What is Litecoin (LTC)? - Crypto Coin Betting Explained
Litecoin is one of the most popular digital currencies for online gambling. This crypto coin was created as a way to reduce the transaction time and fees of Bitcoin, making it ideal for online deposits and withdrawals at Stake.com. Find out how it works in our guide.
What is Litecoin (LTC) & How Does it Work?
Litecoin, abbreviated to LTC, is a decentralised cryptocurrency that facilitates peer-to-peer transactions. As with other cryptocurrencies, it operates using blockchain technology, which was first utilised by Bitcoin (BTC). However, LTC is a direct fork from the Bitcoin network, meaning it shares a lot of similarities with the world’s most popular cryptocurrency.
The main similarity between Litecoin and Bitcoin is that both use a decentralised blockchain, with transactions stored on blocks. Transactions are also verified by the process of mining, which generates new blocks on the chain. Identical copies of the blockchain are distributed across the network, ensuring that transaction data is valid.
Despite the similarities, LTC works very differently from BTC because blocks are generated faster, the hashing algorithm uses less computing power, and the mining difficulty scales differently. The end result is that LTC transaction speeds are faster, resulting in lower fees for users when gambling with crypto at Stake.
History of Litecoin
January 2009 - Bitcoin launched.
2011 - Bitcoin mining had become less accessible and more centralised. As a result, several altcoins were created.
October 2011 - Charlie Lee, a former Google engineer, launched Litecoin, intending it to be “the silver to Bitcoin’s gold”.
2014 - Although intended to be resistant to ASIC mining, the first Litecoin ASIC miners were released in 2014.
August 2015 - Litecoin undergoes its first halving, where the mining rewards are halved from 50 LTC to 25 LTC.
2018 - The 2nd layer solution, Lightning Network was launched to provide even faster transaction times.
May 2022 - Mimblewimble Extension Blocks (MWEB) was activated, offering private transactions on the Litecoin network.
LTC is a popular option for many gamblers on Stake. Be sure to check out our guide on choosing best coin for you.
How to Bet on Casino Games & Sports with LTC?
To play casino games using LTC, follow these steps:
Sports are available to bet on using LTC and other crypto coins at Stake as well. Simply open the sportsbook to find all the currently available live and pre-live betting options. Major upcoming games are shown on the front page, but you can also use the menu to look for a specific sport or enter a team name in the search bar. Sports include soccer, tennis, basketball, cricket, motorsport,esports and much more.
How to Deposit & Withdraw Litecoin on Stake?
You can add LTC to your account by following these steps:
If you want to deposit your own funds, select Litecoin and then copy the deposit address.
Paste the address in your Litecoin wallet and enter the amount you’d like to deposit.
Double-check the wallet address and then confirm to send.
The transaction will need to complete a certain number of confirmations before your LTC is available for gambling.
You can purchase Litecoin from most crypto exchanges like Binance, though it’s also possible to buy it directly at Stake. With “Buy Crypto”, you can choose from any of the accepted payment methods with MoonPay and purchase LTC.
Withdraw LTC from your account by doing the following:
Open your wallet and check it has enough funds to cover the minimum withdrawal.
Paste your personal wallet address and double-check it’s correct.
Enter the amount you’d like to withdraw within the withdrawal limits and confirm the transaction.
If you have any issues depositing or withdrawing LTC from Stake, contact the customer support team for assistance.
How is LTC Different to other Crypto Coins?
Litecoin originated from Bitcoin, forking from the BTC network to create a number of different advantages for its users. While Bitcoin has a much higher market cap and value, LTC is better suited for processing high transaction volume with improved scaling capabilities as the network grows.
LTC was created to help avoid the issues of high fees and slow transaction times, with the network able to handle up to 50 transactions per second compared to Bitcoin’s seven. While it is one of the most popular cryptocurrencies, the LTC network is still less popular than Bitcoin in terms of daily transactions. This is an advantage if you want to move your coins quickly and without paying large transaction fees.
Litecoin was one of the original alternative cryptocurrencies, better known as an altcoin. It was created from the Bitcoin network. Both networks use proof-of-work to validate transactions, although LTC uses a different hashing function, meaning it requires less computing power.
For more information on the coins offered on Stake, check out our guides to coins like Dogecoin, Tether,Ethereum, EOS and Bitcoin on our blog.
Want to take your crypto knowledge to the next level? Learn everything you need to know about cryptocurrency with learncrypto.com's knowledge base of glossaries, crypto courses and more!
Advantages of Litecoin Betting & Tips
There are lots of advantages to using Litecoin at crypto casinos:
Fast transactions – Litecoin payments are processed extremely quickly, so you won’t have to wait around for your money to arrive.
Low fees – Litecoin transactions are very cheap too, with minimal fees when sending your coins.
Highly secure – You don’t need to enter your bank or card details when using LTC for deposits and withdrawals, protecting your personal information. We've written a blog on crypto security to help you learn more.
Vault protection – Using the Stake vault keeps your coins safe, providing an additional layer of security to give you peace of mind.
Purchase directly – You don’t have to own any LTC to start betting on Stake, you can use MoonPay to purchase coins using fiat currencies and an accepted payment method.
Here are some tips to help you get more out of betting using Litecoin:
Understand betting and casino gaming – Make sure you understand the rules of the game you’re playing, using our how-to guides to learn how to play. If you’re betting on sports, stick to the sports you know, and make sure you research each bet. Watch the live streams to get a better idea of what’s happening.
Stake Safe– While online gambling is easier than ever and can be a lot of fun, it comes with risks. Losing money is always a possibility, so you should never bet more than you can afford to lose. Use our Stake Smart guidelines for more information on staying safe while enjoying our platform.
