Litecoin

Why Is Litecoin Useful?

Litecoin was founded in 2011 by Charlie Lee and has since then been spoken of as the silver to BTC. You should note that Bitcoin has always been regarded as the gold standard for all cryptocurrency assets. The implication here is that this asset is very similar to BTC, even though it may not be as costly as Bitcoin. Litecoin operates as a p2p cash transfer system that enables its holders to make instantaneous payments as well as send and receive digital assets with ease.

How quick is it to deposit?

On average, it takes around ten minutes for any digital asset transaction to be confirmed. When you look at it from a normal everyday perspective, this duration is too long. However, Litecoin happens to be a much lighter Bitcoin version, which means that its average transaction speed is around two and a half minutes.

Is Litecoin secure?

The security behind this coin lies behind the technology that has been used to produce it. To start with, you will find the blockchain infrastructure which happens to be a completely decentralized system. A good example of a fully centralized system is the systems in use in all traditional banking institutions. In such places, all the data is stored in a single place, making it easier to steal.
When dealing with blockchain solutions, there are no central servers. This is because the entire chain is made up of blocks comprising various data packets. The advantage of this system is that hackers don’t have a central point that they can attack when they are looking to steal or tamper with available data. It’s what makes blockchain and by extension this coin a secure payment system.

Can anonymous Litecoin be used on new casinos?

Yes, it’s possible to use this crypto asset in new casinos online. More and more casinos have started accepting crypto payments. The fact that this kind of payment is a hundred percent anonymous means that many gambling platforms will not ask you to provide personal details whenever you want to play online. In most cases, all you will need for you to start playing is a valid email address.
You need the address to sign up at the online casino. An e-wallet will also come in handy, as this is what you will use to hold your coins. Wallets can be created in a minute or less.

Is there an age limit?

In theory, there’s no age limit to using cryptocurrency assets such as Litecoin. As long as you are old enough to appreciate what it stands for, then you should be in a position to use it. But when it comes to the real world, you have to be at least 18 years before you can acquire crypto. All the major exchanges worldwide will require that any person signing up for an account be of legal age.
This is in keeping in line with the KYC (Know Your Customer) requirements. The same also applies when it comes to using cryptocurrencies in online casinos. Only individuals of legal age can do so.

5 Common reasons that my Litecoin is declined?

As is the case with any other online transaction, there’s always a probability that your transaction may get rejected. Common reasons for rejection include:
1. You have insufficient funds: This is the most common reason why your Litecoin deposit or withdrawal transaction at an online casino may get rejected. The best way to avoid this is by keeping track of your digital assets. Always have an idea of how many digital currencies are at your disposal.
2. Too low of a fee: Also referred to as using no fee at all is also a popular reason for rejection. It often occurs when the network is congested. The too low of a fee means that you cannot send any crypto. And given the nature in which the crypto networks have been designed, it’s not possible to stop pending transactions from being rejected.
3. Wrong Crypto Address: Entering the wrong address will mean that the funds will not be sent to the intended recipient. It will also lead to rejection.
4. You have attained the withdrawal limit: If attempting to make a withdrawal from a casino, the transaction may be declined if you have already reached the limit set by that casino.
5. Technical issues/Wallet Delay: There are certain situations that are simply beyond your control. Your digital wallet may be experiencing some delays which would, in turn, cause the transaction not to go through.

What is the difference from other crypto payment methods for new online casinos?

One key difference between Litecoin and other crypto payments lies in the duration taken to confirm each transaction. As noted earlier, Litecoin is lighter than many other crypto assets in the market, which means that it only takes less than three minutes for the transaction to be confirmed.

Main pros with Litecoin?

While there are many other crypto assets that use the same technology as LTC, this coin does have some significant advantages over the rest. This includes:
1. Speed, i.e., its closing speed is four times faster than that of its closest competitor.
2. It has been built on Scrypt, which makes it stronger.
3. It charges very low transaction fees.

Main Cons

Just because it is good does not mean that it does not have its drawbacks. Some of its disadvantages include:
1. Absolute anonymity. While this is good for that person looking to safeguard their personal details, absolute anonymity also means that the coin can be used for illegal activities, hence giving it a bad name.
2. No central authority: The fact that it is decentralized means that it comes with some risks. If your assets fall into the wrong hands, there will be no way for you to trace the thief or hackers.

How do I get a Litecoin?

You can get it by mining or by buying it. One of the reasons why this coin is favored by many crypto enthusiasts is that an individual can easily acquire it via fiat money, e.g., GBP, EUR, USD, or Yen. You can also buy it by making a bank transfer, via PayPal, or by using a credit or debit card such as VISA at your preferred crypto exchange.