Online casino operators realized that Litecoin is another excellent option to offer to their players, so they gave it a try. Players enjoyed playing with Litecoin, and that is why today you will see plenty of casinos that take Litecoin in the iGaming market. The best Litecoin casino sites are listed below.
What Is Litecoin
As mentioned, Litecoin is a cryptocurrency that works similarly to Bitcoin, using the same principles. If you have already been introduced to Bitcoin, you will have no trouble at all to learn how to use it.
Litecoin functions on the blockchain technology but allows for much more coins to be mined in comparison to Bitcoin. It uses a simplified algorithm, so it is way easier for you to mine coins and get them in a much bigger number.
On that note, the first thing to do to enjoy all of its benefits, you must first obtain Litecoin. The most significant thing is that besides mining, you can always purchase Litecoins, just like you do with other foreign currencies. Just go to an exchange store or platform and using your home currency buy your coins.
Many are concerned with the volatility of the cryptocurrency, but as far as we could gather at the moment, it is maintaining stable growth. So, the next step is choosing the e-Wallet you would like to use in which you will store and manage your Litecoins.
You have three options: the online software wallet, the offline hardware wallet, and the paper wallets. Depending on your preferences and needs, choose the one that suits you most and keep your Litecoins safe.
Online Casino that Accepts Litecoin
An online casino Litecoin is accepted at is not that difficult to find. As mentioned in the intro, plenty of online casinos have started taking it so you won’t have trouble finding it in the most reputable online casinos
. You might not find that many casinos that only accept Litecoin and their offerings are all based on it, but you will discover Litecoins casino options that will meet your criteria.
To do that, read through Litecoin casino reviews and find an online casino that is regulated, licensed, offers a wide range of online casino games by top-notch software developers such as Playtech
, Evolution Gaming
and the alike, and of course, accepts Litecoin deposits and withdrawals. Once you choose one, and you’re at the casino floor, go to the Cashier/Banking page and click on Litecoin.
To make a deposit, copy your online casino e-Wallet address, which is a complex alphanumerical sequence, and mark it as the final destination in your Litecoin e-Wallet. Specify the amount you wish to deposit and confirm. Make sure you copy the sequence correctly because Litecoin transactions are permanent and irreversible. Through proof-of-work contracts and with the aid of Litecoin’s improved functionality of the blockchain tech, your transaction will be performed, and your funds will arrive on your online casino account in a blink of an eye.
To request a withdrawal, you will need to repeat the entire procedure but in the opposite direction. Again, make sure you copy the exact alphanumerical sequence of your Litecoin wallet and mark it as the final destination in your casino account wallet. Insert the amount you wish to withdraw and confirm. As soon as the casino confirms the transaction, the funds will be on your Litecoin wallet.
Benefits of Using Litecoin for Online Gambling
As with most cryptocurrencies, there are both advantages and disadvantages of using Litecoin for online gambling. We will stay unbiased in our presentation of these pros and cons so you could decide for yourself whether you would be comfortable playing at first-class online casinos using Litecoin or not.
Thanks to its general features, Litecoin guarantees the security of transactions. Due to peer support, the underlying blockchain platform, and the complete anonymity, you can rest assured that your transactions are impenetrable by third-parties. No one can tamper with your wealth and steal it from you unless you lose your private and public keys.
The most notable feature Litecoin offers are instant payments and withdrawals. As an online casino player, you would benefit from the deposits which are processed in real time, in a split second and the withdrawals that take not more than a few minutes. Time is of the essence in online gambling, and being prevented to play whenever you want is not something you would be okay with.
This is one of the primary reasons why players prefer using LTC over Bitcoin. Litecoin transactions are processed in roughly two minutes, while Bitcoin transactions in more than 10 minutes.
No Private Details Revealed
As an online casino player, you would enjoy the fact that you won’t have to reveal your identity to your Litecoin casino. With cryptocurrencies in general, you never share your home address, phone number or your name to your online casino. You don’t need to share your bank details either, and all you ever share is your username.
Bigger Coin Limit
The main reason why users prefer Litecoin over Bitcoin is the bigger coin limit. The total number of coins that Litecoin can produce is 84 million compared to Bitcoin’s 21 million. This is due to the process of mining and the algorithms used for the process.
Litecoin uses a script which is a less complex one, compared to Bitcoin’s SHA-256. In the long term, the less complex Scrypt manages to produce or release more coins in comparison to SHA-256.
Most of the cons of Litecoin apply for all cryptocurrencies in general. As promised, an unbiased overview of these disadvantages is at your disposal.
Once the transaction gets sent, regardless of whether you’ve sent it to the right destination or not, you can never reverse it, under no condition. This is why cryptocurrencies are considered risky because everyone can make a mistake.
But contrary to bank transactions, where if you have one number wrong you can call the bank and cancel it if one number or letter of the alphanumerical sequence you have sent is the wrong one, your Litecoins will be lost forever.
With no middle man involved, no support, you have to be extremely careful as to how you handle your transactions.
Another major drawback is the volatility of the cryptocurrency. Sure, fiat currencies tend to go up and down all the time, but not as much as cryptocurrencies do. Due to the continuous rejection on the part of governments to endorse cryptocurrencies, the market fluctuations are inevitable. That’s why many are not entirely sure whether to buy or waste time mining Litecoins if, in the end, their Litecoins wouldn’t be worth a penny.