Litecoin Betting Sites – Should You?

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Considering recent progress, cryptocurrencies are no longer a niche topic for discussion. It has become a mainstream dinner table conversation for investors as well as users. More merchants are stepping forward to deal in cryptocurrency parallel with fiat currencies. The online gambling industry is no different.

If you go on Google right now and type in “ the best Litecoin betting sites”, Google will return plenty of results. And if you go through a few of them, you can create a list of the best sites within a few minutes. However, that list will lack a serious element. Experience. As unfortunate as it sounds, regular punters are just not experienced enough to create a complete list of betting sites. 

That’s where we come in. We have asked for help from a betting expert to create the list for you right here. All the best Litecoin betting sites in the world are there, and the expert has explained why these are the top choices. 

Now, we’re certain that you have some questions of your own regarding Litecoin. Here at TechieKnows, we’re ready to answer those questions. Consider this your beginner’s guide to Litecoin and betting with it. 

What Is Litecoin: A Tentative Approach by TechieKnows

Litecoin and Bitcoin are often used synonymously in the crypto industry. While it’s true that Litecoin is a fork of the legendary Bitcoin, they’re not the same. Bitcoin was the first generation of blockchain and has been “forked” many times to create new cryptocurrencies. 

Litecoin is one of the first in this journey, and it uses the same underlying blockchain technology to execute and record transactions. It’s a decentralized peer-to-peer network, free from any 3rd party intervention. 

Another area where Litecoin is similar to Bitcoin is the validation method. Both of these tokens use the “proof of work” method. This method is not used in newer blockchains due to its intense memory and processing power requirements. 

And for the encryption, Bitcoin uses the SHA-256 bit key for the hashing process. Litecoin, on the other hand, uses Scrypt. It is also based on the SHA-256 bit key but with more dependence on memory instead of processing power. Hence, it’s easier to mine Litecoin when compared to Bitcoin. 

Litecoin is often credited as the “lite” version of Bitcoin, and rightfully so. It’s also known as an altcoin, a term used to refer to tokens that can be used instead of Bitcoin for the same transaction. 

Another big difference between Litecoin and Bitcoin is the number of final tokens. You might be aware that the Bitcoin blockchain is designed to have only 21 million tokens. After that, these existing tokens will be distributed instead of mining new ones. 

In comparison, the Litecoin blockchain can have a lot more tokens. 84 million, to be precise. As a result, newer investors are more attracted to Litecoin. One of the many reasons is the super-fast transaction speeds achieved by this particular blockchain. 

Everything brings us to the burning question. Is Litecoin better than Bitcoin? 

Well, the answer is not a simple yes or no. Both tokens have their merits and demerits. But if the usage of tokens in online betting sites is concerned, our vote goes with Litecoin. 

Litecoin Betting Sites: How Are They Different from the Rest?

We started this guide to present the best Litecoin betting sites to you. There are plenty of reasons we chose this coin instead of Bitcoin or other cryptocurrencies in circulation right now. 

Litecoin Is Simpler 

Compared to most of the cryptocurrencies in the world, Litecoin and Bitcoin both follow a very simple paradigm. You have a blockchain where you can send and receive the tokens as well as solve “blocks” to earn tokens. 

Compared to Ethereum blockchain, which is technically the 2nd generation, it has multiple layers. One layer is as simple as P2P transactions. And the other layer is where the smart contracts are executed to achieve a truly decentralized transaction paradigm. 

For bettors, Ethereum is not the intuitive currency to use. It’s a little complicated to understand. Also, there’s no point in paying for gas prices every time you want to make a deposit. 

Litecoin Is Cheaper

We believe this is why you should use Litecoin at betting sites. It’s one of the cheapest tokens and also easily attainable. At the time of writing, very few people can afford “one” bitcoin for the sake of betting. If you have previous investments already, that’s a different thing. 

Litecoin, on the other hand, is priced at a fraction of Bitcoin. Also, there are lots of them, so the price is not as volatile. If you think about it, dealing with whole coins is much easier than dealing with fractions of a token. 

All Wallets Support It

The base token for most of the crypto wallets is Bitcoin. And that’s how the journey of wallets started in the first place. As Litecoin is an altcoin that you can use in place of Bitcoin, almost all wallets now accept Litecoin. Get more info if you need it.

So, when you come across a Litecoin betting site anywhere in the world, you can choose any wallet and download it. Unless it explicitly excludes Litecoin, it’s an accepted token. 

Where to Get Litecoin for Betting?

If you’re a newcomer in the crypto industry and exploring the possibilities of Litecoin betting sites, the biggest question you have right now is where to buy Litecoin. Thankfully, it’s a seamless process you can complete right now from home. 

  1. Download any crypto wallet of your liking. It’s ideal if you stick to the popular ones like Coinbase, Binance, or Kraken because they also have an exchange where you directly buy Litecoin. 
  2. If your wallet doesn’t have an exchange, open an account at one of the reputed crypto exchanges. 
  3. Don’t forget to add a real money payment method to buy the crypto. Most major exchanges now accept all kinds of fiat money currencies. It can be your credit cards, debit cards, PayPal, Skrill, Neteller, or anything else. 
  4. Log in to your exchange account, choose the crypto you want to buy, how many you want to buy, and the payment method.
  5. Once the transaction goes through, you should immediately find the specified amount of Litecoin in your crypto wallet. 

How to Deposit with Litecoin at Betting Sites: A TechieKnows Guide

Once you have the tokens ready, it’s time for a real deposit at one of the betting sites you choose from our list. 

  1. Sign up for a betting site that accepts Litecoin. If you already have an account, log in. 
  2. Choose the “deposit” or “cashier” option from your account interface and Litecoin as the deposit method. 
  3. A few things can happen here. You may get a pop-up that takes you to your crypto wallet, or the casino might provide you with the unique wallet address to which you need to send the Litecoin. 
  4. Open your wallet and choose “send”. Copy and paste the wallet address for the casino and authenticate. 
  5. The equivalent should appear in your betting account within 2 to 3 minutes.