What to Know About LiteCoin? Use Cases and Where It is Accepted

Litecoin cryptocurrencyWith the invention of cryptocurrency and the massive success of Bitcoin, there have been lots of other crypto coins entering the banking and financial industry. Most of the cryptocurrencies are new to the market, and many of them have failed. However, there is one that has succeeded, but not to the level of Bitcoin, which is LiteCoin. Many industries have started to accept LiteCoin.

The cryptocurrency was launched in late 2013, and it did not move in price until March 2017, when it started rising significantly. In March 2017, it was around £7.00 per LiteCoin and by the end of November 2017, it was about £55 per LiteCoin. If you are a fan of cryptocurrency as well as a sports bettor, then betting for your team with LiteCoin is something that you can try out. Keep reading to know more about LiteCoin, its use cases and where it is accepted.

What is LiteCoin?

LiteCoin is one of the earliest cryptocurrencies to ever enter the market. And consequently, it remains to be one of the most popular and largest crypto coins in the industry based on market capitalisation. As a user, you can find this massively popular coin on almost every cryptocurrency exchange in the world. Additionally, it is one of the massively accepted crypto coins globally.

You can use LiteCoin for purchasing services, goods, and even investing in other cryptocurrency projects as they emerge. Similar to many cryptocurrencies, LiteCoin uses Blockchain technology, which helps it remain decentralised. There are numerous differences between decentralised currencies and fiat currencies. They are not issued from a central financial institution or authority. Instead, LiteCoin crypto coins are produced through a cryptographic protocol.

litecoin trading

Use Cases of LiteCoin

There are many use cases of LiteCoin. And the main ones include investment, cross-border transactions and a daily payment method. Below are more details about these use cases.

LiteCoin as an Investment Vehicle

The crypto market has become appealing to many newbies as well as seasoned traders. Investors are enticed by the rapid growth and popularity that this cryptocurrency has seen in the past couple of years.

Though its prices are very volatile, those that are ready to take risks have the potential to earn huge profits. In line with this, LiteCoin is especially appealing as it has performed really well compared to its competitors.

Cross-Border Transactions

You can use LiteCoin to send your money overseas as quickly, securely and affordably as possible, and with lower transaction fees than most of the other cryptocurrencies and traditional transfer methods. The best part is that you can send and receive funds from any country across the world.

As a Daily Payment Option

The main aim of LiteCoin is to be a viable cryptocurrency that could perfectly replace fiat currencies for daily purchases and other uses. Though the number of both online and offline retailers that accept this cryptocurrency at present is limited, this could change in the coming few months of years.

Uses within Trade Finance

Aside from the use cases above, LiteCoin is also an important element in trade finance. The crypto is built on blockchain technology, which is revolutionising the world in many ways. While providing the foundation on which all cryptocurrencies are built on, it’s also being utilised in other sectors like trade finance.

Historically, trade finance has relied on lengthy manual processes which involve many paper trails. These processes are not only expensive but also slow. The blockchain technology that LiteCoin utilises can change this by digitising all the processes involved, minimising the use of third-parties while making all international transactions more secure, cheaper and faster.

Where is LiteCoin Accepted?

As mentioned earlier, LiteCoin is a popular cryptocurrency. However, only a limited number of industries accept it. One of the popular industries that massively accept LiteCoin is online sports betting and gambling. Currently, many betting sites from across the world support a wide range of cryptocurrencies, including LiteCoin.

The best part is that there are many benefits that LiteCoin sports betting platforms offer. When you use LiteCoin to place bets on your favourite team, you get numerous benefits to enjoy compared to using traditional deposit and withdrawal methods. LiteCoin is one of the top ways to get your bookmaker account funded. Some of the benefits that you will enjoy as a punter at a LiteCoin betting site include:

  • Instant deposits and speedy withdrawals.
  • 100% transaction success rate.
  • Very low transfer fees for deposits as well as withdrawals.
  • Higher deposits and withdrawal limits.
  • The blockchain technology that LiteCoin uses is quantum-hacking-resistant.
  • Enhanced LiteCoin betting bonuses and promotions for all types of punters, including both new and seasoned ones.
  • Enhanced security and increased anonymity for private data.

Litecoin what to know

How to Fund Your Sports Betting Site Account with LiteCoin

Depositing funds into your sports betting account is not only easy but also straightforward. Before you can deposit, you will need to have some LiteCoin coins in your wallet. First, you will need to create a crypto wallet.

Some of the most popular wallets that you can pick from include Jaxx, Coinbase, Mobi, Bittrex, Stash, Webmoney and Coinomi, to mention just a few of them. Once you have a wallet, you will need to validate your personal information and then purchase some LiteCoin coins. You can get the coins from any reputable crypto exchange. It is advisable to contact the support team at LiteCoin to find more details about the most legitimate crypto exchanges that provide LiteCoin coins.

After purchasing your crypto coins, you will need to choose one of the best LiteCoin betting platforms and sign up with it. Be sure to pick a recommended site that meets all of your gambling needs and requirements.

How to Withdraw Winnings from a LiteCoin Sports Betting Account

When winning, the next step is to withdraw your reward and enjoy them. Requesting for a withdrawal at your sportsbook of choice is easy. You just need to visit the payment section, choose LiteCoin as your withdrawal option and then enter the amount that you wish to withdraw. Once you complete the process, the funds should be available in your wallet within minutes.

Final Thoughts

If cryptocurrency is one of your favourite payment methods and you love betting for your favourite team, then you should look for reputable LiteCoin gambling platforms. You will be sure to enjoy generous and massive bonuses, instant deposits and speedy payouts, lots of markets, and a secure betting environment. Also, anonymity and fair gaming are guaranteed.