Why Open an Online Casino with Litecoin

12 December 2013

Operators who seek to open an online casino with Litecoin should be interested in knowing a few interesting facts about this cryptocurrency. Cryptocurrencies are decentralized currencies which are bought and sold on the internet, and are not administered by any central authority. This means that only internet users can influence their value. Digital currencies have appeared a few years ago, when Satoshi Nakamoto implemented the Bitcoin in 2010. The Bitcoin was the first cryptocurrency that allowed online transactions by using peer-to-peer technology, which means that no central authority can manage or issue the digital money.

Despite the fact that Bitcoin is nowadays the most popular digital currency found on the internet, several other cryptocurrencies have been issued. Litecoin is the second most popular cryptocurrency in the world and is also created based on the concept of Bitcoin. Many gaming insiders claim that operators who want to open an online casino with Litecoin are making a good choice. Despite the fact that the Litecoin is not yet as popular as the Bitcoin, experts explain that this new cryptocurrency could surpass the Bitcoin in the near future. Our team has analyzed the way in which Litecoin works and found that this cryptocurrency has a series of attributes that the Bitcoin lacks.

The Litecoin has the quality of providing a faster block rate, which results in faster transactions on the internet. It can make a transaction every 2.5 minutes. More than that, operators looking to open an online casino with Litecoin might be interested in knowing that this cryptocurrency uses a mining proof-of-work algorithm based on scrypt. This way, the Litecoin can target regular computers. Our gaming insiders found out that Litecoin can be mined with graphics processing unit, which is currently considered the most appropriate hardware for mining this cryptocurrency. At this point in time, the Litecoin network is created in such way that it will produce a number of 84 million currency units.

When thinking about why they should open an online casino with Litecoin, operators might like to know that by using a cryptocurrency to open an online gaming site, they would have a lot of advantages. Due to the fact that Litecoin is a virtual-world currency and is not managed by any central authority, operators do not have to obtain an online gambling license, since they will not actually undergo any gaming activity. The cost of such a license and the additional fees usually rise to at least $15,000, so saving this money would probably be the best benefit that Litecoin can offer. On the other hand, it is great that Litecoin offers extreme privacy for both the operator and the players. Like the Bitcoin, Litecoin is also an untraceable currency, which means that third parties will not be able to access information about the online Litecoin wallets.

The time of cryptocurrencies is now, and operators who seek to start an online casino with Litecoin could invest in a business that will provide huge benefits and will increase their profits while also satisfying their customers.

12 December 2013

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