How does Litecoin work
Litecoin is known as the “youngest brother” of the most popular cryptocurrency in the world, Bitcoin. The other LTC name is “silver” coin. Despite the fact the rates of Litecoin are not as high as BTC rates, this currency has a lot to offer. There is a wide range of fields where Litecoin is used: online stores, investment programs, sports betting, Litecoin casino games, and more.
Litecoin technology is almost similar to BTC technology. But there is a significant difference: LTC transactions are provided every 2,5 minutes. That means that compared to Bitcoin, for which the block processing takes up to 10 minutes, Litecoin is four times faster.
A former Google employee invented this cryptocurrency almost 10 years ago as another Bitcoin modification (altcoin) made while working on Coinbase. Since that time, Litecoin became a very promising cryptocurrency in business as well as in other fields such as the Litecoin casino industry, affiliate programs, online shopping, and others.
The se of Litecoin for Business
Transactions without third parties involved in financial control are opening new levels for businesses. Litecoin usage for business brings lower fees and faster dealing time. Litecoin’s network powers billions of dollars daily.
Transactions in the Litecoin blockchain are done via payment gateways. The process transfer of Litecoin, Bitcoin, and other cryptocurrencies into fiat currency. Among the trustworthy Litecoin payment gateways are the following: Coingate, AlfaCoins, Shopify, BitPay, and others.
Litecoin Casino Games
When it comes to the Litecoin casino industry no need to say cryptocurrencies are perfect for gambling. Numerous possibilities of LTC make it a great choice for betting. Here are the essential Litecoin gambling benefits:
- While gambling is forbidden in many parts of the world, Litecoin gives players an ability to play bypassing the restrictions.
- Fast and safe transactions. All you need to do is to pay attention to the wallet details you enter because in case of mistakes you will lose money.
- Anonymity. Litecoin provides an opportunity to play completely anonymously, which is vital in gambling.
An example of a reliable Litecoin gambling site is 7Bit Casino. It offers very differently Litecoin games. To name a few slots: Horror House, Book Of Cats, Arabian Spins, Four Lucky Clovers, Jackpot Lab, Book Of Pyramids, and plenty of others.
Litecoin buying, trading and mining
Litecoin buying and trading are possible via cryptocurrency marketplaces. To start you need to register an account and create a wallet. The other way to get LTC is mining.
In simple words, Litecoin mining provides as follows: when a transaction appears it must be recorded on a blockchain – a digital ledger. Before the system provides this record there must be a miner with special computer software to solve the cryptographic puzzle. This action of the miner checks the validity of the current transaction. After the puzzle is solved, the miner provides the data with the other computers (nodes) in the chain. After nodes verify the puzzle solution, a new block appears in the blockchain.
What you can buy with Litecoins
Using Litecoin you can purchase online a lot of different goods and provide plenty of payments. Clothes, air tickets, stock market trading, food and drinks – there are many possibilities.