What is Litecoin Poker All About?
Most people are familiar with digital currencies nowadays, Bitcoin in particular. However, there is another cryptocurrency out there and it’s just as popular as Bitcoin. Its name is Litecoin and it is the go-to currency of choice for many online poker rooms today. Some people consider Litecoin to be Bitcoin’s sibling, and these two currencies share many similarities. Foremost among them is their decentralized nature. This means that no central bank or government agency controls their creation or the supply thereof. They are completely independent, and not subject to government intervention.
With Bitcoin, there is a maximum supply of 21 million based on its algorithm, and for Litecoin that number is capped at 84 million. Based on basic supply/demand considerations, Litecoin is less valuable per unit than Bitcoin, and it has a much quicker confirmation time than its older brother. In other words, for every 10 minutes required for Bitcoin, Litecoin confirmation times are just 2 ½ minutes. There are several ways for Litecoin poker players to send and store this digital currency, including a Litecoin (LTC) paper wallet or an off-line Litecoin (LTC) wallet. This makes it possible to easily transfer Litecoin (LTC) from one person to another.
How to Play Poker with Litecoin (LTC)?
Online casino gaming offers players many benefits over traditional gaming. These are largely cost, convenience and comfort related. Litecoin Poker allows you to play real-money poker games without worrying about existing gambling regulation in your jurisdiction or country. For the most part, real money online poker is only available in select countries. Regulation is complex and many online poker rooms operate in a gray area. In the US, the UIGEA prevents banks and financial institutions from transferring funds to and from online poker rooms. This effectively blocks poker players from doing what they love most. To counter these problems, Litecoin Poker rooms came into being. They offer a secure, reliable and compliant solution for poker players.
Litecoin (LTC) is Not a Fiat Currency
LTC is not fiat currency, and it is not subject to the rules and regulations as they presently appear. Since banks have nothing to do with the transfer of LTC from a player’s account to the Litecoin Poker site, no rules are being broken. Therefore, players can enjoy ‘real-money’ poker with LTC. There are multiple gambling sites and poker rooms that accommodate Litecoin, including the following: Crypto-Games, Fortune Jack, Satoshibet, Betcoin Poker, Satoshibet and others. With Litecoin Poker games, you get to enjoy all your favourite games such as Texas Hold’em and Omaha Hi-Lo, in multiple formats such as No Limit/Pot Limit, Fixed Limit, and Tournaments.
A Closer Look at Litecoin (LTC)
In October 2011, Charles Lee, a Google employee, developed Litecoin. This cryptocurrency has rapidly grown and is now the third most popular digital currency. In terms of market capitalisation, XRP and Bitcoin are the ranking digital currencies on the market. BTC and LTC are both mined, but the processes are somewhat different. Litecoin (LHC) requires the use of SHA-256 algorithmic code and to mine this cryptocurrency, you require a PC with high-speed Random Access Memory (RAM). As stated above, the maximum number of coins that will be produced with Litecoin is 84 million.
These coins are safely stored in digital wallets, which is how the blockchain code’s integrity is maintained. Since this cryptocurrency is widely accepted, it can be used to purchase goods and services, and in online gaming. This digital currency trades against the USD and according to the current exchange rate, 1 Litecoin (LTC) is the equivalent of US$3.853. By contrast, 1 BTC is equal to $578.53. As at March 2016, there were 15.285 million Bitcoins in circulation, and there are currently approximately 43.4 million Litecoin (LTC) in circulation as at December 12, 2015.
Litecoin Poker Games
Litecoin Poker games come in all shapes and sizes. The most popular games include Texas Hold’em, Omaha, Omaha Hi-Lo, Razz, Stud, Caribbean Stud Poker, and others. These games are available in multiple formats including Fixed Limit (FL), Pot Limit (PL) and No Limit (NL). Texas Hold’em Poker is the most popular variant of all the poker games, and it is even played at the Main Event of the World Series of Poker (WSOP) in Las Vegas, Nevada every year. Other poker variants including Omaha and Omaha Hi-Lo are played in a similar fashion to Texas Hold’em Poker, with several important differences. These include being dealt 4 pocket cards as opposed to 2 and having to use at least 2 (and no more) pocket cards and 3 community cards to form the best ranking 5-card hand. All of these games can be played at top-ranked Litecoin Poker rooms.
The benefits of playing Litecoin poker are easily seen in the increased anonymity that players get to enjoy, the rapid deposits and withdrawals, and the safety and security of the transactions. For each game that you play, the buy in will be denominated in Litecoin (LTC). This means that the small blinds, big blinds, raises and calls will not be listed in USD, EUR or GBP – they will be listed in LTC. In August 2016, the value of Litecoin (LTC) got a boost after it was announced that Coinbase Exchange would be listing the digital currency on each GDAX exchange. Now the following currency pairs are available: LTC/BTC and LTC/USD. Litecoin to Bitcoin has often been considered the equivalent of silver to gold in the digital currencies arena. On 28 May 2016, Litecoin was trading at $4.83 and by 17 June 2016, it spiked to $5.95. As a LTC Poker player, you can simply purchase your digital currency from an exchange, store it in your digital wallet and then transfer Litecoin into your online poker account.