Cryptocurrencies are increasing in popularity over the world. In fact, many restaurants and pubs have begun to offer these payment options to customers. Bank cards and e-wallets are the most popular choice for online gamblers for making deposits. These payment methods are quick and easy to use, but they might cause problems at times and may incur additional fees. You might miss out on a special event just because your bank failed to make your transaction successful.
This is where cryptocurrencies like Litecoin and Bitcoin come in handy. Many casinos today offer cryptocurrencies as a payment method. You can obtain Litecoin by exchanging your Bitcoin or other cryptocurrencies. However, there are other ways to obtain Litecoin if you are new to the world of cryptocurrency.
Litecoin Faucet
Using a ‘faucet’ is the most common method for obtaining cryptocurrency. A faucet is a website that offers you a cryptocurrency of your choice as a reward for completing a task. The task is usually something easy, like completing a CAPTCHA or playing a simple game.
Faucets can be used constantly to generate Litecoin, but there are certain limitations. Most faucets have a limit on the number of times rewards can be collected. Some faucets let you try the task every 15 minutes or once per hour. It can take quite some time to save up a good amount of Litecoin through faucets. You will have to use more than one faucet to speed up the task.
Litecoin vs. Bitcoin
Bitcoin may be the most popular cryptocurrency, but currently, there are at least 20 types of cryptocurrencies available in the market. Bitcoin is only two years older than Litecoin, which came into existence in 2011.
- Litecoin can produce a larger amount of coins than Bitcoins. Bitcoins have a limit of 21 million coins, while Litecoin can have as high as 84 million coins.
- Litecoin is much faster than Bitcoin. The average transaction time of Bitcoin is 10 minutes, whereas it is only 2.5 minutes for Litecoin.
- Bitcoin uses the SHA-256 algorithm, which has been in use for a long period. Litecoin makes use of the Scrypt algorithm, which has developed a lot more recently. A complicated algorithm means that cryptocurrency would be more difficult to mine. Mining Litecoins is much easier than mining Bitcoins.
Finding the Best E-wallet for Litecoin
Cryptocurrencies cannot be stored in regular e-wallets or traditional bank accounts. However, there are special wallets for cryptocurrencies that can be used to store Litecoin. A Litecoin wallet allows you to store, send and receive Litecoins securely. Some have better security, while others have more easy-to-use features. Some popular Litecoin wallets are Exodus, Loaf Wallet, Coinomi, LiteVault, Trezor, and Freewallet.
Use Hardware Wallets for More Security
Another way of keeping your Litecoin safe is through Hardware wallets. A Hardware wallet is a physical USB wallet that will be used to store your cryptocurrency. Unlike e-wallets, they won’t be stored anywhere online. Hardware wallets provide you better control over your private keys. They include features such as a pin code and backup seed key.
Conclusion
The number of LTC casinos are on the rise. You can easily find a casino of your choice that offers Litecoin as a payment method. Litecoin can be a great alternative to traditional payment methods such as banking and card deposits.