We Discuss the advantages and disadvantages of using Litecoin at online casinos. Learn how LTC works and why you should use cryptocurrency to fund your account.
Litecoin was developed by Charlie Lee, a former Google software engineer, in 2011. Litecoin was based on some of the open-source code of Bitcoin and is considered one of the first Altcoins to hit the market.
Litecoin was created to improve on some of the aspects of Bitcoin and is a much faster version of Bitcoin. This coin is sometimes referred to as Silver, while Bitcoins would be gold. The Litecoin network is much faster and transactions much cheaper, making it a “Lighter” version of Bitcoin.
Litecoin works extremely well as a payment network because of its cheap fees and fast transaction speeds. It was one of the first altcoins and is widely accepted at crypto exchanges, which has broad support with crypto wallets while being accepted by many online merchants.
In this article, we will take a closer look at how this altcoin is used at online casinos and why you can reap some great benefits by using it as a payment option at online casinos.
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Online casinos offer Litecoin as a payment option to their clients for the benefits that it brings to both parties.
One of the drawbacks of using online casinos is that they require you to hand over sensitive personal details to be able to play for real money, which some of us do not want to do.
But with having LTC as a payment option, clients can now safely and without any fear deposit some funds to the casino to play a few games. Customers no longer need to provide any of their personal info to enjoy the games and play for real money.
The Litecoin wallet does not need to be registered to the client’s name, so there is a great deal of anonymity to be gained from using LTC as a payment option.
Online operators also prefer clients to use the blockchain as a deposit and withdrawal method, as it does away with the need for them to deal with the banks. Bank fees to the operator can be costly, especially when dealing with International wire transfers.
These transfers can also take days to complete should they fall over weekends or holidays, which can be very frustrating to the clients.
As mentioned above, clients can enjoy a great deal of privacy and anonymity when using LTC as a payment option. But the benefits don’t stop there. Since LTC is purely a payment system, it never shuts down, and payments are processed 24/7 without any downtime.
This means clients never have to wait for withdrawals or deposits to be processed by the banks.
Since the payments are so cheap, and the online operators do not have to deal with the banks’ high transfer fees, they can afford to offer some handsome signup bonuses to the clients that opt to use LTC as payment. These offers are given as deposit bonuses and free spins on some of the selected games.
When cryptocurrencies are stored and transacted in the correct manner via a hardware wallet, it can be virtually impossible for hackers to get their hands on your money. This means that using LTC can be a great deal safer than using a credit card on an untrusted website. This benefit of LTC can provide users with a sense of security, knowing they do not need to expose themselves to unneeded risk when dealing with online casinos.
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LTC, as a payment network, works very well compared to other blockchains and boasts some impressive transfer speeds and low transaction costs. Users can also benefit from the increased privacy and security that the LTC payment option provides.
When looking at the pros versus the cons of using LTC, the benefits still outweigh those of traditional banking systems. The older baking systems simply can’t provide the security and efficiency that the blockchain has to offer users.
Cryptocurrencies were designed specifically for internet payments with privacy and security in mind, and they can also be upgraded and changed much quicker than banking systems making them extremely versatile to an ever-changing internet. This is something the older banking systems will never be able to achieve and why they will always be playing catchup to cryptocurrencies.
At the end of the day, it just makes sense to use a technology that was designed to work on the internet when making payments on the internet.
Not all casinos accept cryptocurrencies, and even those that do won’t accept all forms of crypto. You will need to check with your preferred online casino before trying to make any deposits.
Most cryptocurrencies carry the same type of risks. It’s always best to use a hardware wallet whenever possible and never connect your main crypto wallet to any website or online service.
The LTC network is one of the cheapest blockchains in crypto. A single transaction costs around $0.0040 cents, no matter what the size of the amount being transferred.
Most crypto casinos have now started offering table games along with popular slot games. There are many casinos to choose from, and you will be spoiled for choice.
Not all crypto casinos offer sports betting. It’s a fairly new service at the crypto casinos. However, there are indeed some of the larger ones that do offer this service for crypto clients.
If you do decide to use software wallets, make sure you have a dedicated software wallet for connecting to websites and casinos, and never keep large amounts of crypto in it. Software wallets can be hacked in rare cases.
Some online casinos actually provide this service, but it will require you to give them your credit details to do so. This is a very risky thing to do and should be avoided.