Crypto Casinos [LTC]: Best Online Casinos Accepting Litecoins in 2018
Thanks to the modern technological advancements in the field of communication, we are witnessing a decentralized payment structure all across the globe in the form of cryptocurrencies which is going to take the financial world in its stride with its efficiency, innovation and functionality.
Litecoin is a peer to peer cryptocurrency which is based on open source cryptography. Litecoin adopted Segwit or Segregated Witness in the year 2017 as a solution to improve speed issues.
Litecoin was created by Charlie lee with a vision to create a lighter version of bitcoin – the most popular cryptocurrency. He was inspired by the unfettered potential of the open source software and peer to peer network system that underlies a blockchain.
The purpose behind it was also to lower the transaction time of bitcoin and enable instant near zero payment anywhere in the world without intermediaries. The quicker pace, easy accessibility and greater availability helps it to gain an edge over cyptocurrency.
Are you a beginner? Want to play games with Litecoins? You are at the right place, Bitcoinfy.net presents some vital information that helps players to gamble online safely with Litecoins. Please, gothrough the below information to enjoy top-notch Litecoin Gambling experience.
- What is Blockchain?
- What is Litecoin?
- What is Litecoin Gambling?
- How does Litecoin Gambling Works?
- What are the uses of Litecoin?
- Litecoin Mining and ‘Proof of work’
- Where to Buy Litecoin?
- How Litecoin differs from Bitcoin?
- What is the Future of Litecoin?
- Advantages of Litecoin Gambling
- Drawbacks of Litecoin Gambling
- How to Pick the Best Litecoin Casino?
(1) What is Blockchain?
Blockchain is an efficient and secure way to stock information not only related to cryptocurrencies but also to numerous other fields. In simple terms a blockchain is a public ledger that stores information and is tamper proof. It is the underlying protocol behind cryptocurrencies like litecoin and bitcoin.
The first blockchain was the part of the bitcoin software. For cryptocurrencies, the blockchain keeps track of every transaction between users and stores them in blocks.
The ’mining’ process add information to the blockchain. Any transaction that takes place between users in a blockchain is broadcasted across the networks for validation and the confirmed transaction is then stored in a block.
These blocks are added to a chain and broadcasted back into the network for users to see. In case of the litecoin network, such blocks are generated at an average interval of every 2.5 mins. ‘Nodes’ refer to the litecoin clients. More the nodes on the network, more the copies of blockchains exist creating a distributed network.
Blockchains are almost tamper resistant and can’t be corrupted very easily. Blockchain is in its nascent days yet it shows great potential in numerous fields. The world is finding more interest in cryptocurrencies that are the most revolutionary aspect of blockchain technology.
(2) What is Litecoin?
Litecoin is a decentralized digital currency that can be used to purchase goods or services from anywhere in the world. Payments done or accepted through litecoin are safe and easy and merchants don’t have to worry about transaction fees or charge-backs.
All the transactions are stored in a public ledger known as blockchain , where payments can quickly and easily be verified and confirmed. The transaction fees are very nominal compared to those charged by the conventional method of payments.
Litecoin uses a secure software system for payments and they can be stored on your computer or mobile device. Inflation can never decrease the value of litecoin as the total number of litecoins present in the system is 84 millions.
They are eventually released into the system by the process called ‘ mining’. Litecoins have a stable and established marketplace containing several exchanges –most prominent being Coinbase – handling tens and million dollar worth of litecoin trade daily.
You can exchange your Dollars, Euros, Yens and other fiat currencies for litecoin at these credible exchanges. Litecoin brings along endless possibilities especially in micro-payments.
(3) What is Litecoin Gambling / What is a Litecoin Casino?
Online gambling is witnessing a meteoric rise with millions of people flocking at online casino sites everyday to enjoy the thrill of placing their stakes online from the comforts of their own home.
While most of these online casinos still accept the traditional currency, some of them have began using cryptocurrencies like litecoin and bitcoin for the gambling services.
The faster and cheaper experience that litecoin provide has enabled the gambling community to give it such a warm reception. Being less volatile assures players a better value for their stakes.
As the litecoin gains popularity in the currency market, more and more casinos specifically known as litecoin casinos are adopting it for gambling. Litecoin casinos are clearly gaining grounds primarily due to two reasons associated with the currency itself:
- Lesser transaction time
- Lesser or almost nil transaction cost
Litecoin gambling has evolved as key industries as litecoin continues to soar high along with its peers. Many famous gambling brand that started out with bitcoin gambling have began to adopt litecoin as a payment option as well.
Games exclusively designed for litecoin users are propelling the popularity for litecoin casinos. This conducive scenario is allowing more and more software firms to exploit the potential and develop better and new games for the enthusiastic players taking part in litecoin gambling.
A growing number of casino brands are set to integrate litecoin as a viable payment option. To establish the importance of gambling on safe Litecoin casinos, the operators decides on fair gaming policy.
(4) How Does Litecoin Gambling Works?
Those enthusiastic about litecoin gambling first have to downloand a litecoin wallet on their computers or mobile where they can store their litecoins for spending or receiving. Litecoins are obtained into the wallet from dedicated exchanges and are used for gambling.
Litecoin gambling is an entirely anonymous process. Next you have to register with your email at the casinos online address. This takes very less time.
Once the registration is done the player have to make the requisite deposit at the chosen litecoin casinos gambling site by by transferring litecoins into their id number from your wallet. The transaction is processed instantly and this facilitates better gambling experience with litecoin.
When you wish to withdraw your winning amount, you just have to enter your wallet id and specify the amount to be transferred. The user friendly interface of the litecoin gambling sites smoothly guides you through the steps.
