The gambling industry has always been quick to adopt the latest innovations. Quality online casinos strive to provide the best possible service for their customers, in order to remain competitive. If there’s something new and interesting happening on the scene, it’s never long before it’s picked up by most of the biggest names in the business.
A recent example to illustrate the above is cryptocurrency. Casinos are racing to adopt cryptocurrency payments, due to the skyrocketing popularity of virtual currency. Crypto transactions are regarded as safer and more discreet than those involving credit or debit cards – a major point of appeal for many online gamblers.
What are Litecoin Casinos?
Litecoin casinos are simply online casinos that allow deposits and withdrawals to be done in Litecoin or LTC. There are some casinos that exclusively support cryptocurrency payments like Litecoin, along with those that accept more conventional payment methods alongside crypto coins.
What is Litecoin?
LTC, or Litecoin, is one of the main five crypto tokens making headlines right now. LTC is quickly gaining momentum, even though other tokens like Bitcoin have been taking the forefront of the scene thus far.
LTC is mined by dedicated people with an appropriately advanced setup of hardware and software. It is a completely decentralised blockchain-based digital currency, and there is no administering body or central bank that controls its worth.
The miners who successfully create LTC blocks are rewarded for the time and assets they use. The value of LTC comes from the fixed number of tokens that will be made available in total. Unlike conventional forms of currency, most cryptocurrencies like Litecoin are designed to be finite – i.e. there will only ever be a limited number of coins (tokens) available.
With a block mined every 2.5 minutes, LTC is one of the fastest currencies to be mined – one of its primary points of appeal. In addition, the blockchain and peer-to-peer nature of Litecoin make it an exceptionally secure form of currency that guarantees greater discretion.
Why LTC Casinos are Popular
Slowly but surely, the popularity of Litecoin casinos is growing worldwide. There are various points of appeal that make Litecoin gambling a popular option, including the following:
Payments using LTC can be processed quickly in comparison to other crypto tokens. This makes Litecoin an easy way to transfer funds to an online casino, or withdraw winnings.
Thanks to its peer to peer nature, LTC eliminates the need for any middlemen. This saves on transaction costs and extra charges. Hence, the overall charges are significantly lower with LTC.
Cross Country Payments
LTC has been adopted by organisations all over the world. This makes it easier to conduct cross-border payments quickly, as opposed to waiting for confirmation, offering verification and performing currency conversions.
Security and Privacy
LTC payments are completely immutable. This makes them very secure, ensuring that the transactions are valid and verified. In addition, your privacy is never compromised as transaction details do not contain any identifiable information about you.
If a casino allows you to withdraw your winnings in LTC, you could hold on to it as a long-term investment. Some see the value of Litecoin increasing significantly over the coming years, which could result in even bigger gains.
A few additional things to keep in mind while browsing for Litecoin casinos:
Make sure to opt for casinos that do not charge extra fees for Litecoin payments. You will find that most LTC casinos do not.
Check whether the casino offers both deposits and withdrawals in LTC.
Connect with a customer support representative and get a feel of the service being offered to customers.
Keep track of any exclusive bonuses for crypto users. Some casinos offer free spins and other incentives that are only for crypto users.
Check for the availability of games with Litecoin support.
Check the license of the online casino you are interested in.
A Word on Investments…
Technically speaking, you’re taking a chance when you purchase any form of currency with your own money. However, the volatility of cryptocurrencies like Litecoin makes it a significantly riskier form of investment. One that should never be underestimated, or approached without due care and attention.
Recent years have illustrated how virtual currencies like Litecoin have the potential to increase or decrease in value astronomically within a matter of hours. You could be sitting on a fortune in crypto coins, only to see your wealth reduced by as much as 50% overnight. On the flipside of the coin, you could also see your modest haul of crypto coins suddenly become worth an astonishing amount of money within the same brief period of time.
Nevertheless, it is important to acknowledge the fact that investing in cryptocurrency represents a form of gambling in its own right. This therefore means that when you gamble with crypto coins, you’re technically gambling twice.
Whether or not this is a good or bad thing depends on how strategic you are with the decisions you make, and whether you’re successful in your goals.
A Few Helpful Tips for Newcomers to Litecoin
If planning on getting started with Litecoin for the first time, start slow until you negotiate the initial learning curve. Sign up with a reputable online exchange to purchase your first crypto coins, sticking with just a small stake to start with.
You can then find an equally reputable online casino, try your hand with what’s on offer and see how it goes. All the while keeping a close eye on the markets, in order to know exactly how much your Litecoin collection is worth.
Or more importantly, what it’s likely to be worth if you hold onto it for a week, a month or longer.
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