Litecoin is a popular open source, peer to peer digital currency. Inspired by the groundbreaking development of Bitcoins, Litecoin was developed to essentially be the “silver” to Bitcoin’s “gold”. Litecoin has experienced great success since its inception in October 2011, and through its 5 years of existence it has grown to powerhouse in the cryptocurrency landscape. In fact, before the emergence of Ethereum, Litecoin was second in terms of market capitalization of cryptocurrencies behind Bitcoin.
Much like Bitcoin and other cryptocurrencies, Litecoin allows users to make fast and anonymous transactions to anyone in the world. Additionally, Litecoin has no central authority. This means that Litecoin is an incredibly transparent currency system that does not allow for censorship. Litecoin provides users with a safe platform to make transactions as they feel. A popular use for Litecoin, as well as many other cryptocurrencies, is online gambling due to these characteristics of cryptocurrencies.
Due to Litecoin being developed 2 years after Bitcoin, Litecoin was able to observe areas that could be improved upon in Bitcoin’s network. A major difference that separates Litecoin from Bitcoin is the considerably faster transactions of Litecoin. This is useful to many people who require their transactions to happen virtually immediately. This also applies to online gambling, as transfers and withdrawals similarly take less time compared to Litecoin’s competitors. In our technologically developing world, the speed at which digital transfers take place is becoming increasingly important.
Litecoin is boldly leading the way of cryptocurrencies to ensure the fastest, while still incredibly secure, transfers that can possibly be provided. Litecoin claims that the faster transaction period is due to the Litecoin network processing blocks in about the quarter of time it takes Bitcoin to process a block. This facet of Litecoin is incredibly important to its success, as users of Litecoin can spend much less time confirming that their transaction reached its destination. These changes reflect an advancement in technology that occurred between the time Bitcoin was released and Litecoin was released. Litecoin implemented these advancements, as well as innovative ideas relating to cryptocurrencies, to create a ‘new and improved’ version of Bitcoin.
Litecoin is currently fourth in terms of market capitalization, and is thus very popular and widely well known in the world of cryptocurrencies. Since the world of online gambling has embraced cryptocurrencies since their development, it is not surprising that a large amount of online gambling websites accept Litecoin as a form of payment. In many ways, gambling with Litecoin is similar to gambling with Bitcoin. For those familiar with that process, transitioning to Litecoin will come with little to no difficulty. Switching to Litecoin may be a wise idea for online gamblers, however, as many websites exclusively accept Litecoin for sports betting or to play their games.
Litecoin users can expect to be able to play virtually all games available to users of other cryptocurrencies, especially Bitcoin. The most popular online casinos among Litecoin users are BitcoinPenguin, Crypto-Games, and FortuneJack. For online gamblers who have used other cryptocurrencies, these websites should be very familiar. Litecoin users can expect to be able to play poker, blackjack, roulette, slots, dice, and many, many more. Users of Litecoin can also expect to be able to wager on sports bets, and even play more unusual games like minesweeper.
Like other cryptocurrencies, the withdrawal and deposit processes are extremely quick. Litecoin users are able to access their digital wallet, as well as process withdrawals and deposits, from virtually anywhere in the world. Compared to conventional means of online gambling, cryptocurrencies, and specifically Litecoin, provide a much, much faster withdrawal experience. This is not only incredibly convenient for users, but it also provides users with more control over their money.
Litecoin’s aim was to replicate much of the magic that made Bitcoin so groundbreaking while also trying to improve it without changing the overall product too much. Thus, much of the way Litecoin functions is very similar to Bitcoin, both in general and in how they relate to online gambling. However, Litecoin introduces some important steps in the right direction by creating faster transaction periods. While improving in this category, Litecoin adopts the characteristics of Bitcoin that were so incredibly important in changing the way we think about currencies. These characteristics include the aspect of anonymity which in turn increases security, as well as distributed database so that all users can know that there is no system rigging occurring.
Litecoin has done a fantastic job of taking a great step made by Bitcoin and taking it even further with their innovations. Online gamblers should look into Litecoin as it can be a better alternative to Bitcoin and other cryptocurrencies due to their expedited transaction periods. All in all, Litecoin is a strong cryptocurrency that protects the right of individuals while also providing its users with a convenient and powerful financial tool.
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