As of January 2022, Litecoin is the world's 21st largest digital currency by market capitalization, priced at $148.57. It has become a staple for many crypto enthusiasts because of its growing popularity. Litecoin is an altcoin (alternative crypto) launched on 13th October 2011 by Charlie Lee, who worked at Google as an engineer.
It is a derivative of the Bitcoin codebase but has been modified severally. Like any other virtual coin, LTC uses a decentralized payment network that is neither controlled by an individual nor a government authority. In contrast to Bitcoin, which is based on SHA-256, Litecoin uses Scrypt as a proof-of-work algorithm and has a quicker block generation rate.
Litecoin boasts MIT License, a free software license by the Massachusetts Institute of Technology. It can be used anywhere globally, allowing peer-to-peer transactions among individuals, traders, and investors. Today, numerous bookmakers are accepting this payment option for esports. Due to its larger blocks, Litecoin transactions are faster and cheaper.
When used as a deposit method in an esports betting site, LTC can take roughly 3 minutes to process, while Bitcoin takes about 6 minutes. The Bitcoin network is busier, and some transactions may take a whole hour to go through. On the other hand, LTC fees are one-tenth of Bitcoin's, making it the better option for speed and budget-conscious sports bettors.