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Litecoin coin character standing and waving, with smaller crypto characters floating nearby in space-themed outfits.

What is Litecoin?

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If you’re wondering, “What is Litecoin crypto?” you’re not alone. With all the different cryptocurrencies in the world, it can be overwhelming and confusing to try to keep track of them all. But Litecoin is a major digital currency that is absolutely worth learning about. It is one of the top 20 coins by market capitalization (the total value of all Litecoin owned), and you can spend it just like you would any other crypto.

In this article, we’ll talk about the origins of Litecoin and the reasons for its creation, how to use it, what the best Litecoin wallets are, the differences between Litecoin and other coins, and lots more. By the end, you’ll understand exactly where this popular currency fits into the global crypto picture.

Let’s start at the beginning.

Where did it all begin? The development of Litecoin

The history of Litecoin is the history of crypto itself because Litecoin (abbreviated “LTC”) is one of the earliest and most influential cryptocurrencies. It was launched on October 13, 2011, by Charlie Lee, a former Google engineer. Designed as a “lite” version of Bitcoin (which was launched two years prior), Litecoin aimed to address some of Bitcoin’s limitations, such as slow transaction times and mining centralization. Litecoin ultimately produced a block generation time of just 2.5 minutes, compared to Bitcoin’s 10 minutes, making transactions significantly faster.

Litecoin has a maximum supply of 84 million coins, four times Bitcoin’s 21 million, to enhance accessibility. Over the years, Litecoin has served as a testing ground for innovations later adopted by Bitcoin, such as Segregated Witness (SegWit) and the Lightning Network, which improve transaction scalability and speed.

As a result, Litecoin grew to become a fairly prominent cryptocurrency, valued for its reliability, strong community support, and role as a faster alternative to Bitcoin. Despite the continued rise of thousands of new cryptocurrencies, Litecoin continues to be a key player in the crypto ecosystem and is one of the most popular payment methods at mBit Casino.

How does Litecoin work? Just like any other money

At its core, Litecoin runs on a decentralized network, meaning no single entity controls it. This is the key difference between crypto and traditional fiat money, like U.S. dollars. Instead of a central authority, a global network of computers (called “nodes”) keeps everything running smoothly. When you send Litecoin, your transaction gets bundled with others into a “block.” These blocks are then added to the Litecoin blockchain, which is like a public ledger that everyone can see.

You can spend Litecoin, like any other form of money, ultimately. Here are some basic steps:

  1. Get a Wallet. First, you’ll need a Litecoin wallet. We’ll talk more about this below, but we recommend Jiggle. This is where you store your Litecoins. It also serves as a unique address to send and receive Litecoin.
  • Find a Merchant or Service. Now, look for places that accept Litecoin as payment. Many online retailers, service providers, casinos, and even some physical stores accept Litecoin. Websites like CoinMap or payment gateways like BitPay can help you in your search.
  • Make a Payment. When you’re ready to buy something, the merchant will provide a Litecoin address (or a QR code). You simply enter the amount, paste their address into your wallet, and hit send. If you’re using a mobile wallet, you can usually just scan the QR code for convenience.

That’s it! Spending Litecoin is quite easy. It’s a secure, private way to handle your transactions.

: Litecoin coin character standing beside a digital wallet, with Litecoin coins appearing to be placed into the wallet.

Review of Litecoin wallets – which one is best?

Exodus
This is a user-friendly, all-in-one wallet with a sleek design. Exodus supports multiple cryptocurrencies, including Litecoin. It’s great for beginners due to its intuitive interface and built-in exchange, but it’s a software wallet, so it’s not as secure as a hardware option.

Ledger Nano S/X
This is a hardware wallet. It stores your crypto offline for maximum security. They are more expensive than online “hot” wallets and are not quite as convenient for regular transactions. But if you’re all about security, this is the “cold” wallet to go for.

Litewallet
Developed by the Litecoin Foundation, Litewallet is a straightforward mobile wallet that’s easy to use and designed specifically for Litecoin. It’s perfect for everyday use, though it lacks some advanced features.

Jiggle
If you’re looking for a balance of security, convenience, and extra features, Jiggle is your best bet. It’s a mobile wallet with robust security measures, a user-friendly interface, and unique features like customizable transaction fees. Jiggle’s sleek design and ease of use make it a great option for anyone.

Following the trends – reviewing Litecoin price history

Litecoin’s price history has seen its fair share of ups and downs, often mirroring the broader cryptocurrency market. Since its launch, Litecoin has experienced significant price fluctuations driven by market sentiment, technological developments, and other factors.

