Anyone involved in the cryptocurrency industry will likely know about crypto based gambling. However, for those who gamble online using regular gambling websites, crypto betting could be something new. There are now many online casinos that have been created specifically with crypto betting in mind plus some regular online gambling websites have added cryptocurrency as a payment method. One form of cryptocurrency being used for gambling is Litecoin and you can find out more about this cryptocurrency below.
What is Litecoin?
Litecoin is an extension of Bitcoin and was created by Charlie Lee, a former Microsoft employee. As Bitcoin continued to grow in popularity, the transaction times were getting longer and Litecoin was designed to speed up the process. Bitcoin was used as a base and Litecoin is used to make smaller transactions, which are faster than the larger transactions when using Bitcoin. Some of the benefits of using Litecoin include a smaller transaction history on the blockchain, meaning it is easier to go back and check past transactions. New technology is evaluated using Litecoin so it gets updates faster, and Litecoin can be mined using a smaller investment than many other forms of cryptocurrency.
Litecoin and Online Gambling
As online casinos and bookies continue to accept cryptocurrency payments, there are many benefits to both the online gambling brand and the user. Firstly, the high transaction speeds mean Litecoin is a dream for those who decide at the last minute they would like to play casino games or bet on sport. Being a lighter version of Bitcoin, Litecoin transactions take under one minute on average to complete, which is perfect for the impulsive gambler. In terms of the online bookmakers and casinos, the fast transaction times with Litecoin mean payments can be settled quickly. The best Litecoin casinos all have low transaction fees and for those who gamble online regularly, low fees is a huge bonus. Litecoin transaction fees are around 0.07%, which is considerably lower than Bitcoin, with average fees closer to 4%. Privacy is one of the concerns many people have when gambling online and Litecoin comes with an optional privacy upgrade which means only those involved in a transaction can see the amount of Litecoin and the addresses used in the transaction. For those who want to covert any winnings from online gambling using Litecoin into cash, the process is quick and easy.
As with any form of online sports gambling payment method, there are a few things to keep in mind when using Litecoin. There are many new cryptocurrencies that now charge even lower fees than Litecoin and for those who are accustomed to the lower fees, the Litecoin transaction fees can seem a little high. However, that is the only significant drawback of using Litecoin for online gambling and the benefits certainly outweigh the negative aspects. With Litecoin now being accepted by many crypto casinos, we could witness a surge in the use of Litecoin specifically for online gambling.
For more sports coverage, check out Chat Sports on YouTube!Back to the Sports Tech Newsfeed