LTC Gambling Pros
Talking about Litecoin, cryptocurrency can offer a wide range of advantages to players. LTC is a widely available cryptocurrency, meaning it can be seen in the majority of casinos. If we delve deep into the benefits of Litecoin, the advantages are as follows:
- High mining speed
- High production;
- Better security.
Litecoin is widely available. It can be bought anywhere. At the same time, not only crypto casinos but different industries are adopting LTC as a method of payment. When you are looking for an online casino, accepting cryptocurrencies, 99% of the time you can be sure that the latter will accept Litecoin as a method of payment alongside different cryptos.
However, some LTC casino sites are different in terms of the fact that you cannot deposit Litecoin directly into your account. In some cases, you should purchase Bitcoin first and then exchange it into LTC. It solely depends on a particular crypto casino and has nothing to do with general principles.
The same goes for withdrawing money with Litecoins. This process can be different considering how the casino allows its users to withdraw money.
Speed is inherent to cryptocurrencies. This factor is determinant for many people when they choose crypto casinos over their regular counterparts. The absence of intermediaries and central banks significantly accelerates the transaction process. If withdrawals from traditional online casinos with fiat money need several working days to proceed, with cryptos everything happens way faster. Players are not fond of the fact that they should wait for a certain amount of time before their transaction with fiat money is executed. Therefore, they often gamble with LTC to avoid such complications.
We have already mentioned that the first key difference between Bitcoin and Litecoin is transaction speed. Litecoin transactions are checked much faster. Generating a block in the bitcoin network takes about 10 minutes, in Litecoin a new block appears every 2.5 minutes. Thus, Litecoin is a more convenient coin for users conducting transactions.
Low commission fees or the complete absence of extra charge are what make cryptocurrencies so special. Litecoin is one of those currencies, where you do not need to pay a large sum of money for transactions. They are so small that they do not require attention and sometimes crypto casinos pay for these commissions.
BTC fees can be around $10-$13 while LTC fees are around $0.04. It clearly shows how slight the charge is. This is what makes Litecoin gambling sites so special. When we are talking about fiat currencies, they usually charge 2-10% of the withdrawal amount. With small numbers, such a percentage could give no difference, but with bigger amounts – like thousands, it could make a huge difference. Cryptos are beneficial in this regard as they do not require you a lot of extra charges.
Alongside speed, anonymity is also a main trait of cryptocurrencies. Litecoin is no different in this aspect. It’s one of the most secure coins in the crypto world. Since its inception, there have been almost no cases of disclosing private information about individuals. You are secure as soon as you are using cryptocurrency.
With Litecoin, you can not only anonymously own LTC coins, but also make withdrawals. Currency developers claim that the testing and production of Litecoin took into account and corrected weaknesses and shortcomings of the early versions of Bitcoin. On LTC gambling sites when you deposit or withdraw money with Litecoin, you are not required to provide additional information about yourself that guarantees maximum security and privacy. The funds stored on your account are inaccessible unless you start sharing personal credentials with other parties.
LTC Gambling Cons
As with everything close to ideal, Litecoin has its downsides as well. In most countries, Litecoins are not considered an official payment method. They do not keep reports and tax records. Also if you lose your wallet file, no one can reimburse you, just as you can’t reprint the lost banknote.
There are other drawbacks. It is a slightly outdated and volatile currency.
Bitcoin, like any crypto, uses blockchain, a database distributed on the computers that are in the network. The best Litecoin casino sites are based on blockchain. The blockchain contains records of how many coins each participant has, as well as what transactions were made. This information is stored in blocks, and to add a new block to the blockchain you need the confirmation of several members of the network.
Transactions are paid. The commission, which can be appointed independently, goes to miners to support the work of the network. The higher the commission, the sooner your transaction will get into the blockchain. This makes small transactions unprofitable.
The problems of Litecoin are associated with its date. Even though the coin gets a lot of updates, it still pales in comparison to other coins. Litecoin, in general, is slightly outdated and even though it is available on almost every crypto casino, lacks modernization.
In traditional markets, volatility is defined as a statistical measure of asset price fluctuations. Volatility is important for casinos that take Litecoin. In other words, volatility is characterized by the degree of price changes of an asset over a certain period. Investments are considered volatile if their value makes significant leaps, similar to what we see in the crypto market.
Assets such as gold or government bonds are extremely stable and their prices are experiencing small changes. At the same time, highly volatile assets, such as cryptocurrencies, are growing rapidly and aggressively and falling in value.
Understanding the definition of volatility is vital because it reflects the risks that financial investments in an asset bear. Weighing risks by investors and traders is always the first step before the implementation of the trading strategy. Different people have different levels of risk resistance, and this affects their choice of investment class.
Litecoin is often the best alternative to BTC for both gamblers and traders. So it constantly jumps around in price.
What Makes LTC Casinos Good
It is a difficult job sometimes to find the best Litecoin gambling casino. As the crypto gambling industry is developing step by step, frequently there are problems of finding a good brand that you would trust your money to. Because of that, there are several important factors worth paying attention to from the players’ side such as anonymity, games, and bonuses.
The privacy issue worries a fair number of online casino visitors. Filling out the questionnaire fields with personal information, the players often ask themselves – how reliable will this data be stored? Where are the guarantees that mail addresses and phones will not be made available to the public? In privacy policies, you can’t always find specific answers to such important questions.
Anonymous LTC casinos do not require verification when registering. This makes the site much more attractive for players. It doesn’t take a few minutes to enter data or even upload images of documents. You just spend a few moments creating an account on the best Litecoin gambling sites, and you can play slots and table games anonymously.
Such privilege is available even on mixed casinos, where you can play with cryptocurrency and fiat money.
After you have checked a license and reliability of an LTC casino, the next thing you should do is checking the range of slot machines, the availability of additional activities, available payment tools. Good casinos can offer gaming software from global brands: Elk Studios, Microgaming, Play’n Go, Yggdrasil, etc. The more games are offered on an LTC casino site – especially if they are based on LTC – the better for customers. Live casinos and table games also enjoy a lot of popularity among players. It is even better if an LTC casino offers sports betting possibilities for players.
The games often speak for the brand. Always go for the ones that offer a wide array of casino games to customers.
When you are choosing an online LTC casino for gambling you should study the requirements for players. The bonus policy of the casino is also very important. Modern crypto casinos based on LTC provide a lot of bonuses. The most profitable option is a no deposit bonus which is rare. It allows you to start entertainment for real money without deposits. Usually, it is present by free bets or free spins. It is also known as Litecoin gambling faucet in crypto casinos. Bonuses give a much better chance of winning.
Deposit bonuses are more frequent. On the first deposit, you are given a boost and awarded additional money. Sometimes online LTC casinos provide bonuses on subsequent deposits too.
Also, the top LTC casinos have a VIP system. Users are given points and they are invited to exchange them for unique gifts.
Fees Are Covered
We have already mentioned that Litecoin is characterized by a low commission fee which is $0.04 in most cases. The rate is so small that most LTC casinos pay the fees themselves.
This is what makes gambling with LTC advantageous over fiat currencies. As soon as you grab winnings from baccarat or any other game you can be sure that most of these winnings remain with you and there are no problems with the extra charge when you gamble with Litecoin.