Litecoin vs Bitcoin
This Litecoin review covers ways to register an e-wallet, exchange money, gamble online, and withdraw funds, and also answers the essential frequently asked questions about the topic.
Considered the second best crypto-currency after Bitcoin, it shares a lot of similarities with the leader. Established in 2011, three years after BTC was introduced, it also is a peer to peer virtual payment system and open source software project. Official abbreviations of this currency are LTC or Ł.
It would’ve been hard to find many distinctive differences, if we compared the BTC when it was just launched, with the way things are with the LTC today. But the reality is – lots of features for which Bitcoins were so much appreciated, are now starting to fade. Among them are quick withdrawals and low service fees.
It is due to high demand for the pioneer digital currency that the team has recently announced launch of Bitcoin Cash to perform functions that BTC was originally created for, whereas BTC would become more of a cash storage.
This is where the main difference with the Litecoin appears. This currency is not as volatile. It also has a quick confirmation of the transaction time, which is 2.5 minutes. Yes, less than three minutes for processing a block, which is three times faster than what Bitcoin can offer today. In terms of potential we are talking about 84 million units vs 21 in BTC.
This might not be as important in Bitcoin gambling in the beginning because there are brands that will allow wagering without a blockchain verification. All of them will, however, require a confirmation upon withdrawal. Which is where the good speed of LTC comes in as a convenient alternative.
Litecoin Wallet & Exchange
Litecoin gambling starts from creating a wallet. An electronic one is usually an option, and it can be installed onto a stationary computer or a portable device. Look for a service where you will be in control of the private keys because not many systems offer it.
How to buy Litecoins? Just as any other currency – at online exchanges, of which there are plenty. They can be purchased for regular currency and exchanged for another crypto cash, from Bitcon to Dogecoin and Ethereum.
With a registered wallet, all you need to sign-up to casino services is an e-mail. The rest can remain entirely anonymous. This should take no more than a few minutes of your time. Depositing at a specialized online venue is easy, as well. Simply find out the number of operator’s LTC ID, and send the deposit that you find suitable. Funds will be added to the account right away.
Withdrawals are fast, as well, if we are talking about regular wins, not the progressive jackpot ones. Your wallet’s ID and the amount you are willing to cash out will be required. No verification documents will be requested. Be mindful of the numbers because if you ask for a transaction to the wrong account, it will be non-refundable and you won’t be able to fix the mistake.
Those willing to store the winnings somewhere in a safe place might consider getting a second wallet, a hardware one in addition to the digital. It allows players to literally take the money out of the network and put it into the offline storage, which is the best protection from having the account hacked and the money stolen.
Safety of Litecoin Gambling
Online gambling in Litecoin is safe due to the fact that this is a completely legal and widely spread currency. It also guards privacy because you will easily become a casino member without verification documents.
As to fees, there are no transaction charges included. You will not be asked to pay more if you are dealing with deposits and withdrawals above average sum, as well. Unlike credit cards, which can easily be hacked, and bank servers, which are volatile to digital attacks, the Litecoin network carefully protects each of its users and their assets.
This is a decentralized system over which no one has power, and the government cannot take control over it. No third parties like intermediary banks pop up.
The question is then – can you trust a specific gambling destination that you chose to place stakes and wager? This is where some research needs to be done. Look for website’s licenses and testimonials. Do they protect financial information of their customers? Do they have a good banking history? Are reviews from the registered members good?
Best Litecoin Casinos
At KTC, we supply our readers with links to the best Litecoin gambling sites. These cover options for players from around the world, including casino variants for USA-based players. As Litecoin is a new trend in online gambling, the amount of options is not very big, but we will gradually add more and more places to bet and win in this crypto currency as they become available.
Among those that you can pay attention to is TigerGaming. Quite an experienced label existing since 1999, it provides services under the Curacao license and has entertainment from BetSoft, Spinomenal, Digital Gaming Solutions and Visionary iGaming. Here, users from many countries including America can register to play for real money.
Another variant is mBit – a brand of Direx N.V., offering gaming services since 2014 under the permit from Curacao. Both Litecoin as well as several other popular crypto currencies are accepted here.
What are the risks of Litecoin gambling?
If you are not protective enough of your wallet information, and someone steals your funds, there is no authority to turn to for justice. Among other cons are high volatility of the currency, and its tendency to jump up and down the value scale on a regular basis. Also, some users complain of some client code issues and errors that are caused by them.
Is the Litecoin income taxed?
No. Being a decentralized peer-to-peer cash exchange system, it is not a subject to being taxed by the government.
Can I use promotions when playing with LTC?
Yes, definitely. Many online locations, both specializing solely on digital currency and the regular options allow welcome bonuses, free spins, cashback, reloads, and other deals, all of which are subject to the wagering requirements.
Can I bet on sports?
Yes, you can, only here you will find a much smaller choice then in staking on games because fewer platforms accept LTC-bets on Sportsbook.
Can I enter poker rooms?
Here the situation is even less promising than with the Sportsbook. Many of the rooms that opened their doors to LTC Poker players are now being closed due to a lack of demand and customers willing to pay in Litecoin. On the bright side, with the currency’s tendency to grow, there may be a better choice of Poker rooms in the nearest future.