In its early days, Litecoin traded for just a few cents. However, as the cryptocurrency market gained traction, Litecoin’s price began to rise, reaching a significant milestone during the 2013 bull run when it soared to around $50. Over the years, Litecoin’s price has followed the cyclical nature of the crypto market, with peaks during bull runs and corrections during bear markets.

Some key moments in Litecoin’s price history came during halving events. Similar to Bitcoin, Litecoin undergoes a halving roughly every four years, where the reward for mining a block is reduced by half. These events tend to create significant market activity. For example, in August 2015, after the first halving, Litecoin’s price saw a substantial increase. The second halving in August 2019 followed a similar pattern, with a notable price surge leading up to the event.

How much is Litecoin today? As of this writing, one Litecoin is worth about $65, but this is just a snapshot of a moment in time.

Becoming a crypto miner

For those who don’t know, blockchain transactions are handled by a network of computers. These computers solve complex mathematical problems that validate transactions on the Litecoin network. As a reward, these users are given newly minted Litecoin as a reward. This is called “crypto mining.”

For those interested in the technical side, Litecoin uses the Scrypt mining algorithm, which is different from Bitcoin’s SHA-256. Scrypt is more memory-intensive, which means it requires more RAM, but it allows casino players with consumer-grade hardware to participate in mining. This makes Litecoin mining more accessible than Bitcoin, where specialized hardware dominates mining activity.

To start mining Litecoin, you’ll need a reliable computer with sufficient processing power (at a minimum, Intel Core i5) and proper mining software (e.g. CGMiner). You can choose to mine solo, where you solve blocks on your own, or join a mining pool, where multiple miners work together to solve blocks and share the rewards.

Before diving in, it’s wise to use a Litecoin mining calculator to estimate your potential earnings. This tool considers factors like hash rate, power consumption, and current Litecoin prices to give you an idea of how profitable your mining operation could be. While Litecoin mining can be rewarding, it’s also essential to factor in electricity costs and hardware wear and tear to understand your potential returns fully.

Colorful crypto coins, including Bitcoin, Ripple, and TRON, floating against a dark blue background.

Alternatives to Litecoin – differences between Litecoin and other cryptos

When comparing Litecoin to other popular cryptocurrencies like Bitcoin, Ethereum, and Dogecoin, each has its own unique features and use cases.

Litecoin vs. Bitcoin vs. Ethereum: What’s the Difference?

As we said above, Litecoin was created as a “lite” version of Bitcoin, designed to be faster and more accessible. On the other hand, Ethereum is fundamentally different from both. It’s not just a cryptocurrency but a decentralized platform for smart contracts, allowing developers to build and deploy decentralized applications.

Ethereum vs. Litecoin

Ethereum and Litecoin serve different purposes. While Litecoin is primarily focused on being a fast, low-cost payment method, Ethereum is about facilitating smart contracts and decentralized applications. Ethereum’s blockchain is more complex, which makes it slower and more expensive to use compared to Litecoin. However, it offers more functionality through its programmable blockchain.

Dogecoin vs. Litecoin

Dogecoin, originally created as a joke, shares some technical similarities with Litecoin, as both use the Scrypt algorithm. However, Dogecoin has a more active, community-driven culture and an unlimited supply, whereas Litecoin is more focused on being a reliable and stable payment method with a fixed supply of coins.

Want to learn more about cryptocurrency? Check out our selection of articles and news.

FAQ

What is Litecoin cryptocurrency?
Litecoin is a decentralized digital currency much like Bitcoin but designed for faster and more cost-efficient transactions.

What does Litecoin crypto do?
Litecoin allows users to send and receive payments quickly and with lower fees compared to many other cryptocurrencies, making it ideal for everyday transactions and online casino play.

Does Litecoin have a future?
Yes, Litecoin remains one of the top cryptocurrencies with a strong community, ongoing development, and continued use as a reliable payment method with hundreds of thousands of transactions a day.

Is Litecoin crypto a good investment?
Litecoin can be a good investment for those looking to diversify their crypto portfolio. Like all cryptocurrencies, it carries risk due to market volatility.

Is Bitcoin better than Litecoin?
Bitcoin is more widely recognized and valuable, but Litecoin offers faster transaction speeds and lower fees, making it better for certain use cases.

What are the online casino sites that accept Litecoin?
Many online casinos accept Litecoin, including mBit Casino.

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