Litecoin Online Casinos
In recent years, cryptocurrencies have surpassed traditional payment methods in popularity across online casinos, and one of the most used is Litecoin. This is a cryptocurrency, designed on the principles of the first-ever digital currency, Bitcoin, which is a much-improved version of it, offering faster transaction times. As such, it has managed to rank among the top ten cryptocurrencies offered across the world, and across online casinos. Why choose Litecoin as your online casino payment method?
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Litecoin FAQs
What is Litecoin?
It is a cryptocurrency, designed shortly after Bitcoin and based on the underlying blockchain technology. Although it has a lot in common with Bitcoin, it is a much-improved version of it, offering way faster transaction times than the first-ever cryptocurrency.
Are transactions with it irreversible?
Unfortunately, yes. Just like with all cryptocurrencies, transactions with it, once confirmed, are final and irreversible. That's why before you confirm them, you must take great care of the transaction details if you don't want your coins to be lost for good.
Does its value fluctuate like Bitcoin's?
Yes. Again, just like with any other cryptocurrency, its value fluctuates. Many ups and downs have been recorded throughout the years, but recently, it is maintaining a stable growth rate.
Do any transaction limits apply?
On its part, no. But, when you join an online casino that accepts it, you will see that the casino will impose some transaction limits, for safety and responsible gambling reasons. So, you should find out more about these limits before you join the casino, to see whether they’d suit your gambling needs and preferences.
Can I use it for online casino transactions via my mobile device?
Of course. This is a digital currency, so you can use it via any device that is connected to the internet. As long as you’re playing at an online casino optimized for mobile play, and your mobile device is connected to the internet, you can make instant and safe transactions with this crypto on any smartphone or tablet.
About Litecoin
When Bitcoin was first launched, it raised many eyebrows all across the globe. People were not comfortable with it, knowing that the digital currency will only exist online, and they’ll never feel the money in their hands, physically. Plus, due to its decentralized nature, people believed Bitcoin to be unsafe to use, a very risky currency to use, so it took time before the first-ever cryptocurrency got recognized for what it has to offer.
Bitcoin appeared in 2008, and three years later, Charlie Lee, an engineer at Google, playing around with the digital currency, started studying it, eager to improve it. He wanted to create a new, “lite version” of Bitcoin, created in reaction to it, by using the features that were working well and making improvements where needed.
Since Bitcoin’s source code was out there, available to anyone who wants to use it, Lee customized it. Initially, he intended to use it for in-house business transactions, which needed faster processing times. So, he took Bitcoin’s underlying blockchain technology, and used a different set of principles for mining and transfer approval, a different cryptographic algorithm, and created a crypto of his own, also working on the proof-of-work consensus, Litecoin.
The new crypto, based on the same principles as Bitcoin, but now offering four times faster transactions, was launched in 2013. With Bitcoin, confirmation time is around 10 minutes per transaction, while Litecoin’s 2.5 minutes! So, by 2015, it managed to arrive at the frontlines of the market, reaching the $1 billion mark. Charlie Lee moved to Coinbase, one of the best crypto exchange platforms, to monitor his cryptocurrency better. The crypto started trading right away, and its value started rising to hundreds of dollars, co-existing with Bitcoin in a friendly climate. In 2021, its market cap was $13.7 billion, making it one of the best cryptocurrencies to use out there.
Being such an incredible crypto, Litecoin had a smooth entrance into the online gambling industry. Becoming one of the top 10 cryptos, it quickly started being offered across the very best casino sites. Today, hundreds of online casinos are accepting it, so finding one to join would be a simple task. To learn how to get started with it, stay with us, as we’ll guide you through all the essential things you need to know about it.
Types of Services Offered
You should know that Litecoin has evolved a lot since its beginnings, and can be beneficial not only for individuals but also for businesses. Many industries have embraced it, and many businesses are relying on it for instant and safe transactions, online casinos included. But, since we’re interested in guiding you on how to get started with it as an online casino player and use it for deposits and withdrawals across casino sites, we’ll take you through the steps you need to make as an individual.
First, you should be aware that Litecoin works similarly to Bitcoin…
…so if you’ve ever used Bitcoin, you’ll know what to do. If not, here it is. You would need to obtain some coins first. You can do that by mining, but that’s now considered unnecessary, because you can purchase LTCs with fiat currencies over the counter, at ATMs and exchange platforms. The easiest way for you as an online casino player would be to purchase them at an exchange platform. You would need to visit an exchange platform, like Coinbase, Binance or Bitfinex, for instance, create an account with it, and link a payment method to purchase some coins using the equivalent fiat currency.
After you’ve obtained your LTCs, you would need to store them. You can use several different types of crypto wallets for storing, such as hardware, mobile, desktop or web-based eWallets. But, eWallets are the most used by online casino players, due to the convenience they offer. You can find many eWallets to store your coins, so explore your options and choose the one that offers the lowest fees for the crypto exchange. Create an account with the eWallet, and you’ll receive two different keys, the public and private. You’ll need these keys, these alphanumerical sequences when transacting with your coins. One would serve as a sending and the other one as a receiving address. So, make sure you keep them safe and away from wandering eyes unless you wish someone to hack into your account unauthorized and abuse your coins.
