A little sibling of Bitcoin, Litecoin has gained significant traction in recent years in many online casinos. Its fast transaction speeds and anonymity make it a popular choice for crypto-gamblers worldwide. While Bitcoin remains the top dog in the crypto universe with a $650 billion market cap, alternatives like Litecoin are making waves.
Created in 2011 by an ex-Google engineer, Litecoin actually uses a fork of the original Bitcoin blockchain. It was created as a more efficient “spinoff” with the intent to provide faster transaction speeds than the OG Bitcoin. This is one of the primary reasons why so many people use it in crypto casinos today. While fiat money transfers are incredibly slow, sometimes taking multiple days to transfer funds, Litecoin transfers can be as short as a couple of minutes.
Banks have traditionally made much of their yearly income on “nickel & dime” tactics: relatively small fees at every level of consumer banking. While cryptocurrencies and their exchanges are certainly no stranger to transaction fees, Litecoin’s are practically insignificant. Transferring Bitcoin and Ethereum between wallets and addresses can slap you with fees ranging from a few dollars to upwards of $60 (USD) on average, depending on the amount transferred. Litecoin’s fees, by contract, are tenths of pennies on the dollar. This allows for the speedy and cheap transfer of funds to and from crypto casinos that accept Litecoin.
The good news for Litecoin crypto enthusiasts is that the coin’s popularity ensures it is accepted at nearly all major online betting and gambling websites. It provides a fast and mostly anonymous way to transfer funds online.
In this graph: Historical Ethereum transaction fees are the mountain range, Bitcoin’s are the rolling hills, and Litecoin is near zero.
The brick-and-mortar casino industry faced significant challenges during the Coronavirus pandemic. To salvage what they could in the face of staggering profit losses, they’ve fleshed out their digital presence to compensate for increased online traffic. However, the unfortunate fact remains that traditional money transfers from banks are antiquated and tedious, sometimes taking up to a week for funds to clear. While credit cards are popular, they also have their own set of significant and dangerous drawbacks. Any way you face it, fiat money transactions are slower and less secure than their crypto counterparts.
Many crypto transfers, including Litecoin, take only minutes to clear. This is orders of magnitude faster than even the most expeditious bank transfer on a fast day, an exceedingly rare occurrence in the baking industry. In general, crypto transfers are from address to address, and some of those addresses (like private wallets) are anonymous. While the record of the transactions is publicly viewable on the blockchain, the human beings (or companies) behind the addresses can be anonymous if the proper steps are taken. Those two factors alone, speed and anonymity, are irresistibly enticing to many new and existing crypto gamblers.
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