In 2009, Bitcoin was launched as the world’s first cryptocurrency by Satoshi Nakamoto. He used an open source code to develop this cryptocurrency, which means that anyone can easily modify and use it for other projects. Since then, there have been many other cryptocurrencies formed, each being a modified version of the Bitcoin code, with varying levels of success.
Once such cryptocurrency is Litecoin.
Litecoin has often been described as silver to Bitcoin’s gold and it’s considered to be the third largest cryptocurrency, coming in after Bitcoin and Ethereum. It was developed as an alternative to Bitcoin in order to tackle some of the shortcomings or challenges faced in the cryptocurrency market.
Litecoin vs. Bitcoin
This cryptocurrency was designed to be much easier to mine as compared to Bitcoin as well as being more abundant. To achieve this, Litecoin uses scrypt technology as compared to Bitcoins SHA256 as its proof of work algorithm, mainly to make this cryptocurrency impervious to ASIC mining.
Litecoin has been designed to process blocks faster as compared to Bitcoin and as such, Litecoins have a cap of 84 million, which is four times that of Bitcoin, which is capped at 21 million.
When it comes to transaction fees, Litecoin is a little bit expensive as compared to Bitcoin. For every Litecoin transaction, you have to part away with 0.02 LTC, as compared to 0.0001 BTC for Bitcoin transactions.
The last difference worth mentioning is the block time taken between these two cryptocurrencies. Block time is the supposedly time taken by miners to confirm a block on the block chain. For Bitcoin, it takes 10 minutes, while for Litecoin, it takes just 2.5 minutes. This means deposits and withdrawals made to your casino account will take a shorter time while using Litecoin as compared to Bitcoin.
It doesn’t come as a surprise that purchasing litecoins isn’t as straightforward as purchasing Bitcoins given that Litecoin has a less developed infrastructure. Nonetheless, one of the fastest and easiest ways through which you can purchase Litecoin is using Bitcoin – which also happens to be the cheapest way for most gamblers.
Anyone who owns a Bitcoin can easily use them to purchase the litecoins from different exchanges including Cryptsy, Kraken, BTC-e among many others.
What is you don’t own Bitcoin, does it mean you won’t be able to buy and bet using Litecoin? On the contrary, you can still purchase Litecoin using roubles, dollars and euros, though it faces one major challenge – exchanges are not willing to deal in it. Even for those exchanges that accept to trade Litecoin, they’ve restricted players from a few countries to buy and sell their Bitcoin on their platforms.
For example, Australian bettors using Litecoin as a method of payment can only trade on CoinSpot. BitBargain and Bittylicious are the few platforms that only accept UK bettors. Other platforms that accept Litecoin and exchange them for roubles, dollars and euros include Kraken, Crypto-Trade, Bitfinex, and BTC-E.
Litecoin Gambling – How to Guide
To start gambling using Litecoin, it’s imperative for you to search an online casino website that supports Litecoin as a method of payment and also create a LTC wallet. You can do this by downloading it straight to your mobile device or PC.
Create an account at the LTC friendly casino, and make your initial deposit into the account. You can choose any of the mentioned platforms to make safe and secure transactions. As already mentioned, LTC transactions take up to 3 minutes to reflect.
Once you have your LTC deposited, you can now start playing your games. As a rule, always try games for free before committing your Litecoin into play.
Best LTC friendly casinos
As we come close to the end, we thought it wise to highlight our top three online casinos that support Litecoin as a method of payment. In addition to offering this form of payment, we’ve also highlighted some of the other strong points of the sites.
Bitstarz Casino: One of the very best with licensing and regulation in Malta which is very rare in the crypto space. Click here to sign up and deposit LTC.
FortuneJack Casino: Bet, spin and play your favourite casino game with LTC at FortuneJack Casino. The online casino offers all its players with a 110% welcome bonus up to a maximum of 1.5BTC +250 free spins bonus on your 1st deposit or its equivalent cryptocurrency.
1×Bet Casino: crypto1xbet.com is the official website for 1×Bet Casino, which also has a sportsbook arm and a live casino platform for LTC players to bet on. To receive the welcome bonus offer, ensure you choose the mLTC option as your preferred method of depositing.
Other casinos that offer their services using cryptocurrencies and are worth visiting include Bitcasino.io, mBit Casino, and Bitstarz Casino. They are the sites that have been around for a while and have a good reputation as far as fair gaming, security, fast payment processing and cryptocurrency gambling is concerned.