Hello, Wincatchers readers. Welcome to our review on one of the best cryptocurrency in the market: Litecoin. When a person speaks to you about cryptocurrencies related to online casinos, surely Bitcoin is the first option that comes to your mind. However, there are others and very good ones, as in the case of Litecoin.
What is Litecoin?
The first surprising feature of this cryptocurrency is that it is based on a P2P system, which means that it is anonymous and there is not an authority that rules it, something really different from the regular cryptocurrencies such as Dogecoin or Ethereum.
Launched in October 2011 by Charles Lee, an ex-employee of Google, it is possible to obtain LTC (Litecoin) through mining and, the principle of the lack of an entire regulation as consequence of the PSP system, produces, as a result, a very rapid transaction system throughout the network.
How Litecoin Works
The possibility for you to obtain Litecoin on an open-source platform means that LTC is entirely decentralised, which means that it does not rely on any banks to make the transactions. So, how can it work? Well, there is a community and network to oversee these processes instead of banks.
In matters of transactions, Litecoin is even faster than Bitcoin, which is a good point. To clarify this, Bitcoin Networks needs 10 minutes to process a block while Litecoin needs only two minutes. So, Litecoin is five times faster in transactions! What is more, more speed means also a higher number of transactions.
Litecoin and Online Casinos
Due to LTC is a popular growing digital currency, there are Online Casinos that allow players to use it to make casino deposits and withdrawals. In fact, there are also very few online casinos which specialise in accepting Litecoin exclusively, but it is expected to have a bigger number of players that will transact with Litecoin among other payment methods in more and more gambling platforms.
In order to start using this digital coin in online casinos, you should obtain first a digital wallet to make transactions with purchased coins. The rest is even easier. Once you do that, you can send the amount you want directly to your casino account to start playing. As you remember, because of its high speed, transactions are processed almost instantly.
If instead of deposit money you want to withdraw funds, you have to log into your account, find the withdrawal button, press it, provide your Litecoin address and write the amount of money you want to transfer to your electronic wallet.
Litecoin Pros and Cons
If you use Litecoin and look for an online casino that accept this digital coin, you should know that currently there are numerous online options for you to choose. But before doing that, let’s consider some advantages and disadvantages of LTC as cryptocurrency.
- Privacy and confidentiality: This reason is essential, as most players do not want to give too much information. Instead of standard banking options, players using Litecoin are not forced to reveal banking account details. The only case in which you need to provide personal info is if you want to buy some LTC where you may have to put in your credit/debit card or bank account details.
- Security: When you make Litecoin transactions, you have the benefit of inheriting secure transactions transmit through the blockchain. Apart from that, when you sign up for an online casino, you should ensure that the online casino works with encrypted SLL security of 128 bit or more.
- Quick transactions: As this digital coin is decentralised, there is no need for intermediaries to review operations. To make thing better, in same online casinos withdrawals and deposits only take around 10 minutes or less to complete!
- Volatility of Cryptocurrencies: This applies for crytocurrency in general, as digital currency is subject to highs and lows in their valuation at this early stage of their development. When there is a variation in the market, maybe you deposit and withdraw with different litecoin values.
- Other payment methods are easier to use: Again, this also applies to all cryptocurrencies. It is all about getting used to it.
As you have seen throgout the article, Litecoin is a good option for online casino players, as it is safe, anonymus and allows you to make your transactions faster than with other cryptocurrencies. We hope you liked our review on this digital coin that is growing and growing in popularity.