Esports Bookmakers Accepting Litecoin

As of January 2022, Litecoin is the world's 21st largest digital currency by market capitalization, priced at $148.57. It has become a staple for many crypto enthusiasts because of its growing popularity. Litecoin is an altcoin (alternative crypto) launched on 13th October 2011 by Charlie Lee, who worked at Google as an engineer.

It is a derivative of the Bitcoin codebase but has been modified severally. Like any other virtual coin, LTC uses a decentralized payment network that is neither controlled by an individual nor a government authority. In contrast to Bitcoin, which is based on SHA-256, Litecoin uses Scrypt as a proof-of-work algorithm and has a quicker block generation rate.

Litecoin boasts MIT License, a free software license by the Massachusetts Institute of Technology. It can be used anywhere globally, allowing peer-to-peer transactions among individuals, traders, and investors. Today, numerous bookmakers are accepting this payment option for esports. Due to its larger blocks, Litecoin transactions are faster and cheaper.

When used as a deposit method in an esports betting site, LTC can take roughly 3 minutes to process, while Bitcoin takes about 6 minutes. The Bitcoin network is busier, and some transactions may take a whole hour to go through. On the other hand, LTC fees are one-tenth of Bitcoin's, making it the better option for speed and budget-conscious sports bettors.

Since you already used the Litecoin payment option for esports, you can quickly cash out your winnings to your LTC wallet. This is something you can do on your smartphone because top Litecoin bookmakers are mobile-friendly. Be sure to input the correct destination or address since any transfer you make is irreversible. Take the following steps to move winnings from your eSports account with this payment method.

1. At the bookmaker site, click the payouts section
2. Choose Litecoin as your payment method
3. Go to your LTC wallet and copy the address or scan the QR code with your smartphone
4. Paste the address at the bookmaker's withdrawal section
5. Specify the amount to withdrawal, bearing in mind the bookmaker's minimum and maximum threshold
6. See if all details are correct before hitting the submit/request button
7. An on-screen confirmation message will pop-up

As soon as the esports provider confirms your request, you will receive funds in your LTC wallet. You can use it for online payments or convert it to fiat money through exchanges that support such conversions. Again, Litecoin does not impose transaction limits, but you must comply with the bookmaker's limits. Litecoin withdrawals shouldn't take longer than two hours.

Technically, there are no age restrictions for acquiring Litecoin. However, established crypto exchanges like Coinbase only allow users 18 years or older to mine and trade LTC. Other means of purchasing LTC tokens do not require users to be over 18. Moreover, you don't need a bank account to use Litecoin. As mentioned earlier, Litecoin is available through crypto trading platforms and exchanges like Binance and CoinbasePro. Traders usually exchange both traditional currencies and other cryptocurrencies for Litecoin. Once you acquire LTC, you can store it in your LTC wallet or a multi-coin wallet.

How to Set up LTC Wallet

When choosing a wallet to store Litecoins, consider safety and convenience. When registering with a digital wallet provider, you will be required to provide:

• Government-issued ID/driving license/passport
• Email address
• Phone number
• Date of birth
• Current address
• Selfie photo

You can set it up in this simple process.

1. Download the wallet app from Google Play or AppStore
2. Register with your mobile number, email address, or Facebook account
3. Provide personal details to verify your identity
4. Set a PIN code and strong password

You can also open the wallet on the desktop. Signing up for a Litecoin wallet is free. Once set up, you can hold, buy, sell or use the coins for esports betting with ease. Beware of crypto scams that encourage Litecoin users to invest in certain firms only for such schemes to close down abruptly. The scammers usually vanish after defrauding unsuspecting users.