LITECOIN CASINO GUIDE of 2022

Litecoin is mostly used for transactions that don’t hold high value, the median transaction hovering around $100. This is also its best use case scenario, as usually such transactions don’t have to be confirmed multiple times, as security isn’t as important. This means that such transactions are fast and easy.

If you are looking for the fastest transactions, there are of course still many coins with much faster transaction speeds but the trade off is wide acceptance and to a certain degree, security.

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

Litecoin is a very good alternative to both coins like Bitcoin and coins like Bitcoin Cash, being 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 isn’t as popular as Bitcoin, the risk of centralization isn’t 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 as it is an older crypto that has proven itself over time as a secure asset, with many users holding large amounts of it.
3. Scalability: Regarding scalability, Litecoin performs well, keeping transaction speeds high and fees low. Currently block size is abundant, but if the crypto reached Bitcoin levels of popularity this might change, as it is essentially the same at 1 MB. Block time is different however, giving Litecoin an advantage.

LTC FEES
As is the case with other cryptos, fees are determined by demand for block space and the size of your transaction (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. In any case, the more important factor is block time, and Litecoin has an average block time of 2.5 minutes, resulting in less of a battle for fast confirmation.

Even if demand for block space increased, the faster block time means a higher capacity for confirming transactions over something like Bitcoin.

Even though Litecoin is one of the earlier cryptos, it remains quite popular. Combined with a growth in value, you might assume that its transaction fees have risen to keep up with new demand. Fees have risen, but not at all as much as they have with other cryptos like Bitcoin and Ethereum.
Litecoin’s design helps keep fees and transaction times low. As of right now, the average transaction fee is a few cents – compared to its 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.