How to Get Started with Litecoin Gambling

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How to Get Started with Litecoin Gambling

What is Litecoin Gambling? 

Without wanting to state the obvious, Litecoin gambling is pretty much what it says on the tin: gambling with Litecoin. Litecoin is a form of cryptocurrency developed in 2011 by Charlie Lee, a former Google employee (hey, that rhymes!); moreover, it’s a fork of Bitcoin, meaning that it branched out from the original Bitcoin blockchain.

How do Litecoin Casinos Operate? 

Litecoin casinos are nothing other than casinos that accept Litecoin, generally alongside other very popular cryptocurrencies, like Ethereum, Bitcoin, and Ripple. This means that Litecoin casinos essentially operate like your regular online casinos, but they have integrated software that allows them to support Litecoin, or exchange cryptocurrencies or fiat currencies to Litecoin, and vice versa. 

What Kind of Litecoin Gambling Platforms Are There?

One of the things that the advent of cryptocurrency brought with it is the creation of a brand new kind of casino: the cryptocurrency casino. This kind of casino is nothing more than an online casino that has come to accept cryptocurrencies; however, some cryptocurrency casinos solely accept cryptocurrencies. Since Litecoin is one of the most popular and important cryptocurrencies out there, you’ll be sure to find it on both these kinds of casinos. 

The Pros and Cons of Gambling Using Litecoin

Different cryptocurrencies offer different “specialties,” so to speak; that is, different cryptocurrencies were created with different purposes in mind, which is to say that each cryptocurrency was created to present a solution to a problem. For example: Bitcoin was created to combat the problem of centralisation, which itself presents many troublesome issues. 

Whilst Litecoin and Bitcoin share similar coding and features, Litecoin offers a handful of advantages over Bitcoin: 

  1. Litecoin’s rate of transaction is much faster than Bitcoin’s, thanks to Litecoin’s focus being on quick transactions. Litecoin’s transaction speed is, on average, 4 times faster than that of Bitcoin. 
  2. Not only that, but mining Litecoin is far easier and less strenuous on computers.
  3. Finally, Litecoin has a stipulated limit of 84 million “mine-able” coins, as opposed to Bitcoin’s 21 million, which will essentially take longer to reach. 

Apart from these advantages over Bitcoin (which, let’s face it, are great to have because everybody loves faster transactions), Litecoin also offers the same advantages that every other cryptocurrency does, namely, the ability to effect anonymous transactions, not having to pay ridiculous fees, and other similar advantages. 

LTC vs other cryptos

Why Are Litecoin Casinos Gaining Popularity?

With the creation of Bitcoin in 2009, cryptocurrencies slowly started gaining traction by gaining the favour of users who were fond of its potential to allow users to remain anonymous; then when the 2017 Bitcoin boom hit, the popularity of cryptocurrency exploded and its significance was brought to public consciousness in a really big way. 

The general perception of cryptocurrencies is that they’re just another form of stock to speculate on. However, whilst cryptocurrencies are indeed used for currency speculation, this is far from their primary purpose: cryptocurrencies have proven to be extremely efficient forms of payment, providing quick rates of transaction and a very high level of security.

Is Litecoin Gambling Legal?

The legality of using cryptocurrency became a big issue when it was discovered that many transactions made using Bitcoin were of an illicit nature, and thus certain governments began to crack down on the use of cryptocurrency. However, Litecoin’s reputation is rather untouched, and Litecoin gambling is completely legal. 

Useful Tips for Gambling With Litecoin

The first tip that we’re almost morally obliged to give you is to invest in a decent and secure cryptocurrency wallet. Whilst the blockchain is quite nearly impervious to cyberattacks, your cryptocurrency wallet isn’t. Your best bet is to invest in a hardware wallet, which is a piece of hardware that securely stores your cryptographic keys offline, making them impossible to hack, like Trezor, known to be one of the most secure hardware wallets currently available on the market.

Since Litecoin is just another form of currency, the rest of the tips we can give you are regular tips that you can apply to gambling in general:

  • Be sure to read the bonus T&Cs before accepting any bonuses.
  • Don’t chase your losses.
  • Stick to a budget. 
  • Play only with money you can afford to lose.
  • Check whether the casino you’re going to play on is licensed and regulated. 
  • Read reviews of the casino you’re going to play at. 
  • Play games for free before playing with money.

Concluding Thoughts

Over the years, Litecoin has proven itself to be a worthy offshoot of Bitcoin, so much so that Litecoin is often considered to be the silver to Bitcoin’s gold; however, despite this adage gaining popularity, Litecoin never achieved nearly as much of a market cap as that which Bitcoin did, which might be considered a disadvantage. On the other hand, the lower market value makes it easier to purchase than Bitcoin; moreover, Litecoin’s advantages over Bitcoin make it well worth purchasing. You can compare them further on our guide here.

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