Litecoin is much more than just a Bitcoin clone. The concept behind this new cyptocurrency is that Bitcoin could be improved upon by making Litecoin development open source. With input from interested parties around the world, there have already been significant improvements compared to Bitcoin. You will already find a long list of gambling games available to play in Litecoin online.
This article gives you a complete guide to Litecoin gambling. First of all, you’ll find an explanation of how this currency works and how to gamble with it. Next the different gambling games available are covered. These range from simple lottery and dice games to complete casinos. Finally, you’ll find some of the benefits of gambling with Litecoin compared to both Bitcoin and mainstream currencies.
How Does Litecoin Work and How to gamble with it?
Litecoin is mined in the same way that Bitcoins are. There will eventually be 84 Million Litecoins, though at the moment there is only a small percentage of that number. You can hold this currency in a dedicated wallet, which can be downloaded onto most computer and mobile devices. Litecoin is bought and sold through the same exchanges which sell you Bitcoin – including CoinBase, and BTC-E. You can buy Litecoin with Bitcoin and vice-versa, though there are restrictions on buying both of these currencies using payment systems which are potentially reversible (for example credit cards).
You can gamble with Litecoin anonymously. All you need to register at online casinos is an e-mail address. You deposit via your wallet by pushing out some coin using a receiver Id, which you cut and paste from the gambling site. Both deposits and withdrawals are almost instant. To withdraw you just enter the id of your wallet and the amount you wish to transfer.
Many casinos which accept Bitcoin have now started to allow gambling with Litecoins too. This has been called the ‘natural successor’ to BTC, and is the 2nd most popular cryptocurrency online. As we move forward and more people start figuring out the benefits of virtual currencies – I expect to see more and more casinos and sportsbooks accepting these.
What Kind of Gambling is Available for Litecoin?
There is a full range of online gambling games. The main distinction is between the simple games which have been created by the cryptocurrency community, and the fully developed casinos – which are part of the wider industry and have been opened to alternative payment methods.
Some of the simple gambling games are graphically very ugly. The big draw of these games is that they include technology which shows that they are provably fair – that is to say you can reverse engineer every hand, roll or spin after the fact and prove that the outcome was randomly generated.
Here are some examples:
Litecoin Dice: This is a probability game, usually based on a randomly generated number between 1 and 100. You get to set your own odds by choosing the range of wins, and will be able to see that the game was random after the fact. Sites which offer these games include a trail of the last 20 (or more) games for you to check the results of those too.
Litecoin Hi-Lo: This is another simple game, this time you are guessing high or low to get through a sequence of cards. Since the odds you get are parlayed, you can choose how much risk you are prepared to take for each card. Again these games are provably fair.
Ponzi Games: These are an entertaining twist. You have to make sure you are not the player left holding the bounty when 24 hours is up. You’ll by a string from the previous player, 0.01 LTC will be added to the total at this point. You then try and sell the string. If someone buys it you make a profit, if not, then you get 10% as a consolation prize.
Other Simple Games: This category includes simple number drawing games like lotto, and also guess the square ‘minesweeper’ type games too.
Fully Featured Casinos Accepting Litecoin
Bitcasino.io is a fully featured casino which operates on the platform provided by CoinGaming. This includes 3D slots by the acclaimed BetSoft, a range of table games, video poker and Keno. You will also find a Live-Dealer casino too. As the name suggests, this operator also accepts Bitcoin. If you enjoy sports, then the Bitcasino also has a fully-featured sportsbook.
What are the Advantages of Gambling in Litecoin?
Many of the advantages of gambling with Litecoin are shared with Bitcoin. This includes being able to verify the fairness of the games after each hand (known as provable fairness). You’ll be able to play with Litecoin anonymously, as no personal details or backup documents are required by either the simple gambling sites or the casinos which accept this. Finally, there are no transaction fees for using this currency – which means you’ll have more chips to play the games with compared to using mainstream currencies.
Whether Litecoin has any inherent advantages over Bitcoin is open to debate. There are some technical plusses, though these are mainly behind the scenes in the blockchain processing. It could also be argued that the lower media hype around Litecoin means that there is a bigger upside if this currency ever does capture the imagination of the general public.