When the founder of bitcoin Satoshi Nakamoto launched the world’s primary cryptocurrency in 2009, he could not imagine that a modified version of its creation would emerge. Two years after bitecoin was announced, litecoin- which is nicknamed the “silver to bitcoin’s gold”, made a huge splash. At the time, litecoin seems to have the highest market cap of any mined cryptocurrency, still after bitcoin though. The following aims at explaining you what litecoin is and how to use it properly at online casinos.

What is litecoin?

Just like bitcoin, litecoin is a peer-to-peer web currency that allows you to make instant payment to anybody on all four corners of the world. Litecoin uses the same protocol as bitcoin but slightly differs from its predecessor. In fact, it is easier to produce litecoin in that it can be effectively mined with consumer-grade hardware. Also, litecoin provides consumers with faster transactions. According to sources, the litecoin network is about to make more than 85 million currency units by 2015. Litecoin was created by a former Google engineer, Charles Lee, in 2011, but has already evolved ever since. The main motivation of its inventor back then was merely to improve the bitcoin protocol, which he actually did.

Is litecoin better than bitcoin?

In theory, it is. After all, there is a major difference between litecoin and bitcoin at the moment. What makes the distinction is the 2.5 minute time end-users benefit when generating a block, as opposed to bitcoin’s 10 minutes. Charles Lee did improve bitcoin (and is now working for a very renowned online bitcoin wallet). Furthermore, very lately, the litecoin developer team has released a new version that offers an approximate 20x reduction in transaction fees, along with a few security and efficiency improvements.

Can we bet using litecoin?

From now on, heaps of online casinos enable gamblers to play several games betting bitcoins or litecoins. One of the main advantages of litecoin is that it provides players with some transparency in terms of making transactions. Regardless of your opinion on gambling and its position in the crypto-economy, litecoin is a perfect way to wager, process payments and withdraw money. A few web casinos are now devoted to develop litecoin as a unique payment option. On top of that, they offer a wide range of services you should not overlook: sometimes, no deposit is required, no account is needed, gamblers stay anonymous, the payouts are instant and no bank processor is used.

In other words, online casinos accepting or promoting litecoin are bankable, convenient and really easy to use. They also care about your intimacy and place few restrictions on the gambler’s obligations.