Best Litecoin Casinos Online
About Litecoin
Owing to Litecoin’s rising popularity in recent times, many casinos now accept it as one of their payment methods. In 2022, this cryptocurrency had a soft fork through MimbleWimble Extension Block (MWEB) upgrade. This resulted in the addition of optional privacy features to it. Litecoin is represented by the currency code LTC. You’ll find many exclusive Litecoin casinos today, which offer attractive bonuses and promotional offers to their players. Litecoins are usually stored in a digital wallet, which can either be a mobile or a desktop wallet. You can also use hardware wallets to store this cryptocurrency.
Litecoin was released by Charlie Lee in 2011 through an open-source client on GitHub. He was an employee at Google and later became the engineering director at Coinbase. The availability and liquidity of this cryptocurrency on the exchanges fueled its early growth. There was a 100 percent hike in its value within 24 hours in November 2013.
Litecoin became one of the top five cryptos by market capitalization to adopt SegWit or Segregated Witness in May 2017. The term refers to a soft fork change that was implemented in Bitcoin’s transaction format. A fake press release announcing a partnership between Walmart and Litecoin was published in 2021. This caused an increase in the price of this crypto by 30 percent.
PayPal users can now transfer Litecoin along with a few other cryptos from its wallet to the exchanges and other wallets. This function was added by PayPal in June 2022. Litecoin’s point of sale infrastructure is provided by third party vendors such as BitPay, Coingate, and Verifone.
Pros and Cons of using Litecoin in online casinos
Although Litecoin is still not accepted as widely as bitcoin or Ethereum, it is used in several online casinos as a reliable payment method. With an increasing number of casino websites accepting this cryptocurrency, it is likely to become extremely popular in the near future.
Currently, the online casinos that accept this crypto as a payment method offer a variety of slots and table games for the players who use Litecoin. Nevertheless, it would be a good idea to know about its pros and cons.
Pros
- Litecoin transactions are usually faster and anonymous
- You don’t have to reveal your banking information or personal data
- Fees charged on transactions are extremely low
- Deposits made using Litecoin qualify for welcome bonuses in many online casinos
Cons
- Not all online casinos accept this cryptocurrency
- You can’t reverse your Litecoin transactions
- The fluctuating prices of Litecoin can impact your winnings
How does Litecoin compare to other payment methods?
Credit or debit cards and bank transfer are the traditional payment methods in online casinos that many players use even today. Despite the benefits offered, they also have quite a few downsides. A major drawback is that they require you to provide sensitive banking and personal information while making your transactions. When it comes to Litecoin, this is not required.
The popular e-wallets such as PayPal and Skrill are fast and efficient with regards to online payments. Besides, you don’t need to reveal your sensitive personal and banking details during your transactions. Despite this, they still charge higher transaction fees compared to Litecoin. Prepaid vouchers like paysafecard solve much of these problems, but there’s always a risk of them getting lost or stolen.
Most of the cryptocurrencies are, therefore, reliable and offer the best online security while making your transactions. Among these cryptocurrencies, Litecoin has one of the lowest transaction fees and this makes it an excellent option as a payment method in online casinos.
LTC Fees
Litecoin works on an alternative proof-of-work algorithm called Scrypt. This is used by a network of miners to perform complex calculations for keeping the blockchain of the crypto running. As a reward for their efforts, the miners earn Litecoins that have been newly minted. This cryptocurrency has a supply limit of 84 million coins.
When you make deposits or withdrawals using your Litecoins, the data from these transactions enter into new blocks that are being mined. When your transactions get through, the miners are rewarded with a fee for each transaction. Your online casino might charge an additional fee on each transaction that you make on the website.
On an average, the fees amount to 0.0070 per transaction. The fees charged on Litecoin transactions are also subject to fluctuations in its value. The fees saw a considerable decrease in September 2020, but it went up by 10 percent in early 2021.
How to use Litecoin for deposits in online casinos
To make your deposits using Litecoin, you’ll need a reliable web wallet service to hold your crypto coins. You can use any of the trustworthy cryptocurrency exchanges to purchase your Litecoins using your credit card or online banking service. Choose a safe and secure online casino that accepts Litecoin and sign up to create your account.
Once you’ve signed up and are logged in, move to the cashier, payments, or banking section. From the list of options, select Litecoin as your preferred payment method. You’ll then need to copy the address of your casino wallet. Move to your crypto wallet that holds your Litecoins. Paste the address and specify the amount you want to deposit.
Upon proceeding further, the amount of Litecoins will be transferred to your online casino. It usually takes a few minutes for the deposited amount to reflect in your online casino account. However, it may take a maximum of two hours in certain cases.
How to use LTC for withdrawals in online casinos
Withdrawing your winnings using Litecoin in online casinos is just as easy as making your deposits. To make your withdrawal, you must be logged in on your casino website. You’ll need to go through the terms and conditions of withdrawal if you are not sure about the maximum withdrawal limit.
If you know the terms and conditions of withdrawals, navigate to the cashier, banking, or payments section on the site. Choose the option for withdrawing your winning amount and select ‘Litecoin’as your payout method. Enter the amount you want to withdraw in the appropriate field and enter your Litecoin wallet address. You may also need to follow a few other steps to confirm your request for withdrawal.
Upon providing the confirmation of the transaction, your withdrawal process will begin. Usually, the requests for withdrawals are processed instantly, but it might take up to 48 hours in some cases to receive the amount in your wallet.
How secure is Litecoin?
Litecoin is a decentralized cryptocurrency and uses public-key cryptography. This provides high levels of security to the online casinos using this as one of their payment methods. The players can also use this crypto for their online casino transactions without worrying about the safety of their financial.
You’ll be mostly responsible for the safety and security of your online casino account if you’re using Litecoin. The best way to protect your LTC coins is to use a cold wallet. Choose a safe and reliable online casino, which uses SSL encryption and has been licensed by a competent casino gaming authority. It must be kept in mind that the crypto transactions are irreversible.
Cryptocurrencies operate through blockchain. The transactions made through this network are are anonymous and are protected with strong online security. These are some of the features that make Litecoin a secure payment method in online casinos.