What is a LiteCoin?

LiteCoin is very similar to Bitcoin and was the first alternative coin to be introduced to the cryptocurrency world after Bitcoins. LiteCoin once was the second largest cryptocurrency measured on value – both the coin value and the compiled market value of all coins.

LiteCoin is very similar to the Bitcoin in the way of how it is developed and used, but it has some differences which many believe to make it better than a Bitcoin long-term. The first difference is that LiteCoin aims to process a block every 2.5 minutes, while Bitcoins takes around 10 minutes to do the same. Another difference is that there will be mined a total of 84 million LiteCoin, which is four times as much as the Bitcoins that will be mined. Otherwise most things are just like the Bitcoin as the LiteCoin is not run by any bank or company, but is a completely decentralized currency controlled by the market and its users. There is a maximum of 84 million coins that can be mined and once they all have been mined, the coins will just continue in circulation basically for infinity.

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LiteCoin attracted many miners from the beginning of its development, as it can be mined up to four times faster than the Bitcoin if you have the right equipment installed on your computer. This made it a great opportunity for many miners, looking to invest their time in something that could potentially become valuable.

To keep track of all transactions made within the LiteCoin network as well as how many blocks that have been mined, LiteCoin has a BlockChain just like Bitcoin, which keeps track of everything. It also provides statistics about the value of the LiteCoin and everything else you would need to know.

LiteCoin is very easy to get a hold of, keep, spend, sell and transfer, just like most other cryptocurrency coins. All you have to do to obtain LiteCoin is to open up a wallet, put in an order on a cryptocurrency exchange like Binance to purchase, receive them and then you can spend them on whatever you prefer. Since LiteCoin is not as big as Bitcoin, there are far from as many opportunities to spend LiteCoin compared to Bitcoin. This doesn’t mean that you cannot find anywhere to use them, it just means that they are not as spread out yet and the process of doing so is moving slightly slower than with Bitcoins.

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LiteCoin has long been a favorite coin of cryptocurrency fanatics, who believe that the Bitcoin is okay, but not as well made/thought through as LiteCoin is and has therefore always been a very popular coin.

How Did LiteCoin Begin?

LiteCoin was created in 2011 by a team of developers who saw the Bitcoin as great new tool to the world, but who also believed that they could improve the overall efficiency of the coin. They created a similar coin, but made the tweaks they found necessary to improve the coin and its sustainability in the future. The plan went well and despite heavy competition being created all around them ever since their launch, LiteCoin has managed long maintained their position as the second strongest cryptocurrency however unfortunately lost its popularity and is just outside the top 20 of most popular cryptocurrency projects as of August 2022, per CoinMarketCap.

Can You Gamble with LiteCoin?

LiteCoin can just like Bitcoins be used for gambling, however the variety of sites and games that are available is way smaller than for Bitcoins. Due to the fact that the LiteCoin is only well over 2 years old, the gambling industry has yet to spot any profit potential in LiteCoin and therefore has no established operator decided to integrate LiteCoin as a payment method. This left room for smaller entrepreneurs to start up their own business without too much competition from larger operations, which has resulted in several smaller casino and betting sites online who now accept LiteCoin (And usually also Bitcoins).

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LiteCoin is completely anonymous, which makes it ideal for players who want to gamble online without having the whole world knowing about it and especially their bank. Transactions are very fast for LiteCoin, taking sometimes less than 5 minutes to be processed on the network, making it ideal for players as they can deposit and withdraw very fast compared to regular gambling sites.

Since this cryptocurrency is relatively stable in its value compared to the Bitcoin, the market for LiteCoin gambling is almost of the same size casino wise as it is for Bitcoin. It also makes it better for you as a coin holder to know that your coin will not have daily value swings of upwards of $500 on the worst days, but instead might only move $1-$10 if something moves the market a lot.

LiteCoin can also be used by Americans to gamble online, without having to worry about bank statements, cash outs and everything else. Simply acquire your cryptocurrency, find a site to gamble on and you are ready to go. Cash outs usually takes less than a few hours to be processed from sites, so in a good scenario you can get your money the same day.

What Else Can You Do with LiteCoin?

LiteCoin is also useful for other stuff than just gambling, as there are thousands of merchants across the globe who have integrated the cryptocurrency as a payment method for their goods and/or services. While it might not be as widely accepted as Bitcoin, there are still almost everything you could imagine purchasing online available to be bought with LiteCoin.