As you might know, there are quite many options when it comes to crypto used for betting. Since Litecoin is one of the most popular crypto out there, it is no surprise that various sites will accept it as a deposit and allow you to enjoy the many gambling options that they offer. But before we venture into what kind of Litecoin betting you can enjoy, we shall discuss how to acquire Litecoin first.
What is Litecoin?
Litecoin is a peer-to-peer internet-based currency available to everyone around the globe. Litecoin was created to build on some of the shortcomings of Bitcoin in October 2011 by Charles Lee as an alternative cryptocurrency to Bitcoin. In fact, Charles called Litecoin the lite version of Bitcoin during its initial launch.
Litecoin just like other cryptos uses the proof of work (PoW) algorithm to secure the system. The algorithm works such that one party has to prove to the other parties that they’ve performed their part of the transaction. To be specific, Litecoin utilizes the Scrypt PoW algorithm.
What is Litecoin’s Halving Schedule?
Halving reduces the number of Litecoins in circulation by half. The process aims at reducing the production of new coins in the marketplace. The halving takes place in August every four years. The first halving occurred in August 2015, the next happened in August 2019, and we expect another one in 2023.
Key Differences between Litecoin and Bitcoin
Although Litecoin is the silver to Bitcoin gold, there are some slight differences between the two cryptocurrencies.
- Speedier transactions: The use of the scrypt algorithm enables the platform to handle more transactions per minute. While Bitcoin users have to wait between 10 minutes to one hour for transactions to go through, Litecoin only takes about 2.5 minutes.
- Lower transaction fees: Litecoin charges near-zero rates per transaction. Regardless of the amount you need to transact, Litecoin charges 1/1000 LTC. Bitcoin on the other hand charges $40 for small transactions and the amount could go higher depending on the size of the transaction.
- More secure: Most other cryptocurrencies make use of public ledgers. Litecoin uses private ledgers to give users the ability to make private transactions.
What are the Use Cases of Litecoin?
Here are the different ways you can utilize your Litecoins.
- Global transactions: Unlike traditional international methods of money transfer, litecoin guarantees a cheap, fast, and secure way of sending money overseas.
- Investment purposes: Crypto is a great way to invest. In as much as the prices are volatile, if you’re a risk-taker, you can acquire litecoins and hold them for future trading when prices increase.
- Day-to-day transactions: Currently, some businesses accept Litecoin as a mode of payment. In the future, more businesses may accept cryptocurrencies.
How can you start gambling with Litecoin?
In order to start gambling with this popular cryptocurrency, you will first have to get your hands on some, at least metaphorically. You can do that by visiting a crypto exchange website and purchasing some with a fiat currency, like USD. Once you make a purchase on a crypto exchange, it will be transferred to a crypto wallet, which is the “headquarters” of all of your crypto.
If you do not yet have a wallet, picking out one that has both good utility and security is of utmost importance. Hardware wallets are the best ones, like Trezor, but since they usually cost money and they are somewhat easy to lose as they are relatively small, going for a cloud wallet or a mobile wallet that uses a secret word is not a bad second choice.
After you acquire some Litecoin on your crypto wallet, you will be able to use it to make a deposit on various sites and use it as a gambling token. Cashing out with Litecoin also requires you to have a wallet, as you will need the wallet address to do so. In some cases, the betting sites will have a crypto exchange as well as a wallet of their own, but we do not recommend these as they are not very good.
What is decentralized Litecoin betting?
You might have heard the term “decentralized” when it comes to crypto betting, and even if you are thinking of doing some Litecoin betting, you might not know what it is. A decentralized crypto casino is a much better option compared to the traditional centralized one.
For starters, it does not have any authority, which makes the whole betting and gambling fairer because everything is recorded on a public ledger. You also do not have to go through the rigorous registration process where you have to share all of your private information, as decentralized crypto casinos only care about your wallet address and nothing else.
What sports and esports can you bet on with Litecoin?
Litecoin betting has come quite far from its introduction a few years ago. If you are thinking about betting on some sports, there are quite a lot of options, no matter what kind of betting site you visit. Soccer, basketball, hockey, golf, horse racing are just one of the many sports that you can make a wager on. Not only that, but all of those sports have different wagering options, such as betting on exact scores, which player is going to score, along with other interesting options that are unique for the sport.
When it comes to esports, you can expect the same thing. Even if esports betting is still growing, there are various titles that you can find in the world of Litecoin betting. You can bet on esports like League of Legends, Rainbow Six, Call of Duty, CS:GO, Dota 2, and many others. Since esports are a bit more complicated than real sports in terms of mechanics, the number of options that each game has in terms of wagers is astounding.
Is Litecoin useable in crypto casino gambling?
Casino games have always been one of the most exciting ways to make bets and gamble, and Litecoin has a lot of options. You can play traditional casino games such as slots on almost all crypto casino sites, as well as games like baccarat, poker, blackjack, roulette, scraps, and many other ones.
While betting on sports and esports is usually based on live events, with the exception of virtual/fantasy sports, casino games have two different variants. The first one is to play virtual casino games, where you play against a machine, and the other variant is the one with a live dealer. While playing virtual casino games is much faster and more automated, a lot of players actually prefer the one with human interaction, especially when they find a dealer that speaks their native language.
What are the best Litecoin betting sites?
Since Litecoin is quite a popular cryptocurrency, it is no surprise that there are various crypto betting sites that will accept it as their deposit. We did quite a lot of exploring, and we recommend you try out one of these before you do some exploration of your own: