Litecoin foundation are claiming to advance Litecoin for the good of the society. They also claim to be promoting state-of-art blockchain technology. Any idea what good they are doing to the society? Any Idea what state-of-art blockchain technology are they promoting?
The success and sustenance for Litecoin comes from sending and receiving payments and one of the areas where LTC is widely used are in Litecoin Casinos.
Litecoin casinos are the online casinos which accept deposits and withdrawals in LTC. Several players who are very happy transacting their casino deals in LTC are the contributors to the success of LTC in part.
Of note, “Litecoin is used in more than just typical online casinos — there are specific gaming, slot, poker, Minesweeper, dice, sports betting, roulette, blackjack, and lottery websites that accept LTC alongside other coins and/or traditional fiat currencies.”
For personal discretion it helps to explore the concept of online gambling with LTC. There is a decent acceptance rate for Litecoin LTC casinos. This is mainly due to the speed of the LTC casino deposits and withdrawals. Some casinos require that certain numbers of blockchain confirmations happen before the funds can be acceptable in the casino’s account.
Though there are also BTC casinos, LTC is cheaper and faster to transact than with BTC. This is claimed to be one reason for why a lot of casinos have LTC as a payment method. LTC is considered to be a reasonable alternative in payments.
Casinos process LTC payments using a P2P (peer-to-peer) network. Thus, the details of the transactions are shared using a blockchain, and therefore completely decentralized.
Litecoin is mined by miners. The miners transact with exchanges and individuals and they sell it to individuals who want LTC. The player buys LTC from exchanges or miners and then they transfer the desired amount to the casino’s address, which accepts LTC transactions.
Casino players cash out their wins in exchange account or wallet and have it exchanged to real currency, and further getting it credited in their bank account.
Litecoin (LTC) Gaming
About the state of art blockchain technology, we know them as being associated with the gaming world. The world of blockchain games is huge. Gaming is not only casinos. It is games too! So, money comes from games too.