Before we get into the nitty gritty of using Litecoin as a banking and payment option for your online casino gaming, we would like to debunk the term cryptocurrency.
The prefix “crypto” means fraudulent or not real. It also has a much more negative connotation as something that is hidden from the public’s eye. Thus, the term cryptocurrency was coined by governments and banks because these non-governmental currencies provide competition for government money and for the entire banking system.
Do Cryptocurrencies Hide Anything from the Public?
Governments and banks want us to feel that cryptocurrencies and their supporters are not telling us the complete truth and have something to hide. At Slots Play Casinos, we understand that so-called cryptocurrencies provide a very important service even though the background of that service is governments debasing their own money.
In other words cryptocurrencies came about because governments debased their own currencies and then blamed the advent of alternative currencies on people who they say don’t know anything about money and banking.
We will use the term alternative currency from here on out. Keep in mind that we will talk about using the Litecoin alternative currency as a banking method for online casinos.
The Problem of Confusing Words and Terms
That there was at least a need for an alternative currency as recently as 2010 is not disputed by anyone. Unfortunately, when Bitcoin and then Litecoin came into use they were accompanied by such terns as blockchain technology, and peer to peer currency.
As a currency in every way, Litecoin is efficient as a banking method for online casinos. Litecoin can also be used to buy many things online. For most internet consumers and online casino gamers, the fact that Litecoin “works” is enough.
We are Used to Using Government Money
Most people also don’t fully understand how government money “works” but we are all so used to holding government coins and paper money in our hands and exchanging these coins and bills for goods and services, that we are a bit put off by the idea that Litecoin and all of its cousin alternative currencies are entirely online currencies.
Nevertheless, Litecoin works perfectly well as a banking method for online casinos and most consumers say that Litecoin is much faster at transacting business than Bitcoin is!
Litecoin is a Peer to Peer Currency
That simply means that Litecoin moves from person to person and that no government has a hand in any Litecoin transaction.
Litecoin also uses blockchain technology. This is truly the most difficult concept to get our heads around. Think of an alternative currency as a piece of hand me down clothing. A hand me down shirt will eventually wear out and someone down the road will throw the shirt away.
Until that point is reached, everyone who receives the shirt will look at it and say that the shirt is still in good enough condition.
The Blockchain Serves to Impart Confidence
A blockchain for the purposes of an online currency simply means that individual people inspect the currency and declare it fit and thus approve the transaction. If you have Litecoin yourself, you can get access to the entire blockchain which could be very large indeed.
But even if you don’t inspect the blockchain on your own accord, you can be sure that for the transaction to go through, someone has inspected the transaction and has declared it valid.
Unlike the hand me down shirt, Litecoin can never “wear out”. That is the essence of why alternative currencies were created in the first place: people had come to the realization that government money could in fact wear out!
What Happens when Government Money Wears Out?
When government money wears out, we call it runaway inflation or runaway deflation. When government money wears out, countries go into a depression! Alternative currencies such as Litecoin were developed specifically to counteract the danger of a government currency “wearing out”.
If the currency of a relatively small country becomes debased, it doesn’t have a large effect on the world economy but when a major currency is debased the repercussions might be global.
Online Casino Gaming is Still Fun!
Despite the somewhat negative side that produced alternative currencies, for our purposes here, we are only telling all gamers that Litecoin is accepted by many online casinos, that Litecoin is a fast and safe way to deposit and withdraw money at an online casino, and that even if you don’t fully understand how it works (we certainly don’t!) the fact is that it works perfectly well as an online casino banking method!