This is where players and casinos come in; the player buys from an exchange or miner and then transfers the desired amount to the casino’s address; the casino confirms the amount and credits the player’s casino account, so the player can then play his favourite games.
When it is time to cash out, players would request for the payment and—depending on the casino—will receive the payment in his exchange account, wallet, or have it exchanged to real currency, thereby crediting his bank account.
(5) What are the uses of Litecoin?
Litecoin asset can be used to purchase numerous IT related services. Currently it is being used widely in the e commerce sector. People can easily pay for gifts, vacations and wide range of products.
(6) Litecoin Mining and ‘Proof of work’
Mining is the most important part of the cryptocurrency ecosystem as it adds new information to the cryptocurrency blockchain. Through the process of mining, legitimate transactions are validated and approved thereby generating litecoin or any other crptocurrencies in the process.
This strengthens the cryptocurrency ecosystem. Mining is done by using faster and efficient graphics cards
For litecoin mining, miners have to validate a block that contains lots of unconfirmed transaction comes in and gets accumulated, as quickly as possible.
In order to achieve this the miner have to solve complex mathematical puzzles using energy intensive computing devices. This is how the users validates and confirms a transaction and gets rewarded for their efforts by litecoin generated by the system.
The mined blocks get added to the blockchain. Nodes group the transactions and distribute them in the network for minning. After solving the puzzle the miners use proof of work algorithm to get approval from the other members of the network. The network gives difficulty factor after the confirmed soled puzzle is broadcasted.
(7) Where to Buy Litecoin?
One method for obtaining litecoin is to generate or receive them through mining. The easiest method is to purchase litecoin through trustworthy exchanges. As in case of bitcoins, here too one needs to download a digital wallet to store, receive and spend litecoin.
There are different wallets, which include those that are software-based and reside on your computer system or mobile device, as well as physical hardware wallets. Another secure yet admittedly outdated and somewhat complex method to store your litecoin is to create a paper wallet, which involves generating and printing out a private key on a computer system which is not connected to web as one of its steps.
Each wallet comes with private keys required to send and receive coins your litecoin address. As these keys are stored offline in a hardware wallet, they are more secure than wallets connected to the internet.
(8) What is the difference between Litecoin and Bitcoin?
Bitcoins and litecoins are the two most popular cryptocurrencies in the world. If bitcoin is the gold of the cryptocurrency world, litecoin is silver. The crucial difference between the two is as follows:
- There is a whooping difference between the prices of the two assets.
- The transaction confirmation time is four times faster than bitcoin
- Litecoin blockchain generates a block in every 2.5 mins while bitcoin takes 10 mins.
- Litecoin uses Scrypt algorithm whereas bitcoin uses SHA-256 algorithm.
- The faster block generating capacity of litecoin enables it to handle a greater volume of transaction as compared to bitcoin
- The merchants are happy to use litecoin over bitcoin as the confirmation time for litecoin is much less than bitcoin.
- The total number of litecoin is approximately four times higher than the total number of bitcoin.
(9) What is the Future of Litecoin?
To help users better understand the differences and similarities between the two coins it can be stated that if Bitcoin is gold, then Litecoin is silver.
Traditionally, gold has been used just to store and keep safe, while silver was made into coins and used for common purchases so it can be derived that it is much more likely that Litecoin will be used for small everyday transactions in the future.
(10) Advantages of Litecoin Gambling
- Faster confirmation time for litecoin transactions enables better gambling experience
- Users don’t have to wait for hours to withdraw money
- The games at these litecoin casino are fair
- It ensure the anonymityof the gambler hence none can fiddle with the identities of the online gamblers
- It doesn’t require any personal details of the gambler
- Due to the very nature of the litecoin protocol they are immune to hacking attacks thus scores on the security aspect.
- No transaction fees are charged by litecoin casinos
- The minimum deposit required for betting is very nominal
- The functionality of litecoin makes it a viable option for online gaming
- No additional fees are charges for large sums
- The reputed and trustworthy litecoin gambling websites strictly protects the gamblers info
- Litecoin is a decentralized currency hence the litecoin earning are not taxed
- The huge number of litecoins available across the litecoin network adds to the growing popularity in its use at the gambling scene.
WE STRONGLY RECOMMEND FORTUNEJACK CASINO FOR ALL OUR PLAYERS TO ENJOY TOP-NOTCH CASINO GAMING EXPERIENCE AND WIN BITCOINS (FORTUNEJACK CASINO: #1 BITCOIN CASINO 2018).
Try Your Luck ! Start Winning Bitcoins Now…
(11) Drawbacks of Litecoin Gambling?
- The volatile nature of litecoin can make makes the gamblers and operators apprehensive.
- The still unfamiliar operational aspect of the litecoin platform may through up abrupt challenges and hence may dissuade the gambling enthusiasts
- There is always a room for human error.
(12) How to Pick the Best Litecoin Casino?
- Even though it is not obligatory for the crypto casinos to have a licence, it is wise to go for the ones that possess them as this establishes their trustworthiness.
- It is a must to check the payment options or payment provider at the litecoin casino websites so as to be sure of the convenient payment gateway
- Always prefer litecoin casinos with a strong customer care support as this ensures customer satisfaction
- Check for the provable fairness of casino games offered at the litecoin casinos. the key behind this is a cryptographical algorithm that makes information sent to operators and players difficult to decode and hence a bet is automatically verified without any interference
- Go through the online reviews of the litecoin casinos to find out their integrity and then proceed with depositing your funds with them
The underlying protocol governing digital currencies like litecoin and bitcoin is making the online gambling scenario more vibrant, attractive and effective. This is propelling their growth and popularity as people are enjoying the innovations it entails. Lower transaction fees and faster transaction time are the main popularity factors.