There is no other industry in the world in which cryptocurrencies have been as well-received as the betting industry. In fact, the adoption of this type of currency has made other means of payment such as transfers through companies such as Western Union or MoneyGram almost obsolete today.
Although the cryptocurrencies offer many benefits for both the bookie and the bettor, the problem that has arisen is the speculation with bitcoins, the constant rises and falls, sometimes very strong falls, of bitcoin prices have made many people do not trust cryptocurrencies. Even many bookies prefer to stay away from cryptocurrencies and not accept them on their betting site due to these negative perceptions.
Due to the roller coaster of bitcoin prices, other cryptocurrencies have started to gain popularity mainly in the betting industry, such as the case with LiteCoin.
LiteCoin has begun to gain ground in the betting industry as a cheap, affordable and easy-to-use Bitcoin alternative. Like all cryptocurrencies, LiteCoin offers all the benefits of Blockchain technology for mining processing and currency transactions, meaning that bookies and gamblers can make safe, fast and effective transactions between the two without needing an intermediary and best of all at a zero cost, since transactions from one online wallet to another, have no cost.
One of the reasons why the betting industry has turned its attention to the LiteCoin is because they have proven to be a stable currency, registering a steady growth since its launch in 2016. When LiteCoin was launched it had a cost of $ 4.40, for December 2018 its cost was $ 361.
Cryptocurrencies are a reality that bookies have to accept and start using within their betting site. Companies like Facebook are working with giants such as VISA and Mastercard to create their own cryptocurrency. If this project is completed, it is very likely that the use of cryptocurrencies will massify and shoot up to the sky. If that happens the demand for betting sites that use cryptocurrencies will be huge.
Bookies don’t have to wait for cryptocurrencies to become mainstream, there is a large market segment of gamblers that use this type of currency.