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One of the newest arrivals on the scene is the crypto casino, where gamblers can use cryptocurrency rather than the more standard fiat currencies such as Rupee, Dollar or Sterling.
But why should gamblers want to take advantage of these new types of casino and what advantages do they have over the more traditional type of offering?
Read on and we’ll explore the issue of crypto casinos.
What is Litecoin?
Litecoin is one of the top 10 cryptocurrencies around today and has been in circulation since 2011.
Developed by former Google engineer, Charlie “Satoshi Lite” Lee, it’s a derivative of the arguably better-known Bitcoin and in technical terms is a source code fork of the Bitcoin Core client.
This means that it is one of the longest-lived cryptocurrencies and has a traceable provenance making it a more secure bet than some of the newer types.
Like Bitcoin, the currency has a hard-capped issue limit meaning that there will also be scarcity value once it reaches its cap of 84m coins.
Why use Litecoin?
There are a number of reasons why you may want to use Litecoin in your casino rather than a traditional (fiat) currency and these include;
Low (or no) transaction fees
There’s no point in achieving a big win only to find some of it taken away by withdrawal fees.
The good thing about crypto, in general, is that it is a low-fee currency and with Litecoin, many casinos don’t charge deposit or withdrawal fees.
Most online casinos do not charge any fees for deposits or withdrawals made in LTC or other cryptocurrencies but you do need to make sure you are using a true Litecoin casino, otherwise, you could find that the money simply gets converted to a fiat currency in the background with charges added on.
To use cryptocurrency you will need a crypto wallet and it is important to remember that crypto wallets will have transactions fees. These fees will vary between wallets.
One of the reasons that cryptocurrency has taken off is the anonymity that the payment method brings.
No credit cards are needed, no addresses or in some cases names. Just pay and play.
New developments in technology mean that Litecoin users can have incognito wallets meaning that the opportunities for the currency and its transactions to be surveilled are significantly reduced.
With the increased regulation regarding cryptocurrencies, a spike in demand has developed for a censorship-resistant payment solution and Litecoin fits the bill.
Cryptocurrencies have a bad name for volatility and this means that many people have been scared off using them as a way to pay.
In fact, Litecoin is one of the most stable cryptocurrencies out there and it is also fair to say that fiat currencies aren’t immune from large swings in value themselves.
And whilst the currency has fluctuated, it is certainly more stable than newer, and smaller crypto.
Litecoin is a very stable currency but over time it has shown that it has great potential for growth.
In fact, as the above graph shows, the currency has appreciated by 244% over the last year.
This means that gamblers who hold an amount of currency to use in their Litecoin casino may see winning accumulated from their games but also an underlying growth in the value of their Litecoin holdings.
This means that even if you take a break from gambling, your holdings may be working for you in the background.
Many analysts are suggesting that Litecoin will gain steadily over time and should hit something of a peak in 2025 of $1,200 from its 2021 base of $120.
As with all of these things, there’s no guarantee but gamblers may appreciate the fact they have a double chance to win by holding Litecoins and playing in the casinos.
Fast processing time
Transactions using Litecoin are faster than using other methods such as credit or debit cards.
Payment can be made in seconds and, because there is no bank involvement, no additional security protocols are involved.
For customers that just want to get online and into their favourite casino this is much preferable to sitting waiting for authorisation or getting an embarrassing bank security call!
Crypto specific bonuses
Crypto is the way of the future and many casino operators are recognising this.
In response, they are seeking to attract Litecoin users and so many are developing Litecoin specific bonuses that are not available to other gamblers.
If nothing else, this makes it a good idea to split your deposits into Litecoin and crypto so that you get the best of both worlds.
Summary: Cryptocurrency is the way of the future
Crypto has only been in existence for 12 years with the first Bitcoin being created in 2009 but already it has started to replace traditional currencies in many sectors.
The development of the casino into a crypto-enabled gambling platform was only a matter of time and certainly, whilst casino owners are trying to attract as many crypto users as they can, it makes sense to take advantage of the bonuses on offer.
The inherent stability and security of Litecoin mean that there really is no reason why you wouldn’t want to get in on the action!