At this point, even the least tech savvy person has heard of Bitcoin. Many probably think Bitcoin is synonymous with cryptocurrencies, but the truth is there are many kinds of cryptocurrencies and one of the fastest growing ones which is also becoming more popular with online gambling fans is called Litecoin.
People like to bet with cryptocurrencies for a number of reasons including the fact that it allows gamblers to remain anonymous and it is easily transferrable. That anonymity allows for people to bet online even in jurisdictions and states where such a form of gambling is still against the law. That’s because cryptocurrencies are not covered by state regulations.
If you want to use Litecoin to gamble, there are a few things to keep in mind in order to get started and it’s typically very simple. Bettors will essentially need to do some research to find websites that accept Litecoin as a form of payment and then set up their account. A one second Google search for “Litecoin online casinos” brought up a ton of solid results.
From there, bettors will be able to deposit their Litecoin into their account and bet on whatever games they want, usually including sports betting.
One feature to look out for is if the casino allows the gamblers to store their Litecoins at their online casinos to use for the future. Most casinos that accept Litecoin will have online wallets that will allow them to store their currency for future betting.
Gamblers will just want to make sure that the website they are using is secure and that the website posts the odds for the games they are betting on.
In doing the research it would be recommended to read the experts reviews of the websites to see how easy it is to use and to make sure there have been no issues with storing their Litecoins and with collecting their winnings.
For those interested in the technical details, Litecoin and Bitcoin are very similar, but one big difference that makes the former more appealing to gamblers is that Litecoin processes a block of its ledger every 2.5 minutes. That is four times faster than it takes Bitcoin. And when a gambler needs its transaction to post quickly in time for the next bet, those 7.5 minutes could mean a lot.
You do get what you pay for as Litecoin, although faster and with more memory than the Bitcoin system makes it more expensive to operate and purchase.
The founder of Litecoin is a former Google employee named Charlie Lee who founded it in 2011. It took just two years for the currency to grow past the $1 billion mark and a big part of why it has grown so fast is because it adapts to new technology faster than any other cryptocurrency.