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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.

Litecoin

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.

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.

Litecoin Mac

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.

Link to terms & conditions

https://litecoin.com/en/legal

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zuga 26/02/18

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One of my personal favourite coins. FYI , we just added LTC item to the LCB Shop.

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BetChain 4 years ago

Hi, I agree with Nina and Sylvanna and would also like to add Bitpay to the list of recommended bitcoin processors. Feel free to contact me directly with any bitcoin questions at brian@betchain.com....
Bitcoin to casino

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