When most people think of crypto, they think of Bitcoin. Many people are missing out on the opportunities that come with investing in alternative cryptocurrencies, such as Litecoin, which is often referred to as the ‘silver’ to Bitcoin’s ‘gold’.
Litecoin is based on the Scrypt algorithm. This algorithm performs calculations that are less complex than those performed by Bitcoin’s SHA-256 algorithm. Because it requires less computational power, Litecoin mining is more accessible than Bitcoin mining.
Here are 7 things to know before you dive in and start playing Litecoin casino games online:
1. Litecoin is widely available to buy
Although not as well known as Bitcoin, Litecoin is actually one of the most popular cryptocurrencies out there. This means that it is available to buy at all major crypto exchanges.
One of the key differences between Bitcoin and Litecoin that you’ll notice if you’re gambling is that Litecoin allows faster transactions — right now, Litecoin transactions are processed on the blockchain every 2.5 minutes. This is four times faster than Bitcoin transactions.
2. Don’t store all of your winnings in the casino — set up a wallet
The purpose of a wallet is to store your Litecoin. Keeping it in the casino itself is never a good idea — no matter how many good reviews it has, or how high the security is! Online casinos are often targeted by hackers, so you’ll want to make sure you don’t store money in your account unless you’re going to use it to gamble.
Setting up a Litecoin wallet sounds confusing and intimidating at first, but it’s actually very straightforward. There are several different types of wallets you can use — including software wallets, cold wallets, and paper wallets. The most suitable type of wallet for you is dependent upon what you want to use it for, so you’ll need to do some research.
3. Make sure you choose a casino with a good reputation
Search for casinos that have been around for a number of years and have good reviews from users. If you’re unsure, it might be worth doing your own research to make sure that they have the correct licenses, and get in touch with their customer support team to find out how quickly it takes them to reply, in case you run into issues further down the line.
4. Take advantage of the welcome bonuses
One of the key differences between regular casinos and online casinos — particularly crypto casinos — is the welcome bonuses. Because there is so much online competition now and casinos are eager to attract new customers, many will offer you huge welcome bonuses to entice you to sign up.
Some casinos will offer bonuses for returning players too, such as free rewards points for every bet you make, and a free randomized prize when you reach a new milestone.
5. You’ll be able to get your winnings from a crypto casino much faster than at a fiat casino
Fiat transactions can take days to process because they require a middleman. If you request your money on a Friday, you could be waiting up to four to five days to get your winnings, since most banks won’t work weekends. If you need your money instantly, this can be a huge problem, and you can end up actually losing money from borrowing fees if your transaction is taking too long to process.
Transferring crypto doesn’t have this issue. After making a request, you’ll typically receive your winnings in as little as a few minutes. This is extremely useful if you need to access your money in a pinch.
6. Gambling with Litecoin is anonymous
Paying money to casinos directly from your bank account can lead to problems down the line. If you try to apply for a mortgage, for example, you can be penalized if the bank notices that you have spent money gambling.
If you’re paying casinos using Litecoin, banks won’t be able to trace where you have spent your money, so you won’t be forced to explain your actions to people.
7. Your winnings could go up even further without you doing anything
One major feature of cryptocurrencies such as Litecoin that appeals to many gambling fans is that the value of your winnings can increase further without you doing anything, and you can make money just by leaving it in your wallet.
Given that the value of crypto tends to fluctuate rapidly on a daily basis, many people choose to leave their winnings in their account and wait until the price increases, then quickly cash it in to maximize their profit.
So there you have it: 7 things to know before you start gambling in a Litecoin casino. Now that you’ve finished reading them, why not go ahead and dive in at a real Litecoin casino?
Remember to have fun, and only invest what you can comfortably afford to lose!
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