LITECOIN CASINO GUIDE of 2022

Litecoin is mostly used for transactions that do not have  a high value, such as the median transaction hovering around $100. This is also its primary use, as such transactions usually do not have to be confirmed multiple times. This means that such transactions are fast and easy.

If you are looking for the fastest transactions, there are of course many coins with faster transaction speeds, but with Litecoin you get a widely accepted coin and a fairly secure one to make transactions with.

Even for very big transactions, Litecoin remains a viable option, with over 283 LTC addresses holding more than $1 million. However, it is important to note that most big transactions are still made in Bitcoin and Ethereum.

Litecoin is a very good alternative to both coins like Bitcoin and Bitcoin Cash. Litecoin is an all-around good option because of its consistently low fees, good security and relatively fast transaction speeds.

HOW DOES IT PERFORM?

1. Decentralization: Litecoin is a decentralized crypto based on the scrypt algorithm. Individual miners confirm transactions on a proof-of-work system. This ensures decentralization, and as Litecoin is not as popular as Bitcoin the risk of centralization is not as high.
2. Safety: Litecoin is seen as a secure cryptocurrency with a good foundation of block size and block time, coupled with a self-adjusting difficulty algorithm that adjusts mining difficulty over time. Many people trust Litecoin since it is an older crypto that has proven to be a secure asset over time, with many users holding large amounts of it.
3. Scalability: Litecoin performs well, keeping transaction speeds high and fees low. Currently, block size is abundant, but if this crypto were to reach Bitcoin levels of popularity this might change since it is essentially the same at 1 MB. However, block time is different, giving Litecoin an advantage.

LTC FEES
As is the case with other cryptos, fees are determined by the demand for block space and by the size of your transaction (measured in bytes).

While the block size of Litecoin is limited to only 1 MB, the average block size (how much of the block is actually used) is around 80 KB. The more important factor is block time. Litecoin has an average block time of 2.5 minutes, which results in a smaller battle for fast confirmation.

Even if the demand for block space were to increase, faster block time means higher capacity for confirming transactions.

Even though Litecoin is one of the earlier cryptos, it remains quite popular. Since it grew in value, you might assume that its transaction fees have also gone up to keep up with higher demands. Fees have indeed risen, but not at all as much as they have for other cryptos like Bitcoin and Ethereum.

Litecoin’s design helps keep fees as well as transaction times low. As of right now, the average transaction fee costs a few cents – compared to Litecoin’s current value of hundreds of dollars, the fees are really low.

Due to its fast block times and an abundance of space in a block, Litecoin transaction fees are relatively unaffected by the coin’s value.