Your quick guide to Litecoin

Technology introduced a lot of innovations that make people’s lives easier. Among those that it improved are financial transactions. With cryptocurrencies, people were introduced to a more practical way of making transactions. Its potential and practicality also made it a worthy investment. 

The most popular and most valuable crypto is Bitcoin. With its massive value in the crypto market, there are a lot of people who look for equally promising cryptocurrencies. This led to the rise of alternative coins or altcoins that share the same potential as BTC. The main goal of altcoins is to address the loopholes of BTC while offering other features that make them more unique. 

Among the popular altcoins on the crypto market is Litecoin. With its impressive features and potential, there are lots of establishments that accept it as a form of payment. More so, online casinos like Bitcasino also accept it from their players. If you are not yet that familiar with this altcoin, here are some facts you should know about it. 

What is Litecoin?

Introduced in 2011, Litecoin is known as one of the earliest types of altcoins. It was created by computer scientist and MIT graduate Charlie Lee. While creating Litecoin, his main goal was to create an interesting spinoff by making a silver version of Bitcoin’s gold. True enough, Litecoin became popular among crypto users who refrain from using BTC or altcoins like Ether (ETH), the cryptocurrency of the Ethereum network.

Similar to other cryptocurrencies, all transactions made with LTC are also recorded on the blockchain. When it comes to value, it is observable that LTC’s value is not as high as BTC’s. However, it continues to grow at a similar rate. Aside from that, LTC also shares a lot of similarities with BTC despite their significant differences. Many people also think that it was named Litecoin as it works as a lighter version of Bitcoin.  

Litecoin characteristics

Litecoin has a lot of promising characteristics that set it apart from BTC. Here are some of those. 

Faster transaction speed 

LTC is known as a popular BTC fork but it is capable of handling more transactions per second. Whereas BTC needs about ten minutes to be mined, LTC only needs about 2.5 minutes for its blocks to be verified and added to the blockchain. 

Aside from having faster transactions, its algorithm also ensured that LTC will have lower transaction fees. 

Block supply

LTC has a supply cap of 84 million, beating BTC’s supply cap of 21 million. The massive supply makes it possible for LTC to have a more controllable inflation rate compared to fiat.

Secure network 

LTC is also decentralized and is therefore uncontrolled by any central authority. Although it may be uncontrolled, LTC ensures that they process all transactions safely and securely. Upon its creation, users are also assured that the network has a relatively low threat of attack. 

Overview

These are just some facts you may wish to know about Litecoin and its potential. Now that you learned more about it, we hope that you can try it when you play in online casinos like Bitcasino. By doing so, you may experience how it works and appreciate what it offers to its users.