With the rapid growth in the popularity of cryptocurrencies in recent years, we have also seen a large increase in the annual earnings of online casinos. Even though it may seem that the two branches are not so closely connected, on the contrary, the greater presence of cryptocurrencies has had a great impact on the online gambling industry.
With the fact that a large number of those who are interested in online mining and trading of cryptocurrencies are also interested in using part of their online wealth in online casinos, it is clear why an increasing number of crypto casinos are available online every day. In addition, even those who until now may not have been familiar with their gambling side saw online casinos as an excellent opportunity to invest in their cryptocurrencies.
Still, not all casinos are accepting crypto as a form of payment yet, and not all crypto owners are confident that gambling with their crypto assets is such a good idea. Understandably so, crypto is still somewhat of a new territory for most as well as online gambling.
So to give you a more clear image of what you can expect when opting to bet in crypto casinos we’ve formed a list of pros and cons that should be taken into consideration when gambling with crypto, specifically Litecoin.
If you own any assets in Litecoin that you would like to multiply by testing your luck and gameplay in an online casino you are in luck! Litecoin is one of the best and most widely accepted cryptocurrencies that you can gamble with. Compared to its competitors, Litecoin boasts faster transaction speeds and lower fees making it quite an attractive payment option. It was also one of the first to get accepted as a form of payment in the best casinos that accept Litecoin so it’s not new to their operating and payment systems.
Here are some of the main advantages of playing at Litecoin casinos:
Similar to other cryptocurrencies, Litecoin gives users an additional level of privacy and security when it comes to the exchange of personal data. Due to the decentralized nature of crypto, it is harder to track transactions and easier to remain anonymous. The level of anonymity that you can expect to keep will depend on the casino’s policy. Due to their licensing casinos will need a certain amount of information on the player provided through KYC (Know Your Client) but specialized crypto casinos usually tend to require less information on their users.
All reputable online casinos are quite secure due to the use of SSL encryption that protects the sensitive information stored in their database. In addition to that, the blockchain technology that cryptocurrencies use provides another layer of protection to their users.
Financial transactions are generally faster with crypto compared to more traditional methods, but Litecoin stands out as one of the fastest cryptocurrencies in the game. A larger blockchain provides more space and time to process deposits and withdrawals in no time.
Lower Transaction Fees
Another area where crypto dominates other forms of payment is uniquely lower transaction fees because there isn’t a third party connecting the player and the casino like we have in the case of bank transfers. The fees for processing Litecoin transactions are significantly lower than those for processing Bitcoin payments for instance. Some casinos will impose additional fees but that won’t be the case with specialized Litecoin casinos.
No Geological Restrictions
As any player knows, gambling laws vary from country to country. While some are quite laid back and accepting of any form of online gambling, some countries restrict certain payment methods on gambling sites.
Luckily with Litecoin any inconvenience that comes with payment restrictions can be avoided due to the decentralized nature of the cryptocurrency.
As crypto is still a relatively new form of payment in online casinos, it is not as widely used as other methods. Crypto casinos are working hard to change that considering what a lucrative market crypto gambling is, so to entice crypto miners they usually offer bonuses that are more than generous and far more lucrative than what you can expect from regular casinos.
While you may be wondering what could possibly be the downside to gambling at Litecoin casinos after hearing all the pros, we assure you that it’s not all rainbows and sunshine. Here are some of the cons to using Litecoin at online casinos.
Lack of Government Supervision
While cryptocurrencies are somewhat licensed and regulated, they aren’t closely supervised by any form of an official government regulatory body. They are in a lane of their own which can be good in some cases like with lower transaction fees and avoidance of additional taxes but it also means that if you were to be financially harmed by the casino in any way, there wouldn’t be much legal action that you could take. This can be avoided of course by choosing a trusted reputable casino but it’s important to keep it in mind.
Cryptocurrencies are the most volatile asset that you can own. They fluctuate in worth constantly which makes them quite unpredictable. If the value of Litecoin drops unexpectedly, for instance, your bankroll as well as previous winnings could take a serious hit.
No Take Backs
Once the funds from your e-wallet are sent, they are permanently gone. Now, this isn’t too big of a problem once they are in your casino bankroll unless you’ve happened to accidentally transfer a larger summer than intended, but if you happen to send the money to the wrong address there is no guarantee that you will be able to get your money back.
With all this in mind, we still believe that the pros outweigh the cons in this case, but it is up to you to consider everything and see if gambling at Litecoin casinos is worth your time.