What’s Litecoin, and Why are Casinos Using It?

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In a world where traditional cash is increasingly seen as - how should I put this - traditional? The rise of cryptocurrencies has really given things a bit of a shakeup. Compound this with an industry that’s always looking for change, excitement and novelty (it’s the gambling industry, if you hadn’t guessed!) and you’ve got the perfect recipe for an exhilarating ride.

Cryptocurrency is a little old hat in the iGaming industry. It’s nothing new. However, Litecoin is a little less well-known than its cousin Bitcoin and has some unique perks that could make it much better suited to the industry. Let’s roll the digital dice together and take a look at how this crypto newcomer is shaking up in an already thoroughly well shaken sector! 

First Things First, What Even is Litecoin?

In order to fully understand why Litecoin is quickly becoming such a dominant force in the crypto casino market, you’ve kind of got to know what it is! Litecoin is a cryptocurrency created in 2011 by Charlie Lee as a ‘lighter’ version of Bitcoin - hence the name, get it? It offers faster transaction times (2.5 minutes per block against Bitcoins 10 minutes). Oh, and it tops it off with lower fees.

That’s a whole lot to like, especially when it comes to ‘everyday’ use, rather than trading. Like other cryptocurrencies it’s still based on a decentralized blockchain, offering secure digital transactions, at an even lower cost.

Why Aren’t We All Using It Yet?

So, what’s stopping it from reaching Bitcoin’s dizzy heights? Honestly, not much. Personally, I think in the next year it will become the go-to, taking Bitcoin’s crown. Anyway, I digress. The main hurdle standing in Litecoin’s way is currency fluctuation. Having reached a lifetime high of $346.81 back in May 2021, Litecoin plummeted to $119 in July of that year, and then steadily dropped to around the $50 mark in June 2022. Since then, it’s dipped and peaked but on a much steadier scale, generally staying around the $60 to $70 mark.

Anyone who’s dealt with crypto knows that it can be a volatile currency. However, in the last two years Litecoin has remained - much - more stable than Bitcoin, Bitcoin Cash, and Ethereum (and a whole bunch of others that I won’t bore you with). If this stability continues then Litecoin could attract a different kind of customer, who’s less risk averse than the traditional crypto-casino player.

What’s This Got to Do With Roulette?

Fiat currencies have been the status quo in online casinos, since, well, online casinos existed. For a long time, there was no alternative and (for many of us) there wasn’t - need - to be. Yet, since crypto came around, it became clear that there are some core groups of players that this change has really made a big difference for. One of these groups of players is those in countries that have a volatile national currency. If the national fiat currency is more volatile than crypto, then it makes sense to keep your money and play with it, in the less volatile currency.

They aren’t the only group though. The other group are the (in my opinion rightfully) impatient players who are left tapping their feet waiting for their winning withdrawals to be processed. Nobody likes waiting for an age to withdraw their own money - it feels unfair. And, to a degree, crypto can deal with that. Thanks to its decentralized nature, there’s no bank or ‘intermediary’ to approve the transaction. So, as long as you’re playing at one of the top online Litecoin casinos that processes transactions quickly - internally - you’re going to get your hands on your winnings much, much quicker. Litecoin expedites this process even further, remember? 2.5 minutes per block, instead of 10.

Is There Anywhere Else Litecoin Excels?

Money. Well, fees. Nobody likes paying fees for transactions, it feels unfair that you deposit money, play, win, and then have to pay a percentage back! Well, mbit Casino  thinks so too, which is where Litecoin comes in. Compared to traditional banks, cryptocurrency can still be expensive. Eventually the see-saw will tip, and they will become far cheaper, but for now, while traditional banking is so much more popular, that’s not the case. However, because Litecoin is ‘lighter’ than other cryptocurrency, it comes with lower transaction fees. Bitcoin costs have been known to absolutely skyrocket during peak network congestion, but Litecoin doesn’t suffer like this.

How Does It Stack Up Against The Others?

Now, for those who might be asking, "Why not Ethereum or Dogecoin?" - fair play, good question. Ethereum is great for smart contracts, but its gas fees are - notoriously - high. Dogecoin is fun, but it’s seen more as a meme coin, with no real backing to its value. Litecoin manages to strike a tricky-to-pull-off balance between speed, efficiency, and widespread adoption. A winning combo.

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