A quick introduction to Litecoin
Technology gives people a lot of innovations that can impact their lives. Among these are cryptocurrencies which are really practical to use. With it, people are introduced to the massive potential of crypto and why it is such a worthy investment.
The first and most popular type of crypto is Bitcoin. Known as the most valuable crypto in the market, a lot of people looked for crypto alternatives they can use. This led to the rise of alternative coins or altcoins that grew in popularity for sharing the same potential with BTC. These altcoins may share a lot of similarities with BTC but they also have different features that aim to address the loopholes of the popular crypto. With these, users can enjoy crypto for a much lesser value that makes it more practical.
With the popularity of crypto, people can now use crypto as a mode of payment in establishments as well as online casinos like Bitcasino. Among the popular altcoins people love using today is Litecoin. If you are not that familiar with it, here are some facts that you may wish to know about this promising crypto.
What is Litecoin?
Litecoin was introduced in 2011, making it one of the earliest types of altcoins. This is popular among altcoin traders who wish to enjoy crypto that doesn’t come in the form of BTC or Ethereum. Like other types of crypto, all transactions made with it are also recorded on a blockchain.
Its value is not that high when compared to BTC but it has continuously grown at quite a similar rate. It shares a lot of similarities with BTC but has significant differences. Many describe this as a lighter version of Bitcoin, hence the name Litecoin.
Characteristics of Litecoin
Litecoin has a lot of promising characteristics that drew people to this valuable digital asset. Here are some of those.
Faster block approval time
Although LTC is known as a popular BTC fork, it is capable of handling more transactions per second. LTC’s speed is 4 times faster than BTC when it comes to transactions per second (TPS). Whereas BTC needs about ten minutes to be mined, LTC only needs about two and a half minutes. This was made possible by its easier algorithm.
Despite having faster transactions, LTC also boasts of lower transaction fees.
LTC has a supply cap of 84 million unlike BTC which only has 21 million. With its massive supply, users will appreciate how LTC’s inflation rate is more controlled unlike fiat. As of writing, there are already over 65.1 million LTCs in the market.
LTC is also decentralized and therefore uncontrolled by any central authority such as banks. Despite being uncontrolled, users are guaranteed safe and secure network processes. In fact, LTC founder Charlie Lee assured users that the network has a relatively low threat of attack.
These are just some of the basic facts that we think people should learn more about this promising crypto. With the rising popularity that makes it acceptable even in online casinos like Bitcasino, you may want to try using LTC to play your favourite games. Who knows? It may give you a worthwhile playing experience when you bet and win prizes with it!