If you’re planning on playing real money Grande Vegas no deposit bonus games with cryptocurrency, which cryptocurrency should you choose? Is there a difference between them? What are the advantages and disadvantages of each? Take a look at two of the most popular cybercurrency options and research each before you make your choice.
Cybercurrencies were introduced to the financial marketplace in 2012 but the idea for creating a type of digital cash can be traced back to the 1980s.
In 2008 the groundwork for Bitcoin, was introduced with an article entitled "Bitcoin: A Peer-to-Peer Electronic Cash System which outlined the principles and technology of blockchain technology.
The Bitcoin network launched in 2009 but for its first few years it was used mainly by tech enthusiasts. In 2011 the Bitcoin Network launched, drawing in a wide range of users including businesses, investors and casual users.
By 2011, Altcoin and Litecoin had also launched their own networks and these were followed by dozens more.
Governments and regulatory bodies worldwide began to address the need for cryptocurrency regulations to combat illegal activities and protect investors.
Today, crypto is seen as an asset class and is used by institutional investors including corporations and hedge funds. Almost all financial services now interact with crypto for lending, borrowing and trading. Crypto platforms continue to evolve and every year there are improvements in scalability, security and sustainability.
Simultaneously, governments and regulatory bodies are starting to address the question of how to regulate crypto transactions, protect investors and combat illegal crypto transactional activities.
Bitcoin and Litecoin
Bitcoin and Litecoin have emerged as two of the most popular choices for online casino players who want to place their bets and collect their winnings using blockchain technology.
Bitcoin is a bit older than Litecoin but both provide many of the same advantages – both provide users the option of anonymous transactions, both are widely accepted, both have low fees and good conversion rates and both are secure. In addition, the casino offers bonus give-aways to customers who use either Bitcoin or Litecoin for their casino transactions.
If you’re mulling whether to play for real money with Bitcoin or with Litecoin, some of the things that you might want to keep in mind include:
- Speed -- Litecoin's blockchain can process transactions more quickly than the Bitcoin blockchain. That means that when you bet using Litecoin, your deposits and withdrawals with take place more quickly.Litecoin can produce a greater number of coins than Bitcoin.
- Fees – fees for Litecoin are typically lower than those for Bitcoin
- Security – both Bitcoin and Litecoin have strong security protocols so users can rely on both for transparency
- Support – Bitcoin is supported by more institutions and commercial enterprises than Litecoin so if you’re betting with Bitcoin, you’ll be able to use your winnings for more transactions in the future.
- Anonymity -- Both Bitcoin and Litecoin offer more anonymity than you’d find with other types of ebanking institutions but neither is entirely untraceable
- Investment – Bitcoin has a higher market value than Litecoin, which makes it a more attractive option for people who want to use their winnings for investment. Bitcoin's market cap remains is higher than Litecoin's.
Bitcoin or Litecoin?
If you’re trying to decide between bitcoin and Litecoin for your gaming activities, you should consider what you plan to do with your coins in the future. Overall, Bitcoin is worth more than Litecoin but Litecoins are generated faster than Bitcoins. Litecoin is preferable if you want more coins at a lesser value but Bitcoin, which is worth more, might be better if you want more value per coin.
In any case, it’s preferable to make deposits with a cybercurrency as opposed to a fiat currency. Casino gamers are moving towards cybercurrency transactions for their gaming activities for a number of reasons.
Litecoin offers a faster processing time than Bitcoin but both have transaction times that are considerably less than that of other ebanking solutions. If you want the convenience of being able to play for real money prizes at your convenience, without waiting days for verification of your transaction, you should consider cybercurrency transactions.
The online casino prefers crypto transactions because the processing procedure is quicker and easier from their end too. Therefore, casinos offer lucrative bonuses to gamers who make deposits and withdraw winnings with crypto.
Bitcoin transactions operate like cash – the exchange is direct and there’s no financial intermediary. There’s no credit card company, ebank or other financial institution collecting a percentage. Therefore, transaction fees are less, making each transaction cheaper to facilitate.
As long as you keep the password for your crypto wallet private, your crypto transactions are completely secured. Transactions of cryptocurrencies are secured by blockchain technology. This digital ledger cannot be breeched or hacked because the system is so complex that the attacked would need to perform multiple attacks on multiple devices, simultaneously.
Crypto conversions to fiat currency give better conversion rates than you’d get with a fiat-to-fiat currency conversion. Better yet, keep your money in crypto coins since you can use them anywhere in the world for almost any purchase.
Check out the options for crypto transactions at the online casino today.