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Cryptocurrency is without doubt the hottest form of currency when it comes to paying for and receiving payouts from online sportsbooks. The beauty of cryptocurrency is the ease of use for both the sender and the receiver.
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In 2019, Western Union and MoneyGram have quickly become obsolete, in fact, not only are they obsolete, they are simply no longer a viable and trustworthy source of funding and paying. The glory days of sending $3500 to Aruba, Costa Rica, or Nicaragua, those are days gone by. Western Union will allow a few transactions below $500 and then it’s cut-off time.
The sender is blacklisted, and they must move on to MoneyGram, MoneyGram is getting even worse, they allow a few transactions and usually not much more than $300. As a result, both players and bookies are looking for alternative currencies such as Litecoin. Litecoin has come along in the nick of time and saved the day for players that want in quickly, with no hassle and close to no cost.
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What is Litecoin?
- Litecoin is a person to person cryptocurrency and open source software. Litecoin is much cheaper than Bitcoin and for one reason; it’s not as valuable and mining for Litecoin is a simpler process than mining for Bitcoin.
- We are not going to get caught up in how the mining process works or how the process is managed. The object here is not an investment, but usage.
- Think of Litecoin as any foreign currency that you would have immediate access to but not use as an investment tool.
- Investing is great when you have reason to believe the value will increase; we have no reason to believe that. What we do believe is this – using Litecoin is fast becoming a fantastic way to deposit with many online bookmakers and the currency is stable. It’s so stable that it gained an unbelievable 8200%.
- Litecoin made its debut in 2016 at ($4.40) and jumped to an all-time high in December 2018 at $360.93. What this tells us is that folks love the idea of useful currency beyond the dollar. Of course the dollar is still, and will most-likely always be a very powerful world currency, cryptocurrency is very quickly catching on.
Benefits of Litecoin
- Cost effective. Bookies love to save money and if you are a bookie then you know exactly what it means to pinch pennies. The overhead for a bookies business is minimal and when bills start stacking up, that’s when bookies panic. We all know one thing that’s certain about the industry; it’s marginal. Let’s face the facts of the matter, it’s fun doing this job, you meet a lot of people, you get to know many folks in your community and best of all, you get to beat your buddy’s. Never forget one thing, the house doesn’t always win, not in sports gambling. The house often takes it in the pants! As a bookie, you want, and you must make the most out of every opportunity to save money.
- Credit card processors are a thing of the past and they are expensive. Now, we get it. Yes, there are online sportsbooks in this world that accept credit cards, those online bookies have hundreds of thousands of players, and in some cases, millions of players. They can afford and absorb the cost of processing credit cards and they can afford chargebacks. You can’t! Plain and simple. What do you do? WU, and MG are certainly not a good option and PayPal is not a very good one either— Cryptocurrency. This is where Litecoin comes in and saves the day. It’s cost effective for you the bookie, and pretty much free for the gambler-your client.
Remember the mining process?
We mentioned it briefly and certainly don’t want to bore anyone with exhausting details.
*Interesting Facts—
- Over 55 million Litecoin’s have been released and there are 30 million more to be mined. You may want to start mining for Litecoin, it’s 4x faster than Bitcoin and is well on its way to Bitcoin acceptance status. Inflation will never affect the value of Litecoin because of the fixed amount of coins.
- Although Litecoin may not be for you personally as an investment, it should absolutely be a consideration for use with an online wallet.
Find a great online wallet that works with Litecoin and get in today. Cryptocurrency is the wave of the future and it will never be devalued as paper currency can be. Inflation, who cares? When it comes to getting the money in, you will take it any way you can get it and the options for MG/WU are dying as well as credit cards. Once a Litecoin payment is made, there is no refunding or chargebacks, when the money is in, the money is in, end of story.
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