These are the casinos in Canada that accept Litecoin.
Litecoin is a cryptocurrency that has gained popularity in recent years and seeks to establish itself as a payment method for bold users, as well as those interested in the world of online casinos.
This open source software project is published under the license from MIT, being inspired by and practically identical to Bitcoin in technical terms.
Its creation and transfer are based on a cryptographic protocol not administered by any central authority, running through a peer-to-peer network.
Litecoin was conceived as an alternative to Bitcoin for making low-value transfers. Each Litecoin is divided into 100,000,000 smaller units, which are defined to eight decimal places.
The history of Litecoin
Litecoin was launched on October 7, 2011 through an open source client currently called Litecoin Core on Github. The current version of this client (released May 6, 2019) is 0.17.1.
Other open source projects such as the digital wallet Electrum Litecoin (based on the original Electrum client and developed for the Bitcoin network) have also been released over the years.
In May 2017, support was enabled in the Litecoin software SegWit, while the first atomic transactions took place in September of the same year. In a period of four days, transactions were made between Litecoin and Decred, Litecoin and Vertcoin, Litecoin and Bitcoin.
What can you do with Litecoin?
According to its official website, Litecoin is a P2P Internet currency with which you can make payments almost instantly and at almost zero cost anywhere in the world.
Over the years, Litecoin has grown into a fully decentralized open source global payment network. Mathematics secures its network and allows its users to have control over their own finances.
One of the main features of Litecoin is that you can confirm the transaction faster and with higher storage efficiency against the main math-based currency.
There are a growing number of Litecoin communities where you can find support. All you need to do is search for Litecoin information on your chosen search engine, to find tutorials, Litecoin Communities on Reddit, Twitter searches or even subscribe to IRC FreeNode network channels.
Among the resources, you will be able to access general information, list of pages and list of exchanges supported by Litecoin through the Litecoin Wiki. You will also find updated network statistics through the Litecoin Block Explorer Charts.
Source codes and other related projects can also be found at: GitHub.com/litecoin-project.
Litecoin is an open source project released under the license MIT/X11 which grants you the ability to run, modify, copy and distribute the software, at your will, in modified copies.
The software is released in a transparent process that allows independent verification of binaries and their corresponding source code.
The Litecoin blockchain allows you to manage a higher volume of transactions than other cryptocurrencies. As block generation occurs more frequently, the network supports more transactions without the need to modify the software in the future.
As a result, users get confirmations faster, and they can wait for more confirmations when selling more expensive items.
Also, Litecoin cryptography allows you to protect the private keys in the wallet, so you can view your account balance and transactions, but password entry is required before using your litecoins.
This is useful not only in terms of protecting against viruses and trojans on the web, but also as a security check before sending a payment.
What is the difference between Litecoin and Bitcoin?
Despite being almost identical to Bitcoin in technical aspects, the Litecoin network differs from it due to changes in some variables.
The differences are as follows:
- Litecoin processes a block every 2.5 minutes on average instead of every 10 minutes, which allows for a shorter wait for transaction confirmation.
- It produces approximately four times as many units as the Bitcoin network, i.e. about 84 million Litecoins.
- She uses the Scrypt function in its proof-of-work algorithm. It is a sequential hard-memory function first devised by Colin Percival, which facilitates mining by not requiring sophisticated equipment like Bitcoin.
Litecoin mining and inflation
Litecoin transactions, balances and issues are managed by a P2P network through Scrypt and its proof-of-work scheme, much like Bitcoin.
Litecoin emission rate is decreasing and tending to zero, which forms a geometric series. This rate is expected to halve every four years on average (every 840,000 blocks), reaching a final total of 84 million LTC.
The memory intensive nature of Scrypt means that (unlike Bitcoin) Litecoin production is memory intensive, making it potentially unsuitable for GPU mining and expensive to build with FPGA or ASIC implementations.
How to buy Litecoin?
One of the options for doing this is through Binance, the largest cryptocurrency exchange in terms of trading volume.
What you need to do is to create a free account on the Binance website or app, which will act as a gateway to buy cryptocurrencies. Of course, before purchasing, you will have to open an account and verify your identity for security reasons.
Registration can be done via email or your mobile number.
By accessing the “buy cryptocurrency” section in the top left corner of the website, you will be able to see all the options available in your country.
You will have one minute to confirm your order at the current price. After that minute, your order will be recalculated based on the current market price. We recommend clicking Update to see the new order quantity.
Once your cryptocurrencies have been purchased, you can store them in a personal cryptocurrency wallet or leave them in a Binance account, as well as exchange them for other cryptocurrencies or deposit them in bets on Binance Earn, with which you would earn passive income.
Advantages of Litecoin
- Litecoin is a fast cryptocurrency, up to four times faster than Bitcoin, with transactions being processed in up to two and a half minutes.
- It’s easy to trade. This is due to a large number of popular exchanges and wallets that support Litecoin and offer low volatility.
- It has low transaction fees compared to other cryptocurrencies that can be accepted at online casinos operating in Canada.
- 24/7: operates 365 days a year, 24 hours a day.
- You can buy it with credit and debit cards, as well as bank transfers.
Disadvantages of Litecoin
- It’s still not that fast compared to other more traditional payment methods.
- It is not so easy to acquire.
- In general, risk. Like any monetary operation, this one has its risks, greater than those of other traditional currencies.