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The cryptocurrency market has been around for over a decade, but it has expanded tremendously once bitcoin's market capitalization surpassed $700 billion on January 14, 2021. Nevertheless, thousands of new cryptocurrencies are being created to solve various problems such as currency exchange, fast payments, secure transactions, the facilitation of online casino games, and more.
Of course, we all know that bitcoin still dominates the industry. But, what's interesting is that some of the older altcoins, such as Litecoin, continue to thrive even more.
Today Litecoin is the fifth-largest cryptocurrency in market capitalization, with no smart contracts, and its primary purpose is to emulate the concept of Bitcoin. But what is this cryptocurrency, and what should we know about it?
Litecoin is a peer-to-peer (P2P) cryptocurrency and public blockchain. It is an open-source project similar to Bitcoin, albeit using a different cryptographic algorithm that gives Litecoin the ability to process more transactions with shorter block generation periods and cheaper fees.
Litecoin is known as the Bitcoin of all altcoins. It mainly has similar functionality to Bitcoin and acts as a P2P monetary system focused on decentralization and security. Litecoin is supposed to be the ultimate commercial digital asset for paying for services and goods in stores due to instant transaction confirmation. Despite its similarities to the Bitcoin protocol, LTC differs in the hashing algorithm.
Litecoin uses a proof of work (PoW) mining model to prioritize fast transaction speed and efficiency. As a result, even consumer equipment can mine Litecoin. Ultimately, LTC is a blockchain where participating nodes process transactions while miners provide security and verification in a registry of all transactions.
Anyone can use LTC to make cross-border transactions, store, trade on its fluctuating price, or make payments. Litecoin often attracts investors because it is frequently promoted as silver compared to Bitcoin, which is called gold.
Due to all the benefits offered by this cryptocurrency more and more LTC casinos are popping up on the Internet, allowing players to make safe and fast transactions using Litecoin and enjoy the best casino games online.
The technical aspects of Litecoin show that LTC developers have never been afraid to accept new ideas or introduce innovative changes. Thanks to such open-mindedness, they introduced SegWit in 2017, months before Bitcoin. That same year they tested their Lightning network, successfully sending 1 Litecoin from one e-wallet to another.
Charlie Lee created a lighter version of Bitcoin with a shorter confirmation time and a larger maximum number of coins that can be traded. His philosophy lies in the fact that the developers consider LTC as a payment method that everyone can use.
Litecoin uses much less processing power than Bitcoin's hashing algorithm, so the LTC network generates network blocks four times faster. This process takes an average of 2.5 minutes. As a result, the maximum supply of 84 million coins is also four times the maximum number of Bitcoins.
Speed. One of the main reasons to use Litecoin is the improved transaction speed. There is an average of two and a half minutes between mining each block, with transaction times in most cases faster than Bitcoin transactions.
In addition, the LTC network conducts many tests, resulting in faster deployment of updates and changes to the network.
Great Entry Point. The lower cost of LTC can be considered a good entry point to explore the cryptocurrency world. It also seems to be a more psychologically accessible cryptocurrency, making it an excellent option for anyone who wants to learn about cryptocurrencies. The developers of LTC had one purpose: to develop a lightweight version of the cryptocurrency, and they managed to achieve their goal by reducing transaction speeds and maximizing availability. Litecoin has established itself as a stable and secure cryptocurrency with a large community and a long history without much trouble.
LTC is versatile. LTC can also be used to pay for goods and services on the Internet. Also, you can find many Litecoin casinos and gamble your favorite games for real money easily by making deposits in LTC.
Las Atlantis is a reputable online casino that accepts Litecoin. But before starting to explore it, you need to have a Litecoin wallet to make deposits.
Compared with other payment systems, Litecoin wallet has a lot of advantages that allow it to stand out among other e-wallets:
Convenience. Litecoin wallet is preferred by almost everyone who is engaged in mining the most popular cryptocurrencies, which is not surprising because Litecoin has the following conveniences:
- The website does not have any problems with reputation; additionally, it has a high degree of reliability.
- To get your own e-wallet, you need to go through a simple registration procedure.
- The interface of the online wallet is extremely simple and user-friendly.
- Payments can be made automatically, and the user can remotely manage their account and receive detailed information about the completed transactions.
- Moreover, the user decides which resource to choose, making the WEB-wallet distinct from the others.
Instant Exchange. Litecoin has eliminated a significant defect, precisely the scaling problem. Furthermore, due to the use of SegWit support, the number of transactions per minute has increased significantly. Litecoin performs instant currency exchange and money transfer to any part of the world.
Money Transactions. Since Litecoin is a cryptocurrency, it does not have a physical equivalent. So, LTC can be used as a unit of payment for goods or services purchased online. On the other hand, if a user needs to convert the cryptocurrency into cash, the conversion can be made via special online exchanges that provide a list of options:
- To convert LTC to EUR, USD, etc., and then transfer the fund to a credit card.
- To transfer LTC instantly to another payment system (PayPal, etc.)
- To refill LTC-wallet is possible by any electronic means and currency, then convert it to cryptocurrency according to the current dollar exchange rate.
Anonymity. Litecoin is among the best payment systems mainly due to its anonymity which is achieved by the following components:
- Unlike other payment systems and bank accounts, an LTC wallet is not tied to a user's identity at the protocol level. Accordingly, users can create as many wallets as they want and whenever they want. However, no one will ask for personal information.
- Transactions are not attached to the user's identity. Consequently, if users agree to add a financial transaction to the block, each participant can transfer LTC from one account to another without having to provide personal information. In other words, similar to cash transfers, the sender does not need to know the recipient and vice versa.
