While Bitcoin is still the big kid on the block, its success has spawned many other cryptocurrencies, including Litecoin betting (LTC). Hailed as the “digital silver to Bitcoin’s digital gold,” LTC comes with its fair share of advantages that make it an attractive choice in online gambling.
This guide will cover everything you need to know about Litecoin, including what it is, how it works, and its legality. We’ll even offer some guidance to punters looking for the top Litecoin live betting platform with an emphasis on gambling sites that are fast, safe, and affordable.
Disclaimer: The content in this blog is not to be interpreted as professional legal, financial, or betting advice.
Litecoin Betting Table Of Contents
What Is Litecoin?
Litecoin is a decentralized digital currency and global payment network. It was created in 2011 by ex-Google engineer Charlie Lee and intended to complement Bitcoin by being a faster, low-cost version. For this reason, LTC was described by many early crypto adopters as digital silver.
Similarly to Bitcoin (BTC), LTC has a fixed supply (84 million LTC) and runs on a proof-of-work consensus protocol. However, it uses the Scrypt algorithm and not Bitcoin’s SHA-256 cryptographic hash function, which allows the Litecoin blockchain to generate new blocks 4x faster.
Litecoin is primarily used as a P2P payment method, with its low cost and rapid speed making it attractive to gamblers wanting to cash out their winnings quickly. As of February 2024, it is the 20th largest altcoin by market cap ($5.1 billion), with a 24-hour trading volume of $255.2 million.
Note: Market capitalization and trading volume statistics fluctuate frequently. You can find the latest Litecoin data here.
How Does Litecoin Betting Work?
Fundamentally, there’s no real difference between betting with LTC than there is with fiat currencies—well, almost. Just like with BTC, you need a crypto wallet capable of storing LTC. In addition, you’ll need to find a bookmaker that accepts it as a payment option, like Thunderpick.
Buy Litecoin
The next step is to buy LTC from a trusted crypto exchange like Coinbase or Binance. The amount of LTC you want to purchase is completely up to you. The minimum deposit you’ll need on Thunderpick is €1.10 worth of LTC (please note that this minimum withdrawal might change with time and to always look at our FAQs for more info).
Fund Your Account
You now need to transfer the LTC from your crypto wallet to the deposit address supplied by the betting provider. At Thunderpick, your Litecoin deposits are not only free, but they only require six confirmations, meaning most transactions are done in seconds.
Place Your Bets!
Once the funds are in your account, you’ll be ready to place your esports bets! Find a match, add your wager to the bet slip, and wait for the outcome. It’s as simple as that. And when you’re ready to withdraw your winnings, you can request a payout right back to your Litecoin wallet.
Punters should be aware of withdrawal limits. At Thunderpick, the minimum amount you can cash out is €10 worth of LTC, with the total weekly withdrawal limit set at €50,000 (regardless of currency).
Important: Always ensure the cryptocurrency you send matches the receiving wallet’s address. Sending the wrong crypto (for example, BTC to a LTC wallet) can lead to the permanent loss of your funds.
What Are The Benefits Of Betting With Litecoin?
There are quite a few advantages of betting with LTC. Here are the features gamblers can leverage, whether they are wagering on esports tournaments or playing crypto casino games.
1. Rapid Transaction Speeds
LTC has a block generation time of 2.5 minutes (versus BTC’s 10 minutes), resulting in significantly faster transaction confirmations. This means your LTC deposits and withdrawals on online betting platforms are completed almost instantly, no matter where you are in the world.
2. Low Fees
With LTC betting, you can say goodbye to high bank transfer fees. LTC offers a cost-effective betting experience, especially for bettors who stake smaller, frequent bets. These reduced transaction fees allow them to maximize the value of their wagers, offering a better return on each bet placed.
3. Greater Privacy And Security
LTC’s PoW algorithm and Segregated Witness (SegWit) upgrade ensure gamblers have a safe space to place pre-match and live in-play bets, lowering the risk of fraud or interference. Beyond this, MimbleWimble (MWEB) also makes LTC transactions anonymous, which offers an extra layer of privacy.
Is Crypto Betting Legal?
The legality of crypto betting depends on your jurisdiction. While it is legal to place bets using LTC in most countries, some have outlawed crypto betting sites (and even cryptocurrencies themselves). That said, the laws regarding digital currencies are forever changing.
It’s your duty to exercise responsible gambling and ensure you’re up-to-date with your country’s laws and regulatory frameworks. You should also familiarize yourself with the legal policies of your betting provider. For example, Thunderpick is licensed and regulated under the laws of Curaçao.
Why Would I Use Litecoin Over Other Cryptocurrencies?
In general, people may opt for LTC because it’s faster and cheaper than BTC. It’s also garnered trust. While its market cap has dropped sharply from its historical peak, LTC has withstood the test of time and, as mentioned, ranks among the top 20 cryptocurrencies today.
However, the choice to use Litecoin or another crypto like Bitcoin Cash (BCH), Ethereum (ETH), or a stablecoin like Tether (USDT) is completely up to you and your risk tolerance. After all, each crypto is fundamentally different from the next and designed to serve a unique purpose.
What Is The Best Litecoin Betting Site?
Thunderpick stands out as the best crypto gambling site and online casino, offering a wide selection of payment methods, including Bitcoin, Ethereum, and Litecoin! You can also enjoy ultra-competitive odds and a plethora of betting markets in a range of esports titles.
Not convinced? The Thunderpick online casino offers even more enticing gambling options, including table games like roulette and blackjack with live dealers! Also, new players can enjoy a generous First Deposit welcome bonus and low wagering requirements.
Need help? Contact our friendly customer support team at [email protected] or via the 24/7 Live Chat. You can also learn more in the Thunderpick FAQ section.