How to Deposit with Litecoin at an Online Casino?
Assuming you’re fully equipped, the next step would be choosing an online casino to join which accepts Litecoin as a payment method. Now, as mentioned earlier, there are plenty of options you can explore, since hundreds of casinos are offering it, and new ones introduce it as an option each month. Make sure you join a safe and licensed casino, offering games by your favourite software developers. After you’ve joined it, you’ll be ready to start transacting with the crypto.
To make your first deposit with it, you would need to do the following:
- Go to the casino’s Banking/Payments/Cashier page and look for Litecoin’s logo.
- Click or tap on it, and you’ll see the casino’s wallet address or public key displayed. Copy it.
- Enter your crypto wallet and request a transaction, specifying how much you’d like to deposit.
- Paste the casino’s address in the designated field (where to send the coins).
- Double-check the public key and confirm the transaction.
- In an instant, the coins will arrive on your online casino balance.
Making sure you’ve double-checked the casino’s address is essential, because one wrong letter or digit of this complex alphanumerical sequence, and you’ll never see your coins arriving on your balance. Transactions cannot be reversed, as with any other digital currency, so make sure you have double-checked every little detail before you confirm your deposit.
Litecoin’s forte is the super-quick transaction processing time, which is four times faster than Bitcoin’s, therefore, it should come as no surprise for you to learn that it is one of the most preferred deposit methods among online casino players.
How to Withdraw Winnings with It?
The withdrawal procedure is pretty much the same. This time, you need to look for the crypto in the Withdrawals section, and after you click on it, you’d need to enter your eWallet address, before you specify how much you’d like to cash out. Provide the casino with the key, and wait for its approval. Again, triple-check whether you’ve provided the right address unless you want to lose your winnings for good.
After the casino confirms that you have enough to withdraw, it will instantly confirm the transaction and in an instant, you’ll see the LTCs arriving on your eWallet account.
Country Restrictions and Limitations
There are no country restrictions with Litecoin, considering this is a decentralized and anonymous digital currency that can be used by anyone with access to the internet. However, there are such countries that have banned cryptocurrency trading, so before you get started with it, make sure you find out more about your country’s laws and views on cryptocurrency use.
No transaction limits apply on its part, either, but you should be aware of the limits imposed by the casino. Due to responsible gambling and safety reasons, casinos put a cap as to how much you can deposit and withdraw with all the methods offered.
Advantages and Disadvantages
Litecoin offers you the same advantages as any other cryptocurrency, that’s for sure. You have the decentralized nature, the peer support, the anonymity, and the amazing blockchain technology to ensure that your transactions go as smoothly and effortlessly from one address to another, swiftly. But, with this crypto, these transactions are processed insanely fast, four times faster than Bitcoin’s. Therefore, this is one of the special perks you’re getting with it.
As an online casino player, you get the added benefit of being able to make both deposits and withdrawals with it, instantly, and fee-free. Casinos rarely charge fees for crypto transactions, therefore, with it, you’ll be getting what you’ve always wanted.
Of course, Litecoin also arrives with the same disadvantages as other digital currencies. Unfortunately, transactions with it are irreversible and its value fluctuates from time to time, even though it has been steadier in recent years. This is still a risk asset and you know that you can never be certain as to whether your investment will stay the same the next morning you wake up. These are the downsides of every cryptocurrency, so if ready to risk it, you better choose Litecoin over any other, due to the impeccable processing times it offers.
Final Analysis
If you compare the two, Bitcoin and Litecoin are quite similar. In fact, Litecoin’s creator wanted to create “the silver” to Bitcoin’s “gold” when creating it, a lite version of the first-ever cryptocurrency, which would offer some improved aspects. Among these aspects, it offers improved processing times, completing transactions four times faster than Bitcoin.
Other than the instantaneous transactions, this crypto offers the same perks as any other cryptocurrency. It is extremely useful as an online casino payment method due to the speedy times and the availability for both deposits and withdrawals, across hundreds of casino sites, for any player from anywhere across the globe.
Sure, it also comes with the same drawbacks as any other cryptocurrency, the constant fluctuations and the irreversible transactions being the main issues, but if you’re satisfied with the perks, you’ll easily get past these downsides.
In all, if you’re looking to get started with cryptocurrencies and use them across online casinos, make sure you consider using Litecoin, put it at the top of your list. It is easy to get started with, available for both funding your casino account and cashing out your winnings from it, four times faster than with Bitcoin. You can rest assured that your transactions will be safe and that you can use it regardless of your country of residence (of course, unless your country has banned cryptocurrencies). Give it a try and you’ll see that you’ll love everything it has to offer to you as an online casino player.
Litecoin Online Casinos
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