Image: unsplash.com
Litecoin was introduced in 2011, less than three years after Bitcoin’s launch, and was heralded as its potential successor thanks to lower fees and faster transaction times. Built as a fork of Bitcoin’s blockchain, Litecoin’s block generation time was 2.5 minutes compared to Bitcoin’s 10 minutes.
Litecoin’s Popularity
As a result of the improvements it made over Bitcoin, it was heralded as a strong alternative. It would remain the second-largest cryptocurrency until September 2013 but was supplanted by Ripple, eventually falling out of the top three in January 2016 and out of the top 5 in November 2017. Today, Litecoin sits 19th in the list of cryptocurrencies by market capitalization and occasionally falls out of the top 20 as capitalizations change.
However, despite its fall from grace, it remains a popular cryptocurrency and it has especially found use with Litecoin casino users because its transactions are still typically faster and cheaper than Bitcoin. It is also popular with the casinos themselves, which means it is easy to find high-quality casinos with popular games. And it offers the same benefits of anonymity, privacy, and security that other cryptos offer.
Crypto Gambling Options
Bitcoin, Ethereum, Litecoin, Dogecoin, and Tether are the most popular coins at cryptocurrency casinos. Tether is popular because it is tied to the value of the dollar so doesn’t suffer the same volatility as other cryptos. Dogecoin’s popularity surged after it was shilled by the likes of Elon Musk and Snoop Dogg.
Having secured its place as the second-largest cryptocurrency on the market, Ethereum is popular for its stability. Bitcoin is the first cryptocurrency that most people turn to when entering the market or looking for a single coin. So, why is Litecoin still such a popular option despite being ousted from the top 10 largest cryptos?
1. Legacy
Litecoin’s support during its first few years of use was fervent. Supporters heralded it as the Bitcoin killer and were adamant that it would overtake Bitcoin’s popularity. While that never came to pass, Litecoin still has a lot of supporters that use it. Furthermore, crypto casinos that have been established for some time started accepting it when it was a bigger deal, so it is a legacy currency for these sites.
2. Longevity
While Litecoin may have fallen out of favor somewhat, it has arguably still stood the test of time. It launched 13 years ago and, today, it has a market capitalization of around $5 billion with daily trading in the hundreds of millions of dollars. It may not compete with the likes of Bitcoin and Ethereum for market share, anymore, but it is likely to still be going for years to come.
3. Transaction Speed
When looking at cryptocurrency transactions, one of the first things we tend to consider is the speed of transactions. When sending payments with Litecoin, the transactions are generally processed and confirmed within a few seconds, at the most, regardless of how far the money is traveling.
This not only means that casino players can access their betting deposits sooner, but when it comes to withdrawals, they can also gain access to winnings, in their Litecoin wallet, in a shorter time.
The actual time it takes for withdrawals to process also depends on factors like the casino’s payment processing policies, but using an instant withdrawal or fast withdrawal crypto casino can mean accessing winnings in minutes. Even following improvements to Bitcoin’s transaction processing, such as the improvements made with the introduction of the Lightning Network, Litecoin is quicker.
4. Transaction Costs
Most people deposit fairly small amounts into online casinos, although there are obviously exceptions. Litecoin’s transaction fees tend to be very small, even for transactions of a few dollars. Expect to pay cents on a $20 casino deposit, for example.
Bitcoin transaction fees vary according to how busy the network is and how quickly the user wants the transaction to be processed, but those fees can be high, especially for smaller deposits. This means paying more to deposit money in a betting account, but it also means losing more of any winnings that are withdrawn.
5. Popularity With Casinos
Benefits like faster and cheaper transactions offer obvious benefits to gamers, but they also benefit the casinos. Casinos pay out less in transaction fees and because winners like speedy withdrawals, fast transactions also benefit the casinos. These benefits mean that Litecoin is a popular choice for casino, who are always looking for ways to attract and retain players.
This popularity with casinos means that there is a great selection of casinos offering Litecoin. Players can choose from a large number of Litecoin-based software and variety is great for players because it means they can access the games they prefer on sites they appreciate.
The popularity and lower fees faced by crypto casinos also mean that they can offer some of the most substantial bonuses of any online betting site. Bitcoin and Litecoin bonuses can be substantially higher than those offered to fit currency users.
6. The Benefits Of Cryptocurrency
Litecoin also offers the same benefits that other cryptocurrencies offer. It is hailed as being anonymous, although really it is pseudonymous. Litecoin holders use a crypto wallet to store their funds and when payments are sent, entries are recorded on the blockchain. These entries can be viewed, but viewers are only able to see wallet details with no personally identifiable information included.
This can be beneficial for people gambling from areas with no online gambling regulations, who want to avoid the use of schemes like Gamstop, or who simply don’t want others to know about their online casino use.
Crypto is also secure. Players do not have to submit personal or financial details to the casino itself and, instead, directly send payment from their wallet. This means that even if a casino website is compromised, bank and card details are not shared with others.
