What is a LiteCoin?
A LiteCoin is very similar to the Bitcoin and was the first alternative coin to be introduced to the cryptocurrency world after Bitcoins. LiteCoin is now the second largest cryptocurrency measured on value - both the coin value and the compiled market value of all coins.
The 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 the LiteCoin better than a Bitcoin long-term. The first difference is that a 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 LiteCoins, 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 LiteCoins that can be mined and once they all have been mined, then the coins will just continue in circulation basically for infinity.
The LiteCoin attracted many miners from the beginning of its development, as LiteCoins 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, who keeps track of everything. It also provides statistics about the value of the LiteCoin and everything else you would need to know.
LiteCoins are 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 the LiteCoin is to open up a LiteCoin wallet, put in an order to purchase LiteCoins, receive them and then you can spend them on whatever you prefer. Since LiteCoins are not as big as Bitcoins, there are far from as many opportunities to spend LiteCoins on compared to the Bitcoins. 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.
LiteCoins is the favorite coin of cryptocurrency fanatics, who believe that the Bitcoin is okay, but not as well made/thought through as the LiteCoin is. LiteCoins has therefore always been a very popular coin and is without a doubt the coin who will bring the most competition to the Bitcoin in the future. Despite having a value that is over 10 times less than the Bitcoin, it is still very strong in the market.
How Did the LiteCoin Start?
The 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 to maintain their position as the second strongest cryptocurrency and by the looks of it, that is not going to change in any near future.
Being in the shadow of the Bitcoin has not always been easy for the LiteCoin, but with its loyal crowd and its constant updates towards improving the experience, the LiteCoin is now stronger than ever and starts gaining more and more attention both from media but also from merchants who wants in on the huge value the coin represents.
LiteCoins and Gambling
LiteCoins 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 the LiteCoin and therefore has no established operator decided to integrate LiteCoins 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 LiteCoins (And usually also Bitcoins).
The LiteCoin is completely anonymously, 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 LiteCoins, 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 the LiteCoin 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 Bitcoins. 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.
LiteCoins can also be used by Americans to gamble online, without having to worry about bank statements, cash outs and everything else. Simply acquire LiteCoins, 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.
LiteCoins and Everything Else
LiteCoins is also useful for other stuff than just gambling, as there are more than 1,000 merchants across the globe who has integrated LiteCoins as a payment method for their goods and/or services. While LiteCoin is not as widely accepted as the Bitcoin, there are still almost everything you could imagine purchasing online available to be bought with LiteCoins.