Litecoin, Bitcoin and Cryptocurrency Online Casino Gaming
Bitcoin launched as the first ever cryptocurrency in 2009 by Satoshi Nakamoto. Nakamoto used an open source code and developed the cryptocurrency, which means that pretty much anyone can modify and use it for other projects. Since that time, there has been a wide range of other cryptocurrencies making their way onto the market with varying levels of success and today we’re seeing an uptrend in cryptocurrency online casino gaming.
Once particularly popular cryptocurrency is Litecoin. Often described as the silver to Bitcoin’s gold, Litecoin is the third largest crypto and aims to tackle some of the challenges or shortcomings on the crypto market.
Litecoin vs. Bitcoin and the Popularity of Cryptocurrency Online Casino Gaming
Originally, Litecoin was developed to be easier to mine than Bitcoin. It uses scrypt technology (whereas Bitcoin uses SHA256) as its proof of work algorithm. Litecoin, overall, can process blocks faster than Bitcoin and has a cap four times that of Bitcoin. Litecoin is capped at 84 million, Bitcoin at 21 million.
As for transaction fees, Litecoin is a little costlier than Bitcoin. For each Litecoin transaction, you must part with 0.02LTC, but just 0.0001BTC for your Bitcoin transactions.
Another difference worth noting is the block times between the two cryptocurrencies. Block time is the time it takes miners to confirm a block on the blockchain. It takes 10 minutes for Bitcoin and 2.5 minutes for Litecoin. So, deposits and withdrawals made to your online casino player account are much quicker when you use Litecoin, which means you can start playing your favourite pokies and table games sooner.
Interestingly, it’s not as easy to buy Litecoins as it is Bitcoins. That’s because Litecoin has a less developed infrastructure at the moment. However, one of the quickest and easiest ways to buy Litecoin to game with is by using Bitcoin. If you own Bitcoin, you can use them the buy Litecoins from a range of different exchanges.
If you don’t own Bitcoin just yet, you can still buy and bet with Litecoin using dollars and euros.
How to Play at Casinos with Litecoin
To start playing your favourite online pokies and other casino games with Litecoin, you should first find an online casino that supports Litecoin as a method of payment, and preferably one that allows you to create an LTC wallet. It’s easy enough to download it straight to your PC or mobile device.
You can then create an account at the LTC-friendly online casino and make your very first deposit into your account. You should be able to choose any of the platforms to make safe and secure transactions. Your LTC transactions should take just 3 minutes to reflect.
Once you have deposited your LTC, you can begin playing your preferred online casino games. Remember, you can always play in free mode first to figure out which games you want to commit wagering your Litecoin on.