Top searches

Our top casino picks

king billy casino review
bitkingz casino review
winz io casino review
bc game casino review

What Is Litecoin?

Cryptocurrencies are gaining more speed by the day, as the digital world is now searching for alternatives to the market leader Bitcoin. The current number of active cryptocurrencies is estimated at 6,000. Not all of them will survive the test of time, and this is normal given the industry dynamics.
Danny - SEO Wiz

the author

Danny

date post

Mar 23, 2023

Share

facebook twitter

However, a few cryptocurrencies look as though they are here to stay, and their popularity is constantly growing. One of them is Litecoin, a widely used cryptocurrency that has quickly found a place in the top most utilized decentralized payment tools.

Litecoin: The Origins

Litecoin has a very interesting history, which demonstrates why it is so important for cryptocurrencies to be flexible and adaptable to market conditions if they want to survive in the long run. In 2011, a former Google employee, engineer Charlie Lee, launched Litecoin using a copy of Bitcoin’s source code. It is regarded as one of the first altcoins. For those, who are unfamiliar with the term, an altcoin is a cryptocurrency other than Bitcoin.

RELATED: Best Litecoin Casino Sites

The Evolution of Litecoin

When Lee designed Litecoin, he aimed to address the growing concerns that crypto market leader Bitcoin was moving away from its original purpose – to avoid centralized control. Instead, Lee argued, the big mining firms were getting their hands on Bitcoin, thus making it centrally controlled. Therefore, Litecoin would provide an alternative, he stated.

However, his endeavor did not succeed, and enterprise miners seemed to be gaining control over the large portion of Litecoin mining. Then a clever move came on behalf of the altcoin’s creators. Instead of succumbing to the market conditions, they decided to rework Litecoin and transform it into both a mineable coin and a peer-to-peer payment system. Thus, the cryptocurrency not only survived but has also thrived among its counterparts for quite a few years already.

That said, what are the most important things to know about Litecoin? Well, to begin with, since it somewhat derives from Bitcoin, this altcoin does share similar features with the industry leader. However, it still uses a different algorithm. Simply put, this is the reason why it has a faster transaction time compared to Bitcoin. The latter fact is why Litecoin aims to become the primary medium for daily crypto transactions.

How Does Litecoin Mining Happen?

As we mentioned in the first part of our article, Litecoin’s initial purpose was to prevent largescale miners from establishing control over the mining process. Its creators used an alternative encryption method to that of Bitcoin to discourage enterprises. Nonetheless, professional miners do possess advanced tools and know-how and quickly found a way to avoid this obstacle.

Instead of giving up, however, Litecoin adapted to the circumstances and is now minable by ASIC miners. The process works simply. There is a block that is stored within the blockchain containing the Litecoin transaction information. The mining software verifies the block and makes it visible to the miner. Upon verification, a subsequent block within the blockchain is created, and you get a Litecoin as a reward for this.

Litecoin Facts

Regardless if you are interested in mining Litecoin, investing in it, or simply using it for your daily transactions, you need to know a few basic facts about this cryptocurrency. This will help you better understand its nature and make the right decisions.

The Difference Between Litecoin and Bitcoin

The most significant difference between Litecoin and Bitcoin is in the maximum supply cap. Bitcoin’s maximum supply is capped at 21 million. In contrast, Litecoin’s maximum cap is much higher at 84 million.

Another important distinction between the two cryptocurrencies lies within the transaction speed. As we mentioned above, Litecoin transactions are much faster. To be precise, a Litecoin transaction is four times faster than a Bitcoin transaction. Litecoin and Bitcoin have different mining protocols. Litecoin uses a modified version of Scrypt, whereas Bitcoin utilizes SHA-256.

Nonetheless, there might be a downside to Litecoin’s speedy transactions. The reason is the fewer verification rounds applied. While Bitcoin transactions need approximately 10 minutes to get verified, Litecoin’s take only 2.5 minutes.

How to Buy and Sell Litecoin?

If you are into crypto, by now, you should be aware that cryptocurrencies are bought on cryptocurrency exchanges. As the industry is developing, these exchanges are becoming increasingly regulated. For instance, the US exchanges are monitored and regulated by the Securities and Exchange Commission. Some European countries are also adopting different regulation tools. However, in other places, unregulated cryptocurrency exchanges still exist. Therefore, we advise you to approach them with caution.

