Peer-to-peer encrypted currencies are not limited to Bitcoin: There are many currencies that use the same technology. Litecoin is one of them and has been on the market since 2011. Litecoin, one of the first altcoins, basically uses the same source code as Bitcoin. As it is known, Bitcoin has an open source code and anyone who wishes can use this technology and improve it further. Litecoin is the end result of such an effort and invented by Charlie Lee. Although it is using the same source code, it has some advantages as we will explain in more detail below, and everything you can do with BTC can be done with Litecoin. For example, Litecoin gambling.
Top Litecoin Gambling Sites
What Is Litecoin Gambling?
You need to use real money to play casino games and sports betting, but it’s up to you what currency you will use. While EUR and USD are the most commonly used currencies, you are not limited to these: In websites that support this feature, you can also make and receive payments with altcoins, e.g. Litecoin. In simplest terms, you are still gambling as you always do, but this time you are using Litecoin as your currency.
Litecoin is a method of transferring money before anything else: Just like Bitcoin, you can send and accept money anonymously and securely. But at the same time, it is a currency: At the time of this article, 1 Litecoin was worth 101.28 USD. Think of Litecoin as a valuable currency that you have not heard much before but is valid worldwide: It has both an economic value and an alternative to the classical banking system.
To make a payment with Litecoin, you must first purchase from this currency. You can use broker websites for this job. Since this is not the goal of this article, we won’t recommend an address. A simple internet search will suffice. Simply put, you can buy Litecoin, for example, with USD on the broker website you find. You are now part of the blockchain, congratulations!
How Does Litecoin Gambling Work?
Joining the Litecoin blockchain also means you have an “address” to make and accept payments. This address consists of a series of numbers and letters – do not try to memorize because it will change constantly. From now on, when you want to withdraw money from a gambling site, you will use this address. To make a deposit, you need to find the gambling site’s Litecoin address. You can see this address by selecting “Litecoin” among the payment options. After that, it is quite simple: You enter the amount you want to deposit and press the “send” button. Unlike Bitcoin, the transfer is actually completed in a matter of seconds – but we’ll talk more about this below. In short, you do not need an e-mail address or bank account to deposit or withdraw money using Litecoin: It is enough that the recipient and sender to know each other’s blockchain addresses.
In this regard, we must emphasize an important point: Bitcoin and Litecoin work differently, although they have the same source code. In other words, if a gambling website does support Bitcoin, this does not mean that you can use Litecoin too. See if “altcoin” is listed among the supported payment methods: If listed, you can use Litecoin (and many other altcoins).
We know the question in your mind: Why should I use Litecoin? What advantage does it give me? Like all peer-to-peer encrypted currencies, Litecoin has the following advantages:
- In online casino and sports betting sites that support this feature, you can gamble without sharing your credentials. For the same reason, you do not need to deal with ID verification. This has many advantages: You can bypass country and legal limitations. If gambling is prohibited in your country, you can still place bets or play casino games with real money by using Litecoin. Governments cannot “ban” virtual currencies – it is impossible to do such a thing.
- The processing time is literally seconds. We will explain this in more detail below, but for now, know that Litecoin is a much faster payment method than BTC. For fast deposits and withdrawals at gambling sites, Litecoin is the way to go.
- You do not pay any commission or transaction fee for money transfers.
- You get rid of giving tax offices and governments information about your income. You are completely anonymous in the Litecoin blockchain: While money transfers can be seen, the recipient and sender information is always confidential. In other words, no more taxes for your betting income.
Litecoin vs Bitcoin
Let’s start with the main differences between two currencies:
|Creator||Satoshi Nakamoto||Charles Lee|
|Creation Date||January 2009||October 2011|
|Block Generation Time||10 minutes||2.5 minutes|
|Value of Coins (Total)||10.467.596.650 USD||540.274.528 USD|
As can be understood from this table, the differences between the two currencies are as follows:
- Creating a block in Litecoin is much shorter. This difference stems from the algorithm used. Bitcoin’s SHA256 algorithm needs raw processor power. Litecoin is using Scrypt, and it needs memory (RAM) power instead of processing. Because RAM prices are lower than processor prices, a larger number of computers can be used to produce Litecoin.
- This also shortens the duration of money transfers. Bitcoin transfers can sometimes last for minutes (or even hours), but the Litecoin transfers are actually completed in a few seconds. Do you want fast cash-outs at betting sites? Use Litecoin and never wait for hours again.
- Although they use the same source code, Litecoin has a much more modern database. For this reason, it is a better choice for high volume transactions. Did you hit the jackpot? Litecoin is the way to withdraw it, no matter the amount is.
- The Litecoin coin limit is much higher than Bitcoin. So when it becomes impossible to mine Bitcoin anymore, Litecoin will still continue to be produced. In other words, Litecoin betting sites will still be around even when Bitcoin betting sites won’t be able to accept any more transfers.
Overall, we can say that Litecoin is “Bitcoin 2.0”. The source code is the same, but it includes more advanced and modern features. To tell the truth, the only thing where Bitcoin superior is its financial value. Apart from that, Bitcoin has no feature that is better than Litecoin. Currently the 5th most valued altcoin in the world, Litecoin continues to gain popularity and there is a new Litecoin gambling website opened every day – now it is time for you to join the revolution.