28 Jan 2022
Updated: 24 Apr 2023
Cryptocurrencies continue to grow in popularity, with a gradual increase in adoption and further uses being discovered. One emerging industry is Litecoin gambling sites, providing an alternative to traditional online gaming sites. In this post, we’ll take a closer look at how Litecoin gambling sites work.
What Is Litecoin?
Litecoin is a cryptocurrency that was founded in 2011. At the time of writing, it's the 14th largest cryptocurrency by market capitalisation. Like Bitcoin, Litecoin is an open-source payment network, which means that it is free from regulation by a government or central bank. Litecoin was launched as a competitor to Bitcoin, with the intention of it being more scalable, and having faster transaction speeds.
What Is Litecoin Used For?
Litecoin is a form of digital money. Users of Litecoin can make transactions without the need for a bank, credit card company or financial intermediary, like Paypal. This means that individuals and businesses can use Litecoin to make purchases and send or receive money.
Payments can be made almost instantly, and at a very low cost. Whilst it is still relatively early days for the adoption of cryptocurrencies like Litecoin, an increasing number of businesses are beginning to accept it as a payment method.
Litecoin Gambling Sites
Traditionally, you would make deposits and withdrawals to an online gambling site using your bank account. This might be done using a debit card or a financial intermediary. But, it’s becoming increasingly popular to use cryptocurrencies, like Litecoin, with a number of online gambling sites starting to accept such payment methods.
One potential advantage of Litecoin gambling sites is the transaction speeds. Where you might find yourself waiting a few days for withdrawals to your debit card, transactions made via the blockchain are typically much faster. This means that, depending on the site you choose to use, withdrawals to Litecoin could be processed in under an hour.
Normally, online gambling sites have to pay fees to payment providers every single time that you make a deposit or a withdrawal. With Litecoin, the fees charged for deposits and withdrawals are typically much lower. Litecoin gambling sites can often pass some of this benefit onto their players. They can do this by offering improved odds, bonuses and special offers, and higher deposit and withdrawal limits than you might see on traditional gambling sites.
How To Buy Litecoin
It’s becoming increasingly easy to buy Litecoin online. The most popular way is to buy Litecoin on a cryptocurrency exchange, but some investing and payment apps also offer Litecoin. It’s completely up to you how you prefer to purchase Litecoin. But, you should spend some time researching the security of the platform you choose, alongside the fees they charge. If you’re planning to spend, send or receive Litecoin, then check you’re using a platform that will support this.
Once you’ve chosen a platform on which to buy Litecoin, you’ll need to set up an account. This can usually then be funded either via bank transfer or a debit card. You should then be all set to buy Litecoin.
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