The Short Answer
Litecoin (ticker: LTC) is a peer-to-peer cryptocurrency launched in October 2011 by Charlie Lee, a computer scientist and former Google engineer. It uses a different algorithm (based on Bitcoin's code but with improvements) that makes transactions faster and less expensive than with Bitcoin.
So if Bitcoin is the digital gold and a store of value, then Litecoin is the digital silver and a digital currency that is fast and cheap to transfer. Litecoins creators didnt intend for the digital currency to be more valuable than Bitcoin. They wanted Litecoin to be more suited and easier to send for online purchases.
Key Facts About Litecoin
| Property | Litecoin | Bitcoin (for comparison) |
|---|---|---|
| Created | 2011 (Charlie Lee) | 2009 (Satoshi Nakamoto) |
| Block time | ~2.5 minutes | ~10 minutes |
| Max supply | 84 million LTC | 21 million BTC |
| Network fee (avg) | $0.001–$0.01 | $1–$30+ (variable) |
| Mining algorithm | Scrypt | SHA-256 |
| Privacy feature | MWEB (optional) | Lightning Network |
How Litecoin Works (Simply)
Litecoin operates on a decentralised blockchain — a shared ledger maintained by thousands of computers worldwide (called “nodes”). When you send LTC to someone:
Your transaction is broadcast
Your wallet announces and broadcasts the transaction to the Litecoin network. In a few seconds it will appear as “pending” (0 confirmations).
Miners include it in a block
Miners pick up your transaction and add it to a batch of other transactions known as a block. A new block is mined roughly every 2.5 minutes.
Confirmations accumulate
Between 1–6 confirmations, a transaction can be considered irreversible after 2.5–15 minutes on the blockchain. Generally, our casino will process the transaction for you after 1–2 confirmations.
No bank, government or third party involved. Transactions irreversible, non-censorable and non-freezable. Transactions on the block chain are permanent.
Why Litecoin Became Popular at Online Casinos
Litecoin's technical properties make it particularly well-suited for casino transactions:
- Fast: 5–15 minute deposits and withdrawals versus hours or days for bank transfers
- Cheap: Near-zero network fees versus 1–3% for credit cards
- Accessible: One of the most widely available cryptos on the market; listed on nearly every major exchange Crypto available to buy on almost every major exchange, including Binance, Bitfinex, BitMEX and Kraken.
- Private: aren't recorded on bank statements (not entirely anonymous — the entire blockchain is public)
- Practical unit size: Lower price per coin than BTC makes smaller deposits more natural
Litecoin’s MWEB Privacy Feature
Litecoin activated MimbleWimble Extension Blocks (MWEB) as a privacy option in 2022. This new privacy feature allows users to send transactions with private values or send a transaction with unknown values. The MWEB update allows users to send transactions privately, with unknown transaction values visible on the Litecoin blockchain.
Most casino gamers look for privacy whilst playing and this is where MWEB on your device and the wallet can really increase the privacy of transfers done for Litecoin, with much more privacy given to the user, and still using the same coin and the same blockchain. MWEB enabled Litecoin Core (v0.21+) or Cake Wallet will vastly improve transaction privacy for casino gamers, yet they still end up using the same LTC and sitting on the same LTC blockchain.
Is Litecoin Safe?
Litecoin has run for 11 years without being hacked, and the core of its protocol has not been compromised. Security properties of Litecoin are:
- Proof-of-work consensus — extremely expensive to attack
- Open-source code — publicly auditable by anyone at any time
- Large, distributed miner network providing decentralised security
- 13+ years of uninterrupted operational track record
- loss of access to your wallet (i.e., losing your private key or seed phrase) - getting scammed - using custodial services like exchanges and wallets that can be hacked The LTC protocol itself has never been compromised.
Frequently Asked Questions
Litecoin is a cryptocurrency and open source software project released under the MIT/X11 license. Created by Charlie Lee, a former Google engineer, it was released via an open source protocol in October 2011. Charlie Lee sold all of his Litecoin holdings in December 2017, to “keep his hands clean and away from any conflict of interest.” He is still involved with the Litecoin Foundation, and remains a very vocal member of the Litecoin community.
Here are a few characteristics of LTC vs BTC: - Block time: 2.5 minutes (LTC), 10 minutes (BTC) - Fees: virtually zero (LTC), $1-$30+ (BTC) - Supply: 84,000,000 max (LTC), 21,000,000 max (BTC) - Cryptographic algorithm: Scrypt (LTC), SHA-256 (BTC) Overall, Litecoin was established as a cryptocurrency for everyday transactions, focusing on a swift and efficient experience with significantly lower fees than BTC.
Standard LTC transactions remain pseudonymous, not anonymous, and are transparent on the blockchain. Personal details are not disclosed, but amounts and details of transactions are available for the public to view. However, with MWEB, sender and recipient amounts are obscured from view making it much harder for attackers or snoops to infer sensitive information.
Yes, in a few ways: – you send to a wrong crypto address, and its gone (forever) – you lose your private key or seed phrase – your exchange or custodial crypto wallet gets hacked Not to worry! Using a trusted non-custodial crypto wallet like Exodus, and safely backing up your seed phrase offline will vastly reduce the risk of all of these negative scenarios playing out.