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The cryptocurrency market has grown massively since Bitcoin was introduced in 2009. Irrespective of how despicable the reasons for developing a fully decentralized and anonymous currency for payments were, the end result is that individuals are now seeking ways to protect their personal information and money. Litecoin is one of the cryptocurrencies that quickly pursued the success of Bitcoin in the market, and today can be utilized as a payment option at several sports betting, casino, and poker sites. We understand that you have probably come across news about cryptocurrency, and most of them might appear very confusing. At smartbettingguide.com, we want you to have all the information you require to make informed decisions about litecoin sport betting.
What is Litecoin?
As mentioned above, the advent of Bitcoin as a possibly feasible currency in a decentralized structure quickly initiated other currencies and platforms. Litecoin was launched in 2011 by a Google employee, Charles Lee. Bitcoin paved the way for this cryptocurrency and open-source platform. In fact, Litecoin is as close to a copy of Bitcoin. The currency works upon the same principle – all the transactions are kept on one ledger, which is protected by a series of mathematical functions that are continually being coded and decoded on separate machines around the world.
The primary variation between Litecoin and Bitcoin was the speed and size of block generation as a divergence from the initial fundamental chain of Bitcoin. That makes all the transactions speedier, which was a significant drawback for Bitcoin when its popularity started to grow. The Litecoin model targeted generating new blocks in a fraction of the time of bitcoin. From the perspective of gambling, these two currencies work in a similar manner. If you can get a site that offers Litecoin as a payment option, then you can utilize yours to both withdraw and deposit from the site you choose.
How to purchase Litecoin and utilize it at a sports betting site
The process of buying and utilizing Litecoin for gambling is more straightforward than ever before. This step-by-step guide will make it straightforward for you to get on your way to playing your favorite games.
1. Open a Litecoin wallet
Generally, the wallet you utilize to purchase and pay with Litecoin is the same wallet you would utilize to purchase other cryptocurrencies. If you already have a Litecoin wallet, then you can skip to the third step of the process. If you are new to Litecoin, then you need to find a wallet that is commonly being utilized in the industry, such as:
2. Authenticate your personal information
This step is very crucial since, after validating everything, including your banking information, you will be getting into an anonymous world. This is outstanding for individuals who want to safeguard their personal information and hide their gambling transactions.
3. Purchase Litecoin
When you complete setting up your wallet and ready to deposit, purchasing Litecoin is quite straightforward. All you need to do is search for the coinage within the wallet, which works almost like the stock exchange. Litecoin will emerge, together with the current price of each coin. It would be best if you kept in mind that Litecoin is traded on these exchanges, so its value is constantly changing. Choose the amount of Litecoin you want to buy, and with a few clicks, your balance will appear in your wallet. Depending on your funding method of choice, the amount of coins you can purchase on a daily basis can be limited, but that should not stop you from getting enough for sports betting.
4. Find betting sites that accept Litecoin as payment
Several gambling sites accept Litecoin. It would be best if you did your research to find the right site for you. If you need any assistance in finding betting sites that accept Litecoin, our website has a great list of possibilities and is always here to provide recommendations and insights.
5. Connect your crypto wallet with your gaming wallet
This might sound challenging, but it really takes a number of clicks. In the checkout section of your gambling wallet, you will see a link for Litecoin payments, which takes you to a page for entering your crypto wallet information. This exclusive provision will confirm your Litecoin balance and then expedite the transfer of funds to your chosen gambling site.
Now you can play your favorite games using Litecoin!
Benefits of utilizing Litecoin for Gambling
There are several players who might think that having taken all these steps to use Litecoin for gambling when they can use debit or credit cards takes too much effort. However, while it is a considerably longer process, there are some benefits of doing so.
• Lower Fees
While some gambling sites don’t charge withdrawal fees, some still do. These websites are likely to charge you less for utilizing Litecoin payouts than for wire or check transfers.
• Speedy withdrawals
With no couriers, mail, or banks involved, Litecoin transactions are only limited by the speed of the network to process. That means you will get your money within a shorter time compared to other traditional payment methods.
Litecoin payments are anonymous and decentralized, so there is little chance of having your details compromised. Apart from the privacy viewpoint, the confidence of knowing that your banking information cannot be stolen is sufficient to move you to Litecoin.
It is cheaper for gambling sites to utilize cryptocurrency payments, so they can pass along the amount they save to you in the form of bonuses.
The future of Litecoin Sports Betting
Litecoin has been in the market for more than five years, and considering the growth of the cryptocurrency market, it appears only suitable that the people behind Litecoin should benefit from it. Being around for years has enabled Litecoin an opportunity to modify their stage, enhancing it where possible. More Litecoin gambling sites are expected in the future, including those that exclusively utilize the coin for payments. However, you should keep in mind that certain rules regulate the use of cryptocurrencies, which is why you should double-check your country's position when it comes to Litecoin betting.
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