- Litecoin transaction data is transmitted by P2P network nodes that have been randomly selected. Hence, it is virtually impossible to track which wallet the money was sent from and to which it should arrive.
Security. LTC-wallet prevents hacking at all. All transactions are entirely transparent, so fraud attempts are detected and blocked at the first stage of the transaction.
As for currency exchange, the conversion of LTC to real money and vice versa is possible only through special exchangers. Generally, this procedure follows the sequence below, during which you need to:
- Enter a cryptocurrency exchange.
- Register your account on it.
- Transfer LTC to it from your Litecoin wallet.
- Exchange LTC to the relevant currency.
- Specify Visa/MasterCard number.
- Transfer your funds.
Naturally, the exchange will charge a fee for the deposit or withdrawal procedure, which varies from 0.1 to 1% of the total amount.
1. To buy Litecoin, you need to follow a few easy steps:
2. Choose a cryptocurrency exchange considering the site's security, commission, and usability.
3. Create your account on the exchange. Enter the necessary information for account registration, and you will be asked to specify:
- full name
- email address
- phone number
Some exchanges will require you to go through a KYC process and provide such information as:
- date of birth
- social security number
- a scan of a valid passport, driver's license, or ID card
4. Decide how many Litecoins you want to buy.
5. Make your purchase. Payment methods may include ACH wire transfer from a bank account, debit card, or credit card. Bank transfers are usually the best option, as paying by debit or credit card can result in additional fees.
Once the money is available, select the "Buy" option and choose Litecoin. Enter the amount you want to buy and view a transaction preview to learn about commissions and how many Litecoins you will receive. If you're satisfied with everything, confirm the transaction.
Note down the amount you spent and the amount of Litecoins you received for tax purposes. It is considered a taxable event when you sell Litecoin or exchange it for another cryptocurrency.
After completing these steps, you will have your own Litecoins. One last thing you may want to do is research cryptocurrency wallets where you can store them. Many investors store their cryptocurrencies on the exchange they bought, but transferring them to a cryptocurrency wallet is an excellent way to provide extra security.
Before using Litecoin, pay attention to its advantages and disadvantages:
- Decentralization. Cryptocurrency based on blockchain implies that all participants in the network are equal to each other. So, no unified system center acts as an intermediary: all transactions are carried out directly between users.
- Anonymity. All of the personal user data in the Litecoin network is hidden.
- Transparency. Even though personal information is hidden, the history of all transactions is stored in the blockchain and cannot be deleted or changed.
- Accessibility. You can use this monetary system anytime and anywhere - regardless of your country of residence. The only condition for using Litecoin is an Internet connection.
- Deflation. Since it is possible to mine only a certain amount of coins, there will be no opportunity to mine the coins at a certain point. This means that the value of Litecoin will increase, as there will be no option to generate new coins when the demand increases.
- Open Source. The coin developers offer everyone to use the Litecoin code, and according to the MIT/X11 license, users can modify and transform the code for any personal project.
- Speed of block formation. It takes only 2.5 minutes to create a new Litecoin block (with 25 coins in it) while it takes 4 times longer to generate a new block in Bitcoin, for example.
- Security of transactions. Due to the higher speed of transfers, all transactions of Litecoin are complicated to track, which makes it possible to avoid hackers' attacks.
- The loss of a web wallet will result in the complete loss of the cryptocurrency stored on it.
- The lack of statistics makes it impossible to predict the coin rate.
- Litecoin also has general disadvantages of blockchain technology. These include energy intensity caused by the need to calculate and cool down miners and the possible negative impact on the environment.
- Decentralization disadvantages. Data modification can be complex since the ledger used in the transaction is distributed across a peer-to-peer network of computers. The network responsible for processing transactions must also remain synchronized at all times for a particular transaction to go through.
Las Atlantis is a great platform with Litecoin casino games for players to enjoy.
When playing for real money, you will have access to a vast menu of games with categories including:
- Slots. You will find all of the most popular high-quality slots in this category, with over 140 titles to choose from. Some of the most popular slots at this Litecoin gambling site are Achilles, Ancient Gods, 5 Wishes, Bubble Bubble, etc.
- Table Games. Do you like to shuffle cards? Then this category is for you. Here you'll find all the variations of online poker, as well as modern and classic versions of blackjack.
- Video Poker. This section has 14 video poker games with different rules to suit all tastes. Choose from Loose Deuces, All American Poker, Double Bonus Poker, Joker Poker, and many other games.
- Specialty Games. You can try traditional casino games such as European Roulette, Banana Jones, Fish Catch, and Keno in this category.
- Progressives. The category with the biggest winnings offers you to gamble online with Litecoin in Spirit of the Inca, Caribbean Stud Poker, Jackpot Cleopatra's Gold Deluxe, and other captivating games.
Sign in to your Las Atlantis account, visit the "Cashier" section and click on the "Deposit" tab. Then, choose the Litecoin deposit method and make it.
Also, bear in mind that Las Atlantis online casino with Litecoin deposit process might take up to 15 minutes.
No, the service is tax-free for all banking systems as well.
Yes. Las Atlantis positions itself as the best Litecoin casino, and all the games from the menu can be played in the demo mode.
The minimum deposit amount via Litecoin is $20, while the maximum amount can be unlimited.
Yes. Litecoin mobile casino is also available on the Las Atlantis website. Players don't even need to download the software.
Absolutely. Las Atlantis LTC casino is protected with the industry-standard 256-bit SSL encryption technology.