BetOnline now supports Litecoin deposits and payouts

Discussion in 'Bitcoin Sports Betting' started by Humble Servant, Feb 20, 2017.

  1. Humble Servant

    Humble Servant Active Member Staff Member

    BetOnline are the third biggest U.S. friendly online bookmaker and they also operate a hugely popular online poker room. Last year they became of the first traditional sports betting operators to accept BTC for deposits and withdrawals. They have now gone one step further by adding the Litecoin crypto-currency to their cashier page.

    Litecoin is basically a bitcoin clone that its developers hope will become the silver to bitcoin's gold. It also has faster confirmation times, which might be attractive to some gamblers who want to deposit money quickly. The bitcoin network can only process approximately 3 transactions per second and the current increase in popularity has resulted in some transactions taking hours to confirm. To prioritise your transaction you can add a larger fee that will get you to the front of the line. As a result fees have risen from about 20 cent last year to about 40 cent this year.

    The longer waits for confirmations and the higher transaction costs may explain why online gambling operators like BetOnline are now also supporting Litecoin as the Litecoin network is not as congested and is cheaper to use.

  2. 2damoon

    2damoon Member

    how fast do litecoin transactions confirm compared to bitcoin?
  3. Humble Servant

    Humble Servant Active Member Staff Member

    There is a new bitcoin block roughly every 10 minutes so if you paid a large enough fee then you should get included in the first couple of blocks. Litecoin blocks are generated about 4 times faster than bitcoin blocks so there is a new block every 2 or 3 minutes so it's significantly faster.
  4. Doyle

    Doyle Member

    I have noticed that the bitcoin network is getting a little congested. Last year my deposits were generally confirmed within an hour. These days it can take up to 3 hours for the money to appear in my betting accounts. I might give Litecoin a try if things get worse.
  5. Humble Servant

    Humble Servant Active Member Staff Member

    Yes, the bitcoin blockchain network was a little congested before the Super Bowl as sports bettors rushed to get their bets on. The good news is the bitcoin blockchain will soon be able to accept double the number of transactions following the activation of SegWit later this summer.

    Right now it's super cheap and fast to use the bitcoin network again, although litecoin is still cheaper.

  6. Humble Servant

    Humble Servant Active Member Staff Member

  7. Humble Servant

    Humble Servant Active Member Staff Member

    Dash is also now supported and Bitcoin Cash (Bcash) deposits and withdrawals will be added in the near future.
  8. Umair

    Umair Member

    Good news although the bitcoin fees are so low now that I don't need to use Litecoin anymore and I suspect that the Lightning Network will be released in the next 6 months, which should lower the fees in further.
  9. Lance

    Lance Member

    for small payments, litecoin is much better than bitcoin cash because their blocks confirm every 2.5 minutes on average, while bcash blocks only confirm every 10 minutes. if you are in a rush to place a bet then those additional 7.5 minutes can make or break you.
  10. Tommy82

    Tommy82 Member

    is anybody using litecoin for payments now given that bitcoin payments are super cheap.

  11. Humble Servant

    Humble Servant Active Member Staff Member

  12. 4TheWin

    4TheWin Member

    interesting to see this week that the market cap of litecoin surpassed bitcoin cash. my prediction is that litecoin will become the crypto for spending on the internet and bitcoin will become the crypto that you save as digital gold.
  13. Hernia

    Hernia Member

    If the bitcoin network is even slightly congested I use Litecoin so it's a great plan b. However, with Lightning Network payments just around the corner that will offer instant and free deposits/withdrawals to gambling sites, I'm not sure what the use case for LTC will be in the future. Speculation I guess.
  14. Humble Servant

    Humble Servant Active Member Staff Member

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