Cryptocurrencies have been gaining significant traction in recent years. There are many different types of alternative currencies on the market, though Litecoin is amongst the industry leaders. Litecoin can be used throughout the online marketplace, but there is one industry that Litecoin and other cryptocurrencies are beginning to flourish in—online gambling.
Gambling laws vary by country, but in most cases, residents are able to gamble legally through licensed offshore providers. These online casinos are legally sanctioned by a reputable government and regulated by the countries’ gaming commission. Bettors are able to make an account with these sites free of charge and can even sample the various casino games in Free Play mode before investing any money. No real money gambling can occur until a player has deposited funds into their account.
Deposits can be made in one of several ways. The banking suites of these online casinos try to accommodate their large host of international players. Some countries (like the US, for example) have strict laws when it comes to financial transactions with online gambling sites. Out of all the available deposit methods, cryptocurrencies like Bitcoin and Litecoin are available to all parties in most instances.
There are several benefits to using Litecoin for your online gambling transactions as opposed to wire transfers, credit/debit cards or any other deposit method. One of these benefits is speed. Many offshore gambling sites encourage the use of cryptocurrencies because the time it takes to send and receive payments is shorter than any other method. This is because cryptocurrencies have no central authoritative system that has to clear transactions. International transactions can take even longer. Litecoin transactions are processed through the Litecoin blockchain by miners. Miners are only able to process so many transactions at a time due to digital storage constraints, but in any case, these transactions are still conducted quickly.
Another advantage to using Litecoin is fees, or better yet the lack thereof. International transactions can come with exchange rates and other conversion/processing fees attached to them. With Litecoin, and most other cryptocurrencies, the only fee is a charge paid to increase your transaction processing time over others in the blockchain. This is a user-induced charge and not applied by any sort of financial institution. Most fees are applied in the withdrawal process, so many online gamblers prefer cryptocurrencies because it allows them to receive all of their winnings without losing a percentage to accrued fees.
Some Litecoin gambling sites have exclusive bonuses and financial promotions for Litecoin users. Bonuses grant players an additional percentage (200% up to $200, for example) to their deposits, essentially giving away free money for players to gamble with. These sites offer Litecoin-exclusive bonuses in order to further their encouragement to use the cryptocurrency. Bonuses can vary per site, but there are always bonuses offered throughout the year. Litecoin users can enjoy the other bonuses as well, however the fact that some sites offer bonuses especially for Litecoin users is another incentive.
When it comes to online gambling, some users appreciate anonymity. Litecoin provides that in that there is no personal information attached to transactions. Litecoin transactions are issued by the user entering in their digital wallet address (unique to all digital currency wallets) and signing off on the transaction with their digital signature. These two pieces of verification create a seamless transaction system.
With benefits like these, it is no wonder Litecoin and other alternative currency forms are becoming more accepted. The online gambling market is embracing these digital currency forms and users from around the world are obliging them.