Litecoin is a serious pretendant to the throne that Bitcoin currently occupies. If Bitcoin is digital gold, Litecoin threatens to become a digital diamond!
Litecoin is a cryptocurrency, just like Bitcoin – but better. Although far away from being considered a digital diamond, many dare call it “digital silver” nowadays – which is still a great success.
Unlike Bitcoin that has high fees and slow transaction times, Litecoin excels in every aspect and is simply the more convenient crypto. In fact, many predict that the time of Litecoin is yet to come, and this is why many businesses (including casinos) opt to introduce this crypto as a payment method.
The History of Litecoin
If you delve into researching Bitcoin, the first piece of info that you will stumble upon is that the man behind the project is a mysterious person called Satoshi Nakamoto. That is the reason why many people do not trust the current leader in the crypto industry and opt for other, less-known cryptocurrencies, one of them being Litecoin.
First of all, the person considered the founding father of LTC is Charlie Lee (also known as SatoshiLite). Mr Lee is nowhere like Satoshi as he is very active on social media and is being exposed – a type of behaviour that many approve of.
Lee used to be Google’s employee for some time in his life, only to decide to start his own project by solving some of the substantial problems that Bitcoin had been experiencing.
First of all, the name itself speaks volumes when it comes to differences that Lee’s cryptocurrency have in comparison to Bitcoin. The name “Litecoin” suggests that something is lighter in any sense – but mainly applying to the speed of transactions.
This crypto was created back in October 2011, and the initial release was via GitHub – an open-source client. Just a couple of days later, The Litecoin Network was established, and it is today considered a fork of the client for Bitcoin Core.
Nevertheless, it still has several subtle yet essential differences when compared to Bitcoin – the reason why many do not want to consider it a fork. Read on!
Why is Litecoin better than Bitcoin?
In just two years, Litecoin managed to gain extreme popularity, reaching $1 billion market cap. LTC managed to stay in the second place for a very long time until the introduction of some new cryptos such as Ethereum, Ripple, and Bitcoin Cash – the most popular Bitcoin fork.
Nevertheless, Litecoin still managed to preserve record transaction speed and convenience, which is the main reason why many crypto enthusiasts put a lot of trust in the crypto even today.
When it comes to the price of a single unit of Litecoin – it is around $60 at the moment. It is far less expensive than buying the whole unit of Bitcoin that is currently valued at approximately $7000. Both of the cryptos had their peak amount during the same period – in December 2017. At that moment, Bitcoin cost nearly $20,000 and LTC was about $350. However, the price is not a major factor as much as the technology that supports these cryptos.
That said, miners are the people who generate new Litecoin, the principle that is similar to Bitcoin. However, the difference is what the end-users experience and that is the time of a transaction to be processed. It takes 2.5 minutes for one LTC transaction to be processed while Bitcoin transactions take up 10 minutes. In the era where information travel in seconds, waiting ten minutes for a transaction is too much. This holds water particularly when trading cryptos since their prices change every second.
Another difference that may not be of much importance to the end-user but still makes a huge difference is the proof-of-work algorithm. The algorithm that supports Bitcoin is called SHA-256 while Litecoin uses something called script (also scrypt or s-crypt). To cut the technicalities out, Bitcoin takes the victory here just because there are more miners and more professionals working on its technology. On the other hand, blocks are generated faster with Litecoin. Thanks to the difference in code, the speed of LTC transactions are way faster and smoother.
Litecoin also has better scarcity and liquidity. You should take into account that there is the upper limit set by the developers when it comes to the number of the units that will ever be made. This limit is 84 million for Litecoin and only 21 million for Bitcoin. It gives a great advantage when it comes to digital scarcity which will also increase market liquidity.
Finally, the most crucial difference between the two is the official agenda of the developers behind there cryptos. BTC developers have a more traditional approach to their cryptos, while LTC developers are willing to experiment and take their technology up a notch. Just for the sake of comparison, Segregated Witness and Lightning Transactions are the two pieces of technology that LTC accepted way before BTC. How about that?
Now that you know more about LTC, you are probably wondering how to get it. Stay with us!
How to get Litecoin?
There are several ways to acquire LTC, but the most popular one is by buying it (or trading it) via one of the cryptocurrency exchange platforms that support Litecoin. Take a look at these five websites as they are currently the most popular ones that support the “digital silver.”
Coinbase is the most popular platform for Bitcoin, but it also offers other cryptos – including LTC. It is currently available in the US, UK, Europe, Australia, Canada, and Singapore.
You can buy the crypto with a Credit/Debit Card, or you can use Bank Transfer. Also pay attention to the fees, as they are around 3.99%.
Bitfinex is for a bit more advanced users and does not contain the option to buy with credit/debit card. As a matter of fact, the only possible way to buy LTC is with BTC or ETH. It has some advantages though, such as no waiting time and lower fees. However, if you are new to crypto, you might have trouble adapting to the interface of Bitfinex.
Changelly is a bit different platform as it does not require that you deposit your funds there. You can directly exchange coins which are automatically stored to your online wallet. Simply choose the crypto that you want to change into Litecoin and select your Litecoin wallet address. Unfortunately, it also means that Changelly does not support fiat currencies.
Bittrex also allows crypto-to-crypto trading only, and their main focus is their users’ safety and security. You will have to go through a thorough verification check before being able to withdraw your funds – which is a tedious but useful process as you make sure that all your transactions are secured.
Litecoin is taking over the world, and new technologies are continuously being introduced to this cryptocurrency. Although it is still far behind Bitcoin regarding popularity, it is indeed in front of it when it comes to the quality and speed.
All of these features make Litecoin a perfect crypto for gambling – the fun and enjoyment will not be destroyed by the waiting and inconvenience that the technology behind Bitcoin sometimes creates.