Published on June 11th, 2021 | by Sunit Nandi0
Why is Litecoin Good for Casino Gaming?
Litecoin (LTC) may be the next big thing in terms of crypto casino gaming.
This dark horse cryptocurrency is quickly gaining popularity, not just in the gaming world, but in the defi and cryptocurrency world as a whole, where portability and ease-of-use are ultimately important. Here are some of the reasons why Litecoin casino operations are becoming so popular right now.
Litecoin Casino Gaming and Per-Coin Values
One overwhelming reason that a big user base is moving to Litecoin and using it for casino play is that it’s cheaper to own a Litecoin than it is to invest in larger and more established cryptocurrencies – most prominently, Bitcoin, which has always been the King of crypto, the coin with the most buzz and the most available on-ramps.
Back when Bitcoin was worth $100 a coin, it was the standard-bearer in other ways, too. Now that the value of Bitcoin has rocketed up past $30,000 and stayed there, that’s no longer the case for those who want to own digital assets that cost less.
In these days of fractional investing, it’s possible to get and trade portions of a Bitcoin, but many of those who are wading into cryptocurrency (or even established investors) want something cheaper. They don’t want to own a tiny portion of a coin – it makes them feel poor. Litecoin, on the other hand, makes players feel like they have a “stack” to play from, which is psychologically important in poker and other related games. There’s already so much adaptation involved in switching from the old-school dimly lit room to the digital casino that this kind of through-line is important. Many venues gamify or visualize coin value into chips, but having lower per-coin values can also make things feel more natural, and help the individual user to do his or her own accounting.
Another great aspect of using Litecoin for casino gaming is that the blockchain transaction takes place in an agile network that’s much faster than others.
Compare Litecoin’s transaction speed to Bitcoin, and you’ll see that the smaller, “lighter” cryptocurrency is four times as fast. With transaction speeds around 2.5 minutes a piece, it’s easier for virtual dealers and casino house bankers to change out money or apply Litecoin balances to some particular use.
Litecoin and the Top 10 Cryptocurrencies
We see a lot of this LTC popularity in the results that happen out in the end user markets – in terms of name prominence and trend-setting.
It’s kind of an understatement to say that Litecoin is among the 10 most popular cryptocurrencies today. That may have been the case a few years ago when altcoins were just beginning to be considered. Now it’s arguably accurate to say that Litecoin is number four, behind Bitcoin, Ethereum and Ripple. If it’s not Litecoin in fourth place, what is it? The other top contenders are pretty obscure (Polkadot) or created as a joke (Dogecoin,) and there’s a pretty clear divide between Litecoin and most of the altcoins out there. This is big, because ultimately, the amount of buy-in that a coin has from companies, institutions and people on the street will determine where the crypto “infrastructure” goes, which will then compound the differences in popularity and daily use.
Litecoin’s agile system also means that coin transaction fees are lower, making it an ideal candidate for a range of Litecoin casino operations.
Modern online casino designers want digital assets and cryptocurrencies that are versatile and easy to use.
Blockchains like Cardano and Ethereum are different – they’re not particularly made to be payment media, or to be quickly traded or used for an ante.
While users (including central planners and techies) love Ethereum’s capacity to facilitate smart contracts, the average casino player doesn’t give a hoot about this, and doesn’t want to deal with the complexities in question. Similarly, Cardano (ADA), which is being developed by a group of academics, is commonly considered much too cerebral for casino gaming or anything like it. For its part, Ethereum might be great for smart cities, but many people with a finger on the pulse of the industry would say it’s not the best candidate for the casino floor. In the opinion of many experts who are pioneering things like cryptocurrency credit operations and virtual roulette wheels, Litecoin is the way to go, from a practical standpoint, and the results are becoming obvious as the crypto gaming world continues to resolve in interesting and fundamental ways, into a scene that’s more established and clear-cut.
To sum up, it’s the relevance, portability and low entry costs of Litecoin that are driving this coin to the top of the pack. Take a look at the many digital casino operations that use LTC as a driver for the visual, attractive, vibrant digital online gaming and esports systems that players love, and you’ll see many of these principles at work.