The fourth most popular cryptocurrency at Betbit is Litecoin. So, in effect, Betbit is a Litecoin casino. Betbit allows players to deposit and withdraw using litecoin.
Litecoin is a cryptocurrency very similar to Bitcoin, as it also uses a decentralized database of transactions known as blockchain. Litecoin, however, was created originally to fix the shortcomings that came with Bitcoin. The difference between the two is the speed at which Litecoin can generate a block at 2.5 minutes compared to Bitcoin’s 10 minutes. The faster block time of Litecoin also reduces the risk of double spending attacks. Litecoin also has 84 million coins as to Bitcoin’s 21 million. Litecoin also uses a scrypt algorithm which makes the mining of the coin quite different.
At Betbit, your litecoin deposits are credited in less than 2 minutes. The average litecoin confirmation time is 2.5 minutes. (It has a 56 transaction per second maximum capacity.) Here is a chart showing the most recent litecoin transaction times.
Litecoin is supported by a variety of wallets from physical to virtual based. Some wallets that are popular are…
At the moment the Betbit Wallet only supports Bitcoin. The site, however, allows for both deposits and withdrawals in Litecoin. Please note however that it can take up to 10 minutes for your coins to be confirmed. You may also qualify for deposit and cash back bonuses by using cryptocurrency at Betbit.
Average Transaction Fee of 0.04%. As it’s a very popular coin you are able to buy it on quite a few exchanges:
You are also able to convert it easily using a service such as Changelly and Shapeshift.io. The nice thing is that it offers instant money exchanges with no deposit storage. It also supports 2FA. The site currently has about 3 million users per month.
Litecoin mining is dependent on the method of proof of work. In this way, miners compete with one another to complete transactions to gain rewards. Mining Litecoins can be a costly setup with high energy consumption and can be confusing at first. In many ways, it can be as difficult as mining Bitcoins. However, it is much faster to mine Litecoins compared to Bitcoins and it can be really profitable. However, due to its current complexity, you would need to run some specific and expensive ASICs miners. It’s also advisable to join a mining pool to gain more benefit. The best software to use for Litecoin mining is CGMiner or SGMiner. Both can be a bit complex to set up.
It uses the SHA-256 Algorithm (just like Bitcoin), but its calculations are much more serialized than that of Bitcoin. Scrypt prefers large amounts of Ram (High-Speed such as those on GPUs) rather than processing power. As such Scrypt relies on the speed of the ram on the GPU’s which is used to mine it, to speed up the mining process. Therefore GPUs have been the preferred choice for mining Litecoins.