If you don’t know what cryptocurrencies are, you probably haven’t opened a newspaper in the last decade!
But even if it is so, we are here to help you with this little guide to alternative payment instruments, and specifically, this particular cryptocurrency, Litecoin, which is an ideal choice for modern online casinos.
What are cryptocurrencies?
Briefly, cryptocurrencies are alternative payment instruments to traditional currencies. Instead of being issued by a country’s central bank, cryptos are privately created and work as a peer-to-peer exchange market. Their exchange is regulated through a widespread network based on a particular distributed technology called blockchain, developed in 2009 by one Satoshi Nakamoto (a mythical character whose existence is even doubted) with the creation of the first crypto of the world, the Bitcoin.
After Bitcoin, technical evolution kicked in. Programmers developed thousands of other cryptocurrencies based on Bitcoin’s features but improved on it in one way or another. And Litecoin, created in 2013 by Charles Lee, a former Google programmer, is one of the most popular, with a market capitalization of about $13 billion worldwide.
The benefits of Litecoin payments for casinos
The advantages for casinos using cryptocurrencies as a payment and withdrawal tool are many, which explains well why casinos that allow players to deposit with litecoin and other cryptos are growing day by day and becoming more and more popular among the gambling players community.
1 – Global support for players at all times
For any online casino, offering global support to its players is crucial, and this means adopting payment tools that are easily accessible to everyone, wherever they might live. And it is no secret that traditional instruments, such as bank transfers and those via credit card circuits, often involve numerous surcharges and fees. Another critical issue is that the exchanges (deposits and withdrawals) are rarely immediate.
Many traditional payment systems do not take immediate effect: time always elapses between the arrangement of payment or withdrawal and its actual execution, especially when a weekend or non-office hours are involved. Cryptocurrencies like Litecoin, on the other hand, do not have this disadvantage. Their structure, based on a distributed database, allows the network to automatically process and record transactions that occur on the blockchain 24/7, 365 days a year.
2 – Improved privacy and security
By using crypto such as Litecoin to make payments and withdrawals from your casino, your financial data will be safe because no one will know about it – except you. All that results at the casino is a blockchain address from which the funds that feed your account are transmitted and processed – verifying who the player is an entirely separate operation.
Transactions of Litecoin are secure and encrypted and cannot be intercepted by a hacker, which could happen by sending bank data through traditional communication exchanges. And no one but you and the casino will know that you have sent or received money since there is no centralized record of these transactions.
3 – No foreign exchange costs and low fees
When changing from one currency to another, you constantly find yourself dealing with exchange fees, unclear values that are often lower than official exchange rates, and sometimes, an arbitrary fee imposed by the payment processor. This is true for banking circuits, where fees are generally steep, and also for e-wallets such as Skrill or Neteller.
Thanks to Litecoin, this is just a memory. The fees (the so-called gas fee) that allow the transfer of funds from one “cell” to another in the blockchain are very low, especially those of Litecoin, among the lowest in the market.
4 – Specific promotions for Litecoin users
This is a little secret that almost no one tells: very often, online casino promotions are not all the same. They depend on the payment instrument used, and obviously, casinos prefer to adopt the most straightforward and least expensive means for the facility. This means that by disbursing less for current payment and credit transactions, these casinos can offer their players better conditions for playing.
For this reason, many casinos look favorably on the use of tools such as Litecoin, precisely because of its simplicity and economy, and thus “reward” players who use them with special programs designed for them.
Cryptos, a new page in financial transactions
The cryptocurrency phenomenon has become very important and very quickly. And although cryptos, in general, are still finding their scope of operation, they have brought a real breath of fresh air within a market that still uses rules that date back a hundred years or more.
The potential of crypto has suggested a new way of executing transfers of value between people, cutting out all the traditional intermediaries (and their costs). This new competition can only improve the market, especially for the final users. Litecoins, especially, represent an opportunity for the online gambling world – and those who use them nowadays are already taking an important first step toward shaping the financial markets of the future.