What is Litecoin?
Litecoin is a decentralized peer-to-peer cryptocurrency and open-source software project released under the MIT/X11 license. Inspired by Bitcoin, Litecoin was among the earliest altcoins, starting in October 2011. In technical details, the Litecoin main chain shares a slightly modified Bitcoin codebase.
How does a Litecoin transaction work?
Litecoin transactions are similar to Bitcoin but with some differences in speed and cost. These transactions involve a series of steps for securely transferring Litecoin across its network. Here's a breakdown of the process:
1. Transaction Initiation: A transaction starts when a user decides to send Litecoin. They use their Litecoin wallet to input the recipient's address and the amount to be sent.
2. Creating the Transaction: The wallet prepares a digital message, which includes the necessary details like the recipient's address, the amount, and the sender's transaction history for verification purposes.
3. Signing the Transaction: The sender's wallet digitally signs the transaction using the sender's private keys. This signature is a security measure that verifies the sender's authorization of the transaction.
4. Broadcasting to the Network: The signed transaction is broadcast to the Litecoin network, where it is picked up by Litecoin nodes (computers connected to the network).
5. Validation and Verification: Nodes across the network validate and verify the transaction's authenticity and ensure the sender has sufficient Litecoin to complete the transaction.
6. Inclusion in a Block: After validation, the transaction is included in a new block. Litecoin miners then work to confirm the block by solving cryptographic challenges, a process known as mining.
7. Confirming the Transaction: Once a block is successfully mined and added to the Litecoin blockchain, the transaction is considered confirmed. More confirmations occur as subsequent blocks are added.
8. Final Record on the Blockchain: The transaction is permanently recorded on the Litecoin blockchain. The recipient's wallet reflects the received Litecoin after the transaction is confirmed.
Why Buy OSRS Gold with Litecoin?
Using Litecoin to Buy OSRS Gold has became a standard in the RuneScape gold buying market. It cannot be reversed or charged back, allowing merchants to not require any KYC/ID Verification at checkout.
Due to it's secure, quick and hassel free nature. You will find a majority of the time there is no additional processing fee when buying osrs gold with litecoin.
In addition, there is no country limitation allowing merchant and customer to be in seperate parts of the world and do business with each other.
Why you may not want to use Litecoin to buy OSRS Gold.
Generally speaking, if you want to use a crypto currency to buy osrs gold with that isn't a stable coin, litecoin is likely a suitable option. With historically low transaction fees & fast confirmations have made it popularity rise in the runescape gold market scene.
How to Buy OSRS Gold with Litecoin?
Litecoin ranks 3rd for all accepted payment methods on https://merchants.to/
Litecoin ranks 3rd for accepted crypto currency payment methods on https://merchants.to/
Buying OSRS Gold with Litecoin is a very simple process on Merchants.to.
Follow these steps to find a merchant to whom accepts litecoin as payment for OSRS Gold.
1. Navigate to https://merchants.to/currency/buy-osrs-gold
2. Click the "Filter payment methods." dropdown
3. Select "Litecoin"
4. Only merchants that accept litecoin will now be displayed. Simply find the merchant you wish to purchase from and visit their site to finalize the transaction!
