Sports betting with Litecoin: Is it safe?
Several people have learned how to use cryptocurrencies for their everyday lives. Aside from seeing it as a form of investment and a legal tender, people have also discovered that it can be used for leisure and other fun activities online. One of the most popular activities people do with it is online sports betting.
Sports betting has been well popular across the world because of the thrill that it provides. Now that it has been made available online, several sites have also started to accept the use of crypto among its punters. With the growth of the online betting industry, punters can test their chances with their assets like Bitcoin (BTC) and other alternatives that can be used for betting.
Among the most popular coins that can be used for betting is Litecoin, an altcoin that has well proven itself in the crypto industry. As several sites accept this as a form of legal tender in online sports betting, many became more curious about it. For those who haven’t tried sports betting using Litecoin yet, here are a few things to keep in mind.
What is Litecoin?
First released in 2011, Litecoin (LTC) became one of the earliest altcoins to ever exist. This became one of the most popular choices among altcoin traders who want to experience using crypto that isn’t Bitcoin (BTC) or Ethereum (ETH). Although it may have a relatively lower value than the two leading coins in the crypto market, this has also grown at quite a similar rate.
People who have invested in BTC before may also notice that LTC shares a lot of similarities with BTC, especially in terms of being open-source, efficient, and decentralized. Though the two may share several similarities, LTC generates blocks at a much faster rate. This made a lot of people call it as a lighter version of Bitcoin which explains why it was called Litecoin.
How to deposit with Litecoin
Before using Litecoin to place some sports bets, punters would first ensure that they have enough credits on their accounts. With that, here are some of the basic steps that punters would have to keep in mind before placing bets with this promising crypto asset.
- Buy LTC from a credible exchange → One of the simplest methods to buy Litecoin is to tradeit with fiat or to purchase it from a cryptocurrency exchange. People should be cautious while purchasing LTCs through exchanges. For guaranteed safe transactions, people may wish to verify the legality of where they’re betting from. They may also wish to check how much LTC is trading in.
- Deposit LTC funds on Sportsbet → After buying LTC and having it safely added to a punter’s crypto wallet, they may simply log on to Sportsbet and deposit with their LTCs. They may do this by visiting their account, clicking the deposit option, and choosing LTC.
How to withdraw Litecoin
Withdrawing LTC is not as hard as some other people think. For those who don’t know what to do with the LTCs they’ve won, here is a closer look at how they can withdraw LTCs from their accounts:
- Click the withdraw option and select LTC → Punters should visit their accounts and click the withdraw button. To transfer their winnings, they should input their LTC e-wallet as the recipient of the amount being withdrawn.
- Cash out → This step is not necessary but punters have the option of allowing their LTCs to sit on their accounts and grow in value or cash them out. Either way, they’ll get to enjoy what they’ve won on the games they’ve played with their LTCs.
Advantages of betting with Litecoin
There are several reasons that make punters fond of using their LTCs whenever they wish to root for their favourite teams or athletes. By doing so, they get to enjoy some of the advantages that this wonderful asset brings. For those who haven’t tried it yet, here are some of the special features that people admire about LTC.
Secure network
LTC is also decentralised, meaning it is not governed by any central authority like banks. Despite the lack of management, consumers can expect safe and secure network processes. In reality, Charlie Lee, the founder of LTC, promised users that the network is largely safe from any attack threats.
Anonymity
One of the most popular features of LTC is that it allows players to wager anonymously. By playing on Bitcasino, gamers can be assured that their identities will be secured because they will not be required to disclose personal information. With its decentralized nature, Sportsbet punters are also guaranteed that their betting transactions are not reflected on their banking accounts.
Fast block approval time
Even though LTC is a popular BTC fork, it can handle more transactions per second (TPS) since it is four times faster than BTC. Unlike BTC, which takes roughly ten minutes to mine, LTC takes only about two and a half minutes. This was made possible by the algorithm’s simplicity.
Despite having quicker transactions, LTC also boasts of lower transaction fees. By allowing punters to save a portion of their budget, they get the chance to increase the number or amount of their bets for their anticipated matches.
Block supply
Unlike BTC, which has a supply cap of only 21 million, LTC has an 84 million supply cap. Users will enjoy how, unlike fiat currency, LTC’s inflation rate is more controlled. As of this writing, there are around 84 million LTCs in circulation.
These are just a few facts to be aware of if you want to learn more about sports betting using Litecoin. By keeping these in mind, players may be more interested in trying it and see how well it can elevate their overall betting experience. With the guarantee of being a safe way to place bets, LTC investors may be more interested about how their assets can grow in a fun and exciting way!
