Litecoin

Considered the second best crypto-currency after Bitcoin, it shares a lot of similarities with the leader. Established in 2011, three years after BTC was introduced, it also is a peer to peer virtual payment system and open source software project. Official abbreviations of this currency are LTC or Ł.

It would’ve been hard to find many distinctive differences, if we compared the BTC when it was just launched, with the way things are with the LTC today. But the reality is – lots of features for which Bitcoins were so much appreciated, are now starting to fade. Among them are quick withdrawals and low service fees.

It is due to high demand for the pioneer digital currency that the team has recently announced launch of Bitcoin Cash to perform functions that BTC was originally created for, whereas BTC would become more of a cash storage.

Safety of Litecoin Gambling

Online gambling in Litecoin is safe due to the fact that this is a completely legal and widely spread currency. It also guards privacy because you will easily become a casino member without verification documents.

As to fees, there are no transaction charges included. You will not be asked to pay more if you are dealing with deposits and withdrawals above average sum, as well. Unlike credit cards, which can easily be hacked, and bank servers, which are volatile to digital attacks, the Litecoin network carefully protects each of its users and their assets.

This is a decentralized system over which no one has power, and the government cannot take control over it. No third parties like intermediary banks pop up.

The question is then – can you trust a specific gambling destination that you chose to place stakes and wager? This is where some research needs to be done. Look for website’s licenses and testimonials. Do they protect financial information of their customers? Do they have a good banking history? Are reviews from the registered members good?

This is where the main difference with the Litecoin appears. This currency is not as volatile. It also has a quick confirmation of the transaction time, which is 2.5 minutes. Yes, less than three minutes for processing a block, which is three times faster than what Bitcoin can offer today. In terms of potential we are talking about 84 million units vs 21 in BTC.

This might not be as important in Bitcoin gambling in the beginning because there are brands that will allow wagering without a blockchain verification. All of them will, however, require a confirmation upon withdrawal. Which is where the good speed of LTC comes in as a convenient alternative.