What is Litecoin (LTC)?
Litecoin is a popular cryptocurrency that offers fast and secure transactions, making it a preferred choice for many users, especially those who have heard of Bitcoin. In this article, we will provide you with a comprehensive introduction to Litecoin and its relevance to using it on a gambling website.
Brief History of Litecoin
Litecoin, often referred to as the “silver to Bitcoin’s gold,” was created in 2011 by Charlie Lee, a former Google engineer. Lee aimed to create a lighter and more scalable alternative to Bitcoin while maintaining its key features. Inspired by Bitcoin’s code, Litecoin was built on a peer-to-peer network and shares many similarities with Bitcoin.
Litecoin has experienced price fluctuations throughout its history. In 2021, Litecoin reached an all-time high, driven by the surge in overall cryptocurrency prices during that period.
However, it’s important to note that the cryptocurrency market is highly volatile, and prices can change rapidly. Therefore, it’s advisable to stay updated with the latest market trends and conduct thorough research before making any investment decisions.
In May 2021, Tesla CEO Elon Musk expressed concerns about Bitcoin’s environmental impact and announced that Tesla would stop accepting Bitcoin as payment. Musk mentioned that they would be looking for other cryptocurrencies that use less than 1% of Bitcoin’s energy per transaction.
How Litecoin works
Litecoin works using a special technology called blockchain. This technology keeps a record of all the transactions made with Litecoin. It’s like a digital ledger that can’t be changed, showing who owns the Litecoin and how it is transferred.
The difference between blockchain and the transaction records used by banks is that blockchain is not controlled by just one organization. Instead, it is shared among many computers owned by different people who don’t know each other or trust each other.
So, you can think of blockchain as a network of computers that all have a copy of the digital ledger. Each computer updates its own copy of the ledger independently, automatically, and very securely.
Difference between Litecoin and Bitcoin
One significant difference is the transaction confirmation time. While Bitcoin takes approximately 10 minutes to process a transaction, Litecoin boasts a faster transaction speed of around 2.5 minutes! This quicker transaction time makes Litecoin a more efficient option compared to Bitcoin.
To store and manage Litecoins, users can utilize digital wallets. These wallets come in various forms, including software wallets, hardware wallets, and online wallets. Software wallets are applications that can be installed on your computer or mobile device, while hardware wallets are physical devices that securely store your private keys offline.
Online wallets are web-based services accessible through a browser. It’s crucial to choose a reliable wallet and practice good security measures to protect your Litecoins.
Best Litecoin wallets to use
Now that you know that Litecoin needs to be stored in a wallet, you need to know a couple of popular wallets that are compatible with Litecoin.
Trust Wallet
Trust Wallet is a multi-currency wallet. This means you can also store Litecoin as well as some other coins. For your convenience, you can unlock your wallet using the same biometrics access that you use to unlock your phone.
Of course, keep in mind that you should back up your wallet’s recovery words on a piece of paper, stored in a safe place, so that you will still have access to your crypto even if you lose your device.
Exodus
Exodus is also another one of the most common multi-currency wallets used by beginners. As an added bonus, you can install this on your desktop — the same device you use to play at Gambulls!
The takeaways
Litecoin is a well-established cryptocurrency known for its fast transaction confirmations and secure network.
Its efficient nature makes it an appealing choice for those interested in using cryptocurrencies for online gambling. With its origins in 2011, Litecoin has grown to become one of the leading cryptocurrencies in the market.
If you already know about Bitcoin and are looking for a slightly better alternative, or if you want to diversify your cryptocurrency portfolio, then Litecoin might be a good choice for you. Litecoin shares many important features with Bitcoin, such as security and scarcity. Additionally, it has features that make it more energy-efficient and faster for transactions.
At Gambulls, you can buy betting chips with Litecoin, as well as Bitcoin, Ripple, Dogecoin, Ethereum, Solana and USD Tether (USDT).
Looking to gamble with Litecoin? Visit Gambulls Casino to get started!
