Although it doesn’t seem to generate quite the same level of attention as the other larger cryptocurrencies such as Bitcoin and Ethereum do, Litecoin is still one of the most popular and important digital currencies in circulation. Since being launched around a decade ago, Litecoin has firmly established itself as an important part of the digital economy.
For online casino fans in particular, digital currencies such as Litecoin have proved to be a revolutionary force. As a sign of just how in demand the privacy, efficiency and cost benefits of cryptocurrencies such as Litecoin are, we are now seeing more and more Litecoin casinos setting up shop!
But what exactly is Litecoin and how can it be used to enhance your online casino playing experience?
What is Litecoin?
Much like Bitcoin and Ethereum, Litecoin is a cryptocurrency that was designed to enable fast, secure and low-cost payments online. Litecoin is based on a similar blockchain protocol to Bitcoin, although it differs in several important respects.
One of the biggest differences relates to the hashing algorithm used, as well as the hard cap, lower block transaction times, and certain other security and efficiency-focused features. For comparisons sake, Litecoin has an average block time of just 2.5 minutes, as well as comparably low transaction fees.
These benefits have made Litecoin a popular payment method for micro-transactions, as well as a variety of other point-of-sale payments. For this reason, we have also seen widespread adoption of Litecoin in the online casino industry, which uses these benefits to provide a faster and more efficient payment method.
Unlike other popular cryptocurrencies such as Bitcoin and Monero, we know the identity of Litecoin’s creator. It was created in 2011 by former Google employee Charlie Lee, who envisioned it as a “lite” version of Bitcoin.
Since then, Litecoin has grown to be an important force in the wider cryptocurrency world. At the time of writing, it is just outside the top 20 cryptos in circulation with a total market cap of around $4bn. It is also relatively easy to acquire and is supported by many of the major cryptocurrency exchanges.
How do I get Litecoin?
As it is one of the most popular cryptocurrencies currently in circulation, Litecoin is relatively easy to access through the major crypto exchanges.
To acquire some, you will need a fully verified account with one of the major cryptocurrency exchanges. From there, you can simply top up your account and use those funds to purchase some Litecoin on the open markets.
Prices tend to fluctuate regularly, however, so be sure to have your wits about you when you are making that first acquisition!
Once your buy order has been processed, the Litecoin will be sent to a virtual wallet. When you want to use these funds, simply transfer it from your virtual wallet or crypto exchange account.
What are the advantages and disadvantages of using Litecoin?
Given that it was originally envisioned as an improved Bitcoin, there are some advantages to using Litecoin. This includes some of the following benefits:
- Strong network and high liquidity
- Strong brand name and listed on major exchanges
- Faster transaction speeds due to less network congestion
- Lower transaction fees
However, there are a few disadvantages you should be aware of:
- More vulnerable to price swings as it has less brand recognition
- Scaling issues have held the Litecoin project back
- More wealth centralization than Bitcoin
- Less active development than some bigger cryptocurrency projects
- Not as widely supported by online casinos as other cryptocurrencies
FAQs
Is Litecoin safe to use?
Yes! Litecoin is every bit as safe to use as Bitcoin and Ethereum.
Does Litecoin work with online casinos?
Litecoin enjoys widespread support in the cryptocurrency community and across various businesses and sectors. Many online casinos provide full support for Litecoin, particularly as the transaction fees tend to be lower.
Is Litecoin easy to use?
Once you have a wallet set up, Litecoin is very easy to use and works just like any other payment method.
The 10 best Litecoin casinos list
As we have seen, due to the unique features of Litecoin, it has proved to be a popular transaction method with online casinos. Here are some of the best Litecoin casinos to try out:
- BC.Game casino
- CloudBet Casino
- True Flip Casino
- Bets.io Casino
- RooBet Casino
- Earnbet Casino
- Betfury
- Bodog Casino
- King Bill Casino
- Fortune Jack Casino
