What is Litecoin?
Litecoin is a cryptocurrency, which is a digital payment instrument using blockchain technology that allows investors to exchange and trade “coins”. Litecoin has the third-largest market capitalization after Bitcoin and Ripple. The currency is traded on many digital exchanges and wallets and has a higher coin turnover than Bitcoin. Litecoin was created by Charles Lee in 2011 and has a coin limit of 84 million.
Like other cryptocurrencies, Litecoin functions as a payment system similar to companies such as PayPal and some others. In other words, users can already pay or trade with this currency. The only thing needed is to have a Litecoin wallet. Since entering the market in 2011, Litecoin peaked at $ 360.93 in December 2017, up 8200% from its previous price of $ 4.40 a year earlier, according to Forbes.
Should you buy Litecoin?
People who chose Litecoin as their investment in 2019 were completely delighted. The first quarter was one of the best in LTC history, doubling in price from $ 30 to over $ 60. Then came the time of new peaks, and in June 2019 LTC reached an all-time high at $ 146.43. In six and a half months of growth, it was possible to earn up to 388%.
Having started at $41 this year, the price of Litecoin soared to $ 81.69, repeating the scenario of 2019, when the value of the cryptocurrency also doubled. However, the market began to cool in February, and as a result, all altcoins were overtaken by “Black Thursday” on March 12, when Litecoin plummeted to $ 25.57, which was an absolute minimum in 52 weeks.
Right now, the main debate among investors is over whether LTC is a good long-term investment or not. So far, the currency has only been able to recover some of its early 2020 losses. Like other cryptocurrencies, Litecoin continues to be under the pressure of panic in the market, and the direction of its further movement is still unclear.
According to many analysts, Bitcoin may reach all-time highs this year, which will be great news for Litecoin investors as well. In this case, LTC will return to three-digit figures in 2020.
Litecoin in the gambling industry
Litecoin was warmly accepted not only by the cryptocurrency environment but also by the community of online gambling lovers. Almost immediately after the release, Litecoin got the nickname “digital silver”, like Bitcoin is considered a “digital gold” now.
What is interesting about Litecoin, users on different websites may gain Litecoins from time to time for free. To get Litecoin for free, users should take part in simple day-to-day faucets. After getting Litecoins, don’t forget to play on a Litecoin gambling site.
According to the latest gamblers surveys, one of the most popular games played with this currency is Litecoin casino slots. The reason is that lots of online casinos offer a wide range of different slot games and it has never been easier to find your favorite one. Whether you like multiple pay line machines, fruit slots, three or five reels machines, movie-themed slots or so. All of these are possible to find in almost any online crypto casino nowadays. Moreover making deposits and withdrawals using crypto wallets makes the process of playing and making deposits and withdrawals even more secure, because Litecoin as well as other cryptocurrencies are built using Blockchain technology. Which means a two-factor authentication process.
Difference between Litecoin and Bitcoin
Bitcoin and Litecoin are different. These cryptocurrencies use different algorithms and should be mined differently. While Litecoin uses a less complex algorithm called Scrypt, Bitcoin uses the traditional SHA-256 algorithm. SHA-256 requires more processing power, and this is why it is generally considered less user-friendly and more complex than the Litecoin algorithm. Actually, Litecoin`s transaction process is done in under 2.5 minutes, while Bitcoin`s transactions are more than in 10 minutes.
Of course, the most distinctive difference between these two cryptocurrencies is the price – while Bitcoin costs almost $60,000.00 today, for Litecoin you will pay no more than $200 today. But one should not forget that the situation is constantly changing and the cryptocurrency market is developing very fast, offering us more and more financial opportunities.