Cryptocurrency has become more acceptable for online payments than in the last several years compared to when it was founded. Litecoin is one of the digital coins used for an array of transactions, including casino gaming and sports betting. The altcoin was a Bitcoin project fork. Although it has various other competitors in the market now, Litecoin remains one of the leading crypto payment options. As gambling operators adopt blockchain technology for online payments, they offer more solutions other than Bitcoin, and Litecoin is among them. So, if you have Litecoins lying around and wondering how to use them, or you want to see how the digital coin functions at an online casino, then you can easily gamble with it. Litecoin casino gaming is not much different from what happens with Bitcoin. Nevertheless, players must know how to handle the payment solution.
What is Litecoin?
Litecoin’s creator, former Google employee Charlie Lee, was looking for a more efficient cryptocurrency than Bitcoin. So, he created a token that used the Bitcoin Core Protocol with various modifications to eliminate the challenges of the original coin. The result was a digital coin with a less complicated mining process than Bitcoin. However, both coins operate the same way. New Litecoins are generated through mining, and there is a finite number of coins that can be on the market. Because it uses blockchain technology, transactions are stored on a common ledger. These transactions have to be verified before they are added to the network.
As a peer-to-peer payment solution, Litecoin is decentralised meaning that it doesn’t involve a third party to authorise transfers. Although Litecoin has never enjoyed the value that Bitcoin does, its price has been rising with the latest figures at $300. One common question about the cryptocurrency is how is it different from Bitcoin? The speed of confirming transactions is the biggest distinction between the two coins. Litecoin generates a block every 2.5 minutes compared to 10 minutes on Bitcoin. Therefore, Litecoin authorises payments much faster and in larger volumes than BTC.
Gaming with Litecoin
For newbies who have never used crypto at an online casino, the process is not as complicated as it might appear. A majority of Litecoin casinos include how-to guides that novices should find useful. You can look at Litecoin Casinos reviewed by Martin Hill to get a few insights. Gambling with Litecoin is not much different from using fiat currency. It starts with purchasing the necessary digital coins.
First, find a reputable coin exchange; Coinbase is one example. You have to get a cryptocurrency wallet that will be used for all your payments. The exchange requires your name, email and password. On the platform, select the option to buy Litecoin. You have to submit an ID for verification. An exchange provides several payment alternatives including virtual wallets, bank transfer, credit or debit cards. After buying the desired coins, the exchange will issue you a wallet address.
When you decide which casino to play at, create an account and head to the cashier page. Click on the deposit option and pick Litecoin as your payment mode. The site should provide a field where you can input your wallet address. A unique address will be generated by the casino. Note that if you deposit funds to the wrong address, they will be lost forever. Deposit the amount you want and complete the process. Withdrawals work almost the same way.
The Safety of Playing with Litecoin
Gamblers should always factor in security when transacting at online casinos. As with all digital currency, Litecoin is one of the safest ways to pay for your casino gaming. By design, the payment method doesn’t require you to submit sensitive personal details like credit card information on the gambling site. For this reason, players maintain a level of control over their data. If you pick your gambling platform right, then it should have standard security measures to protect the rest of your information. Gamblers should also remember to check local laws regarding the use of Litecoin.
Selecting a Litecoin Casino
Before reading Litecoin casino reviews, you have to narrow down your choices. Therefore, start by searching for regulated gambling sites that accept the digital coin. You can opt for sites that only support cryptocurrency or operators that also accept fiat. Check the history and reputation of the casino. Exclusively crypto websites are relatively young, hence the need to confirm their reputation. Stick to sites that have been running for at least five years. Look out for any customer complaints and how an operator responds to them.
Gambling on casino games with Litecoin offers great value for money thanks to the convenience of crypto transactions. Although the altcoin is still playing catch-up to Bitcoin, price predictions indicate that it might keep gaining value. Of course, crypto coins are notoriously volatile, so users have to approach them with caution. Nevertheless, the digital currency has proven to be a decent online payment solution that should make your gaming experience worthwhile.