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Before answering the reasons to choose Litecoin, as you know, online gambling markets changed, and so did a place for cryptocurrencies in the methods players use to deposit and withdraw. Among such cryptocurrencies, Litecoin has been able to find a special place in the hearts of casino lovers. First launched in 2011, a couple of years after Bitcoin, Litecoin was developed with the clear purpose of taking care of the drawbacks of its forerunner: proposing faster times of transactions and lower fees.
Although it’s not now as popular as it once was, Litecoin is still currently one of the most viable cryptocurrencies for gamblers. With SuperPH, here are 7 reasons to choose Litecoin for gaming over other cryptocurrencies.
7 Reasons To Choose Litecoin Over Other Cryptos For Gambling
1. Legacy
Litecoin holds an interesting position in cryptocurrency history. Back in the very early days, it was considered a fairly serious alternative to Bitcoin and was even referred to as the “Bitcoin killer.” While it never really displaced Bitcoin in popularity, its widespread adoption at the height of success means that the majority of established crypto casinos continue to support Litecoin even today.
Due to such early adoption, Litecoin has cemented its place as a legacy cryptocurrency in many online casinos. Many online casinos started accepting Litecoin years ago and continue to this day; it’s a trusted option for players who have used the currency since its inception. Where players want to use a familiar, tried-and-tested currency, Litecoin certainly provides them with that familiarity and reliability.
2. Longevity
With so many coins rising and falling rapidly, Litecoin is one of the few that has dramatically survived the test of time in this fast world of cryptocurrencies. Having been launched more than 13 years ago, Litecoin has faced the battle of time. It currently has a market capitalization of around $5 billion, with hundreds of millions of dollars in daily trading volumes.
While the newer trendier coins have outdone it, the staying power Litcoin has demonstrated comes from its solid foundation and continuing usage. Indeed, with such longevity comes cryptographic confidence to the user that Litecoin will be viable for years to come and thus is actually a good choice when a person is looking for a more stable and established cryptocurrency for a gambler.
3. Faster Transaction Speed
One of the reasons to choose Litecoin over other cryptos, even Bitcoin, is the speed with which the system will process a transaction. When one is sending a payment through Litecoin, most transactions “go through” or are verified in mere seconds, no matter the distance the money has to “travel.” For those gambling online, that means your deposit goes in, gets credited quicker, and allows you to start playing games sooner.
More importantly, in terms of the withdrawal of winnings, Litecoin players get their money much faster. Although the time needed to process withdrawals can also depend on the casino’s payout policy, it may take just minutes to use Litecoin at a fast withdrawal casino. Even with Bitcoin’s different improvements, including the Lightning Network, Litecoin still holds an advantage in transaction speed, thus being perfect for those gamesters who are nervous about long processes.
4. Lower Transaction Costs
Another great advantage of Litecoin is that its transaction fees are very low. Most people playing online casinos wish to make the most out of small, more frequent deposits in their desire for gameplay as much and as often as possible, while high fees could quickly cut into a bankroll. The transaction fees for Litecoin are much lower than those of Bitcoin, even for amounts well below $10. For instance, if a deposit of ₱1,000 was made via Litecoin, then only a few fee pesos are possibly incurred. However, the same transaction made in Bitcoin can have much higher charges, especially during periods when the Bitcoin network is highly congested.
Complementing the savings players make on deposits is the fact that players save when taking their money out. When transaction fees are reduced, it implies the player remains with a larger share of earnings. This makes Litecoin an attractive choice for gamblers operating on a budget and who do not like incurring unnecessary expenses.
5. Popularity with Casinos
One of the reasons Litecoin has stayed so common within online gambling is its popularity among casinos. Casinos benefit from speedier and cheaper transactions as they are obliged to pay less in processing fees when the time to pay the winners comes. Here, that efficiency may reduce their general workload and enable them to perform better services for the players. So, many high-quality casinos continue to take Litecoin as a means of payment.
For players, this means that a range of Litecoin casinos is available, from traditional table games to slots and live dealer options. You will likely find at least one casino that supports it. Moreover, Litecoin friendly casinos very often give quite handsome bonuses to the users of cryptocurrencies; such perks may include deposit matches and free spins that further enhance your gaming experience. Bonuses given in higher portions than fiat currency users may be provided for the use of Litecoin, making it all the more luring to the people.
6. Anonymity and Security
Like other cryptocurrencies, Litecoin also provides reasons warranting key advantages in terms of privacy and security. If you use Litecoins to fund an online casino, your transactions go onto the blockchain. Only the details of your wallet are included, not personally identifiable information. This can be very appealing to players concerned with their privacy because it means that their gambling activity will remain private.
Apart from privacy, Litecoin offers additional security. The players would not have to share their sensitive personal financial information with the online casino in its transactions either. They would directly send the money from their crypto wallet. It lessens the chances of personal or financial information being leaked as well because of security breaches at a casino site.
Furthermore, in states where access to online casinos is restricted or straitjacketed by legislation, Litecoin might be a route through which one player would avoid a lot of complications. Transactions are also secure, and gamblers can gamble with confidence, knowing at least the details of their finances are safe.
7. Low Volatility Compared to Other Cryptos
That said, while cryptocurrencies are known for their price volatility, the historical price of Litecoin has been less troubled by extreme highs and lows than some of the more highly speculative altcoins, such as Dogecoin or even newer tokens. This can be a good thing for gamblers who’d like to deposit and withdraw without having to sweat too much about losing heaps in an instant drop in value.
With Litecoin, players are most likely to gamble with an asset that will be relatively stable throughout the time they spend playing. Although all cryptocurrencies can be volatile, the much more stable historical performance of Litecoin makes it a safer choice for avoiding those wild ups and downs common in some other cryptocurrencies.
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Reasons To Choose Litecoin but Things to Consider
There are many reasons to choose Litecoin, but while Litecoin provides many advantages to online gambling, it’s vital to remember that it retains many of the same inherent risks as all cryptocurrencies. First and foremost of these is price volatility: although Litecoin is generally considered a more stable currency than some newer or more speculative cryptocurrencies, it nonetheless suffers from remarkable price fluctuations. This means your Litecoin is exposed to a downturn in value between the time you deposit and the moment when you withdraw your winnings.
Secondly, Litecoin, although widely supported by many casinos, has lost a number of its positions over the years. Remember, cryptocurrencies are a changing landscape, and with time, some of these casinos might move their focus elsewhere. Today, the support of Litecoin is really good, but in the future, it may not be as safe as Bitcoin or Ethereum.
With that in mind, it would make quite a bit of sense to keep an eye on the market and also keep in mind that you don’t want too many funds stored in your gambling account per se. You might want to convert your winnings into some stablecoin like Tether after every payout. That provides an element of stability against ridiculously huge changes in value.
=> View more: What is RTP? A term used in gambling that you should know.
Conclusion for Reasons To Choose Litecoin
In this dynamic world of online gambling, the right choice of cryptocurrency can make a difference. The reasons to choose Litecoin are clear: it’s fast, comparatively cheap to send, and provides security and anonymity.
Litecoin, though at a point in time not commanding the lead in the market, is fast and comparatively cheap to send. It has been around for quite some time and remains popular among casinos, making it one of the great choices for online gamers. What’s more, all these advantages are linked at the hip with anonymity and safety, such that you can gamble without any afterthoughts. Litecoin remains a tough competitor in the crypto gaming space to players in the Philippines who are looking to maximize the game with as little cost as possible.
