What is Litecoin?
Bitcoin is still the big kid on the block when it comes to cryptocurrencies, but its success has brought dozens of newer cryptos newfound popularity. However, crypto developers weren’t content to just copy Bitcoin. Many alternative cryptos feature unique security tools or features that Bitcoin itself doesn’t have. As bettors become more accustomed to using crypto, many are looking beyond Bitcoin to find the next big thing.
Two clear leaders have emerged in the race to be the next big Bitcoin. Ethereum and Litecoin are the second and third most commonly used cryptocurrencies. While Ethereum is a common choice for businesses and investors, Litecoin presents itself as the people’s cryptocurrency. It was expressly created for everyday transactions, not to sit idly on a hard drive. It’s ease-of-use, and unique features make it an ideal cryptocurrency for many bettors, but not for all.
Litecoins comes with its fair share of advantages and disadvantages, but remember that its still a cryptocurrency. That means that Litecoin bettors enjoy the same benefits as Bitcoin users, including faster transactions with fewer fees. Armed with the knowledge of Litecoin, you can begin using cryptocurrencies to your advantage as a bettor.
What are the benefits of using Litecoin?
Litecoin was created in 2011, three years after the introduction of Bitcoin. Consequentially, many of Litecoin’s features resemble a sleeker, more intuitive version of Bitcoin. There are plenty of changes under the hood as well, and those differences significantly affect how Litecoin is used.
The first major distinctions come right when Litecoins are made. Similar to Bitcoin, Litecoins are mined by computers all over the world. When a Bitcoin block breaks, around 12 Bitcoins are released to the miners, which slowly decreases over time. Ethereum only releases two coins with every block. Litecoin blocks always break into 25 Litecoins, meaning that a large supply is continuously being introduced into the ecosystem as more and more people begin using Litecoin.
Litecoin is also less prone to many of the potential pitfalls that endanger cryptocurrency. Litecoin’s market cap of $3 billion compared to Bitcoin’s $117 billion means less drastic price swings and less attention from regulatory bodies.
Keep in mind that Litecoin doesn’t do everything the best. Transactional time for Litecoin is slower than Ethereum but still faster than Bitcoin. It’s also not the most well-known or accepted crypto, especially in some parts of the world. The 25-coin block reward also mitigates any considerable spikes in value. The rate that blocks are broken is also much slower than some other Bitcoin alternatives. Still, Litecoin’s purpose as a currency is blacked up by its resistance to market swings and consistent supply.
Why is Litecoin good for esports betting?
One of the most common uses of Litecoin is for online betting, and for a good reason as betting sites were one of the first industries to begin accepting cryptocurrencies. Deposits and withdrawals are much cheaper and faster when using cryptocurrencies instead of standard tender. The additional security of the blockchain also helps bettors and casinos manage their money with confidence. Litecoins users benefit from many of those same features, but there are a few ways in which Litecoin is even better than Bitcoin for esports betting.
Unlike in traditional betting, esports tournaments can feature brand new match-ups just hours before they’re played out. Betting on group stages or multi-day events like the LCS Finals, Six Invitational, or The International can require adjusting your account on the fly. Litecoin’s break time of 2.5 minutes makes it almost four times as fast at Bitcoin. That leads to much quicker and even cheaper transactions.
The unique perks of Litecoin also come with a set of downsides. Investors looking to invest in Litecoin while using it to bet will find more success with Bitcoin or Ethereum as they are more susceptible to price changes. Litecoin’s decreased volatility also means that esports bettors looking to buy low and deposit high will get lower returns than using Bitcoin. Still, bettors looking for fast transactions and stability should turn to Litecoin to blend responsiveness and security.
Why choose Litecoin over other cryptocurrencies?
When it comes to picking your cryptocurrency, Bitcoin wins by default due to its popularity. Alternative cryptos need to come up with features that differentiate them from Bitcoin and each other. Litecoin and Etherum, despite being the two primary ‘altcoins,” have vastly different ecosystems that can affect which one is right for you.
Litecoin’s block rate and speed are consistent, allowing for a constant currency flow that isn’t affected by the amount of people mining. Ethereum’s high rate of block breakage but low block reward incentivizes saving. Ethereum is more commonly held as an investment rather than a currency. As a network powered by a cryptocurrency called Ether, Ethereum is a much more complicated environment compared to Litecoin. Crypto newbies would have an easier time adjusting to Litecoin since it’s sole purpose is to be used as money. Litecoin’s cheaper fees also mean that it’s more affordable to buy and transfer than other cryptos.
Now armed with the knowledge of Litecoin betting, you can use it to your advantage on Thunderpick.
Thunderpick is a betting site and online casino that accepts deposits and withdrawals in Litecoin along with many other cryptocurrencies. No matter when, where, or how you want to bet on esports, bet on esports with Thunderpick.