Selling Litecoin happens on the same exchanges you have used to purchase it. However, the process is different depending on whether you sell on a centralized or decentralized exchange. To avoid any confusion, you need to get familiar with the specific rules for selling on your preferred exchange. Also, you might want to check which exchanges allow you to sell your Litecoin for fiat in case you are interested in such an outcome.

The Future of Litecoin and Its Investment Potential

It is important to note that Litecoin was not originally created for investment purposes. Rather, as we explained, the goal was to become the preferred medium for daily crypto transactions. However, quite a few investors have found this cryptocurrency attractive, so it is not unusual to buy it as investment.

Nonetheless, no one can predict the future of Litecoin or any other cryptocurrency with great precision. The reason is that new cryptocurrencies emerge every day, the technology is constantly evolving, and the crypto legislation across the world is still developing. Therefore, if you wish to invest in Litecoin, the best thing to do would be to consult with professionals in this area.

 

Latest from our blog

Roulette 101: The Ultimate Online Roulette Guide

If you're a fan of casino games, chances are you've heard of roulette. It's a classic game that has been enjoyed by players for centuries, and now, thanks to online casinos, you can play it from the comfort of your own home. Bu...

Read more

6 Book-Themed Slots You Can Play with Bitcoin

Bitcoin casinos are attracting more gamblers than ever nowadays. The reasons are simple – cryptocurrency payments are incredibly fast, secure, straightforward, and anonymous. Casinos alike are embracing this trend and offer an ...

Read more

Best Cryptocurrencies to Play Slots for Real Money

Online slots are the most popular Internet casino games for players around the world. As blockchain technology is penetrating every aspect of our lives, and crypto metaverses have become a reality, more and more gamblers are lo...

Read more

Crypto 101: All you Need to Know About Cardano

Are you interested in investing in cryptocurrencies and wondering which one to choose? Cardano is one of the popular cryptocurrencies that you should consider. Cardano is a decentralized blockchain platform that offers secure a...

Read more

Top 7 Bitcoin Casinos with the Best Races and Competitions

Bitcoin casinos are the new favorite destination of online gamblers. This is no coincidence. Such gambling websites owe their popularity in part to the current cryptocurrency hype. However, following the latest trends is not th...

Read more

Beat the Grind: Casino Games With the Lowest House Edge

Are you tired of playing casino games with high house edges that leave you empty-handed? It's time to beat the grind and start playing smarter. In this article, we'll introduce you to the casino games with the lowest house edges.

Read more

Highest RTP Slots You Can Play with Bitcoin

Playing online casino games is an amusing way to pass your free time. The possibility to win some money makes it even more exciting. Now that Bitcoin casinos have become so popular among online gamblers, it is worth exploring w...

Read more

Top 7 Animal-Themed Slots to Play with Crypto

Online slots are the top choice for online casino visitors across the globe. These fun machines burst with with adventurous features and many prizes for the lucky ones. On top of that, the selection of themes is virtually limit...

Read more

Crypto Starter Pack: Best Cryptocurrencies in 2023 for Beginners

As we venture into the new year, it's essential to take a closer look at the top-performing cryptocurrencies in the market. For beginners who are new to the world of digital assets, selecting the best cryptocurrency to invest i...

Read more

How to Select the Best Bitcoin Slot Site?

If you are a keen online gambler, you must have noticed that Bitcoin slots are among the most popular Internet casino games right now. This trend is not surprising. Online players have fallen in love with interactive slot machi...

Read more

More From Our Blog

Read How-to Guides, Useful Articles and Interesting Stories

Roulette 101: The Ultimate Online Roulette Guide

If you're a fan of casino games, chances are you've heard of roulette. It's a classic game that has been enjoyed by players for centuries, and now, thanks to online casinos, you can play it from the comfort of your own home. Bu...

Read more

6 Book-Themed Slots You Can Play with Bitcoin

Bitcoin casinos are attracting more gamblers than ever nowadays. The reasons are simple – cryptocurrency payments are incredibly fast, secure, straightforward, and anonymous. Casinos alike are embracing this trend and offer an ...

Read more

Best Cryptocurrencies to Play Slots for Real Money

Online slots are the most popular Internet casino games for players around the world. As blockchain technology is penetrating every aspect of our lives, and crypto metaverses have become a reality, more and more gamblers are lo...

Read more