Litecoin sprung from a batch of new cryptocurrencies that emerged in the wake of Bitcoin’s initial success. From time to time, we keep hearing about Memecoin, Stablecoin, Bitcoin, Litecoin..but not everyone is familiar with the concept of each currency and its utility as well as potential.
Similar is the tale of Litecoin, which is actually one of the first cryptocurrencies to have emerged in the ecosystem and created a niche for itself, because of its Open Source software.
Using Open Source Software promotes an even more transparent system as people can see the code that drives Litecoin and the community behind the new cryptocurrency.
To develop a thorough understanding of how the crypto ecosystem works, it is crucial to understand each currency before embracing them as investors.
Litecoin Uses – A Currency Embraced by Masses
Bitcoin and Ethereum are among the other best-known cryptocurrencies, but Litecoin is right up there in terms of its use and many companies have embraced this as a payment method.
Gaming and gambling have turned into huge industries for cryptocurrencies and have driven the growth of Bitcoin in particular.
Although it is assumed that the gambling sector involves 100% Bitcoin usage, Litecoin is another option that some casinos are using. Years ago, online gambling involved using methods like bank cards to deposit money into their accounts. In the same manner, people can now play Bitcoin and Litecoin blackjack (and other table games) and put money into their accounts using this method. Litecoin is known for its speed, which means that the transactions can be really fast, which serves as another benefit for people who want to play table games online.
What makes Litecoin unique?
Litecoin’s team wanted to make it faster than the existing cryptos as one of the main goals. Cryptocurrencies are popular among online casinos now, but you won’t find many crypto casinos that take Memecoins or brand-new cryptocurrencies owing to their high fluctuation. Litecoin is a big name that has become well-established, similar to the likes of Bitcoin and Ethereum in the industry. This speedy, open-source option has a pretty large market cap, and there are loads of ways in which those who hold Litecoin can actually use it in day-to-day life (especially among higher-technology companies).
Litecoin also has a digital ledger that keeps track of all the transactions along with other cryptos. But Litecoin uses a different system called Scrypt, which makes transactions happen way quicker compared to some others, prioritizing speed.
Litecoin has a community feel to it, and even has a specific forum for users – the Open Source nature of the software allows people to feel like they are closer to the company and that nothing is being hidden, plus it allows developers access to the actual code.
When tracking Litecoin and its value, and how it is performing in the market, it is important to know some of the tech details about Litecoin.
It is divisible to up to eight decimal places, with one Litecoin being broken up into measures like “Lites” which is worth 1/1000 Litecoin, and Photons which are equal to 1/1000,000 Litecoin. The smallest possible division of the currency is the Litoshi, which is a pun based on the Bitcoin denominations called the “Satoshi” and is equivalent to one hundred millionth of a Litecoin, so you can see that the currency uses some tiny fractions.
A Brief History of Litecoin
Litecoin is all about making payments in a fast, secure, and decentralized way. Litecoin was created back in 2011 by Charlie Lee when Bitcoin has not been on the market for long and spawned a raft of other similar innovations.
Charlie Lee – Founder
The story behind cryptocurrencies can be interesting, and lots of people are fascinated by the tech minds that are running the companies helping secure payments and make them faster.
Charlie Lee worked for Google for over a year, including helping to create the code running ChromeOS. Litecoin was one of his passion projects and he managed to create it while he was still working at Google. Bitcoin was an inspiration but Charlie says he didn’t intend for the two to be in direct competition, designing Litecoin for smaller value transactions.
Conclusion
Litecoin has some really clear benefits for users and it can be used to buy goods and services, including within the online gambling sector, where some casinos have adopted it.
(Meta: Litecoin is emerging as a fast and secure cryptocurrency based on transparent Open Source software, which is rapidly getting accepted among the masses.)
