Litecoin is one of a number of cryptocurrencies breaking into mainstream use. Online casinos are one area where Litecoin has been adopted, and it is now a genuine deposit option for players. This tutorial explains the benefits and drawbacks to using it, and lists top online Litecoin casinos that accept it as a payment method.
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Litecoin is an open source cryptocurrency that was founded in 2011 by Charlie Lee. LTC is one of the most trusted and reliable cryptocurrencies in the market. Generally, it’s considered as the “silver” standard, compared to the “gold” Bitcoin.
It remains among the top 10 coins in terms of market cap and has way faster transaction times than Bitcoin. Thanks to the Lighting Network, Litecoin can handle a higher number of transactions than other cryptocurrencies. As Bitcoin and the other altcoins become popular among iGamers, a large number of online casinos have started supporting them as payment methods.
Generally, welcome bonuses are used to attract new players, while there are few other bonuses to reward existing customers for their loyalty. Some of these bonuses require making deposits, and Litecoin deposits in supported online casinos also qualify for these promotions.
Since the operation costs of such casinos are lower than other online casinos, and the number of iGamers who use cryptocurrencies is relatively small, promotions for cryptocurrency deposits are very lucrative. It’s always a great idea to check the terms and conditions that apply to these promotions before claiming them however.
Most of the advantages that LTC has over the traditional online payment methods are also present for other cryptocurrencies. Litecoin, however, has some extra merits that makes it a great payment option for iGamers both for withdrawals and deposits. In addition to the privacy, security, and decentralization that are the common benefits of many cryptocurrencies, Litecoin also offers higher speed and lower fees for the transactions.
- Speed: Transaction times of Litecoin depend on the network, which is one of the fastest among the cryptocurrencies. Since there’s no bank or financial institute that confirms it, both deposits and withdrawals take a couple of minutes rather than days.
- Privacy: Even though the system is open source, and anyone can check the transactions between LTC wallets, these wallets are not linked to any personal information. That’s why all the transfers on the Litecoin Lightning Network are anonymous.
- Fees: Compared to other online payment methods, Litecoin transactions come with very small fees that go to the users that confirm the transactions.
Almost all online payment methods come with some sort of drawback. Despite being a secure, private, and decentralized system, Litecoin has some as well. They are mainly common disadvantages with all cryptocurrencies. The complexity, relatively longer deposit times, and non-refundable transactions are among the few disadvantages that can be associated with Litecoin.
- Complexity: Some users might find sending assets with cryptocurrencies a little bit complex, compared to the traditional bank account transfers. The procedure is pretty straightforward but requires some attention.
- Longer Deposit Times: Deposits with the most popular online payment methods show up on your casino accounts almost instantly. However, LTC transaction times depend on the confirmations in the Litecoin Lightning Network, which takes about 2 minutes, sometimes longer when the network is too busy.
- Non-refundable: Blockchain technology offers a decentralized solution, which means there’s no bank that controls, limits, or approves your transactions. So, if you sent your LTC to a different address or a different altcoin wallet, there’s no way of getting them back.
Most payment methods charge some certain fees for the transactions, simply because they are companies that need to make profits. Litecoin is a decentralized network, which means it relies on the people who use it, rather than profits. The fees for Litecoin are used for rewarding the users that confirm the transactions. These amounts are very small compared to other payment methods. Additionally, the crypto exchanges that you can buy or sell LTC on also charge you some small amounts for each order.
Creating an Account
Blockchain technology is all about decentralization, which means you don’t need any financial or regulatory institute while dealing with your assets. You can install a Litecoin wallet on your devices and start sending or receiving LTC immediately without the need to provide any personal details. There are exchanges that provide this service as well, and almost all the credible ones support LTC. You can open an account with them too.
- Install the official Litecoin wallet or a trusted third party wallet on your device
- Create a Litecoin wallet and make sure to keep your private key secure
- You can now use your wallet address to send and receive LTC
Once a Litecoin wallet is created, you need to add some LTC in it. Mining LTC is always an option, which requires setting up a system, but you can also purchase LTC with other currencies and cryptocurrencies. To do this, you can pay cash or use your credit/debit cards. If you have any other altcoins you can use them to buy LTC as well. Once you have some LTC you can either keep them on your exchange or transfer to your own LTC wallets.
- Buy LTC with your local currency using cash or credit/debit card
- Optionally, use crypto exchanges to buy LTC with other cryptocurrencies
If you have made cryptocurrency transfers before, sending your assets to the casinos that accept Litecoin deposits is pretty easy. Depending on the network, LTC deposits will show up on your casino wallets after 2 minutes. Do not forget that cryptocurrency transactions are not refundable. Double check your casino LTC wallet address before confirming the transaction.
- Visit your casino and copy the LTC wallet address
- Go to your personal LTC wallet or the one on the exchanges you use
- Copy your casino LTC address and confirm the transaction
Once you have increased your bankroll with lady luck on your side and decide to cash out, you’ll find another great feature of Litecoin. Unlike many other methods that reflect the withdrawals after a couple of days, your LTC withdrawals from your casino wallet will be reflected in a couple of minutes.
- Visit the cashier of your online casino casino
- Select withdrawal with LTC
- Paste your personal LTC wallet address and confirm the transaction
- Cryptocurrency transactions are not refundable, so make sure to check your LTC address before confirming the transaction
Security is one of the strongest features of the popular and trusted cryptocurrencies. Litecoin is no exception. Either from an exchange or directly from your wallet, the Litecoin transactions you make are highly secure. You are in charge of your own security, and as long as your private keys are secure, there’s nothing to worry about.
Keep in mind that due to the rise and popularity of cryptocurrencies, there are a lot of attempts from hackers to steal the coins, but the community has pretty solid solutions for such attempts as well. In addition to hardware solutions like Trezor and Ledger, cold wallets and paper wallets are considered among the safest ways to keep your assets.
Initially used by a small community of techies, the blockchain technology and cryptocurrencies are used by millions of people nowadays. Thanks to this popularity, a lot of casinos are supporting these payment methods.
There are even some online casinos specific to one cryptocurrency. Litecoin, as one of the oldest and most trusted altcoins, is among the most popular supported payment methods in these casinos. Thanks to its decentralized nature, there are no country restrictions as well. This means that no matter where you live, you can send LTC to your wallet to the various casinos that support Litecoin and enjoy hundreds of games.