Germany, Spain, Finland, France, Hong Kong, India, Malaysia, Netherlands, Norway, New Zealand, Saudi Arabia, Sweden, Singapore, United States | |
Link to terms & conditions | https://litecoin.com/en/legal |
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Member's feedback (35)
LTC was made for smaller transactions and overall in my opinion the best crypto to use when playing online. I have never had to wait anywhere longer then five minutes for my transaction to be completed on the block chain. And no fees for sending any amount as well unlike some of the bigger cryptos out there.
I think the payment method is not bad, but you have to do some research about it beforehand
Ich finde die zahlungsmethode ist nicht schlecht, allerdings muss man sich vorher etwas darüber schlau machen
I used to use Bitcoin just because I was new to crypto. Litecoin is by far the quickest, easiest option there is for crypto casino's. Best benefit is that there are a lot of wallets that support it. Love that it has less than $.01 network transaction fee's as well.
It is sometimes quicker than regular bitcoin to show up but I can't find an app that uses the correct address the casino wants to withdrawal with litecoin
russhartranft 12 days ago Jr. Member
i just recently moved to litecoin for deposits. it is just as fast as bitcoin but less fees involved so cheaper. Its not any harder than depositing with bitccoin.. most of the casinos offer so no brainer.
So much cheaper than most crypto. Also, it deposits faster and verifies quicker as well. Overall litecoin is a much better choice than bitcoin for deposits. The same can be said for withdrawals made with Litecoin. Cheap, fast, reliable.
Litecoin is my favourite way to deposit and withdraw. It's fast, efficient, cheap and many casinos now accept it as payment methods and as withdrawal methods. I recommend everyone uses litecoin for quick deposits and withdrawals
Litecoin impresses with fast, cheap transactions and is a popular alternative to Bitcoin. I particularly appreciate the high level of acceptance in many shops and the easy conversion into other cryptocurrencies via the wallet app. Deposits and withdrawals are usually smooth and noticeably faster than with Bitcoin, which...
Litecoin impresses with fast, cheap transactions and is a popular alternative to Bitcoin. I particularly appreciate the high level of acceptance in many shops and the easy conversion into other cryptocurrencies via the wallet app. Deposits and withdrawals are usually smooth and noticeably faster than with Bitcoin, which makes it very convenient to use. Litecoin is therefore very practical and useful, especially in everyday life, as it is uncomplicated and user-friendly.
Show moreLitecoin überzeugt durch schnelle, günstige Transaktionen und ist eine beliebte Alternative zu Bitcoin. Besonders schätze ich die hohe Akzeptanz in vielen Geschäften sowie die problemlose Umwandlung in andere Kryptowährungen per Wallet-App. Ein- und Auszahlungen gehen meist reibungslos und spürbar schneller als bei Bitcoin...
Litecoin überzeugt durch schnelle, günstige Transaktionen und ist eine beliebte Alternative zu Bitcoin. Besonders schätze ich die hohe Akzeptanz in vielen Geschäften sowie die problemlose Umwandlung in andere Kryptowährungen per Wallet-App. Ein- und Auszahlungen gehen meist reibungslos und spürbar schneller als bei Bitcoin vonstatten, was die Nutzung sehr angenehm macht. Gerade im Alltag ist Litecoin daher sehr praktisch und nützlich, da es unkompliziert und benutzerfreundlich ist.
Show moreAlways my go to option for deposits and withdrawals. Usually the fastest. Completes within 30 minutes on average and the fees are minimal. Usually pennies. By far the best crypto option.
Someone says its better and others are saying it's not good. What's difference between bitcoin and lite coin fees. I am belonging to the region where its prohibited. So for me its purchase is slightly difficult because government is totally against digital currency. I have option to choose bitcoin or bitcoin. Which fees...
Someone says its better and others are saying it's not good. What's difference between bitcoin and lite coin fees. I am belonging to the region where its prohibited. So for me its purchase is slightly difficult because government is totally against digital currency. I have option to choose bitcoin or bitcoin. Which fees is high? Depositing and withdrawing and transferring all fees.
Show moreIt is a very good deposit option, it has very little fees, around 20 cents when you deposit 20 dollars for example and to me it is absolutely correct. I can easily buy it with my bank card but unfortunately,, the fees to process are higher.
This is the absolute best way to go for any kind of crypto transfer or deposit. The fees are microscopic and it goes through the blockchain lightning fast for real. It is also a very well established and trustworthy crypto/ currency.
I love litecoin. This is is the banking method I use almost always. Its fast and reliable and the withdrawals are the fastest and at some casinos instatenous. This is the best banking method.
Lite coin is my go to when depositing at any casino. It cost less than any other option I’ve found. It’s not as fast as a credit card but only takes a minute or two and no personal information has to be shared with the casino like a bank card or anything
I really love litecoin especially for when I'm sending crypto the fees are really low compared to some others and also litecoin I feel is somewhat stable when it comes to its price it does take a bit longer for it to get confirmed but I do t mind that at all.
litecoin is my preferred method for better I say preferred type of currency I like to use when interacting with casinos. it seems to be faster another types of crypto and it's easy to check on the blockchain. I would suggest everyone use Litecoin when dealing with online casinos
I’ve been using litecoin more than any other banking method recently as it’s easy and obviously a lot cheaper than bitcoin! if you have a good crypto wallet that’s all you need to play with online casinos. Just always check the minimum deposit amount because if you don’t make those requirements you lose that deposit.
Nckwagers#2 2 months ago Newbie
I haven't really ever used litecoin until recently. But I really like it and I wish I would have started using it sooner. The transactions go through much quicker than bitcoin and they seem to be much cheaper and at some places it is the preferred option over bitcoin. And with many wallet apps you can easily just convert...
I haven't really ever used litecoin until recently. But I really like it and I wish I would have started using it sooner. The transactions go through much quicker than bitcoin and they seem to be much cheaper and at some places it is the preferred option over bitcoin. And with many wallet apps you can easily just convert bitcoin into litecoin and vice versa. But for me the withdrawals from litecoin might take a little longer to receive but the deposits have almost always been much faster.
Show moretweakend 2 months ago Newbie
Pretty much the same as using Bitcoin but can be a little bit faster than Bitcoin when it comes to confirming the deposit very easy to withdraw to as well very simple very easy makes gaming a very smooth process
I’m so glad I finally switched from using bitcoin to using lite coin stead because the fees for sending my deposits for online casino as bitcoin especially through cash app were getting just ridiculously expensive but the fees for sending lite coin are so low it’s usually a few cents instead of several dollars. And the...
I’m so glad I finally switched from using bitcoin to using lite coin stead because the fees for sending my deposits for online casino as bitcoin especially through cash app were getting just ridiculously expensive but the fees for sending lite coin are so low it’s usually a few cents instead of several dollars. And the transactions are pretty fast too since it only takes like 2-3 minutes per block on the blockchain compared to about ten minutes per block with bitcoin.
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