What is Litecoin?
Litecoin (LTC) is a cryptocurrency based on the Bitcoin protocol. However, it has several vital distinctions from its parent. While Bitcoin was created as the first experiment in decentralized money, Litecoin originally was designed with the need for fast, secure, and cheap payments in mind. The differences in the hashing algorithm, hard cap, and block transaction times are the factors that make Litecoin unique.
Should I choose Litecoin for online casino gambling?
Litecoin’s block time is just 2.5 minutes, while the transaction fees are ultra-low. Compare it to the 10 minutes block time and hefty fees of Bitcoin, and you won’t have any trouble choosing one of them for gambling or other transaction-related purposes.
Litecoin was created in 2011 and since then has gained mass adoption among merchants. Today, hundreds of online casinos accept Litecoin seeing its undeniable advantages for their users.
How to buy Litecoin?
It’s advised to buy crypto from a reputable exchange, such as Coinbase. Coinbase allows buying crypto through various methods, including debit cards, bank wires, PayPal, and Apple Pay. If you are looking for more details, please check our how-to buy crypto tutorial for beginners.
How to make a deposit using Litecoin?
Depositing Litecoin to online casinos couldn’t be easier. Just follow these few steps:
- Go to the “Cashier” tab in your casino account;
- Find Litecoin among the available deposit methods;
- Copy the deposit address displayed on the screen and paste it to your crypto wallet;
- Enter the desired amount and confirm the transaction;
- Wait for the funds to reach your casino account;
- Enjoy the game.
How long does it take to make a deposit with Litecoin?
Most casinos require several confirmations from the Litecoin network before crediting your deposit. Typically, you will see your money in the casino account within 10-15 minutes.
How to withdraw Litecoin from an online casino?
You can both make deposits and withdraw money with Litecoin at online casinos. In order to do that:
- Complete account verification if required;
- Find Litecoin among the available withdrawal methods;
- Enter the amount you want to withdraw from the casino and paste your Litecoin wallet address;
- Wait for the confirmations from the casino and the network;
- Refresh your wallet balance within 10-30 minutes after receiving the confirmation from the casino.
Advantages of online gambling with Litecoin
Seamless withdrawals and deposits
Traditional banks and payment service providers are notoriously known for being slow in their operations. They may check your legitimate transactions for days until they finally decide to process them. However, it’s not the case with Litecoin. No centralized service or authority governs Litecoin, so it is impossible to have a payment frozen for compliance or other reasons.
Low fees
Litecoin truly offers one of the lowest fees among cryptocurrencies and payment methods in general. With Litecoin, you only need to pay a few cents every time you want to make a transaction, even if you are operating with millions.
Privacy
Being a cryptocurrency, Litecoin provides a high degree of privacy. All transactions are disclosed in its public ledger, but no names are associated with them, so, without advanced tools, it is impossible to know who sends and receives certain funds.
Safe to use
Thousands of miners protect the Litecoin blockchain. As a result, not even the most sophisticated technologies can hack it and rewrite the transaction history. Therefore, Litecoin provides one of the highest security levels among all payment methods.
Reasons to lay off Litecoin as a deposit method
Hard to use
Indeed, cryptocurrencies are very different from legacy payment methods. We’ve been using centralized services for decades by now and couldn’t imagine any alternative. However, now we have this alternative with a whole slew of advantages. Moreover, multiple companies work to make your experience with cryptos as simple as possible. Just give it a try and you will see that Litecoin is not as scary as it seems.
Not all casinos accept Litecoin
Bitcoin remains the most widespread cryptocurrency nowadays, it’s true. Unfortunately, some casinos work only with Bitcoin and don’t accept Litecoin, but the situation is changing rapidly. More and more casinos enable Litecoin support realising advantages for their players. This is best exemplified in LTC Casino which is centered around Litecoin games.
Litecoin is harder to buy than Bitcoin
This is another myth. People tend to think that Litecoin is harder to buy than Bitcoin. In reality, crypto services that work exclusively with Bitcoin are almost non-existent, and Litecoin is one of the most widespread assets among them.
Litecoin may depreciate in value
You may have heard that cryptocurrencies make a terrible investment as they tend to depreciate in value. For example, if you check the charts, it’s evident that there were some periods when Litecoin and other cryptos fell by 80% in value within a year. However, we also see that they may rise by hundreds of percentage points within even shorter periods on the same charts.
Therefore, high volatility can be seen as a feature and not a disadvantage of cryptocurrencies. If you win a lot and keep it in Litecoin, you may increase your winnings tremendously but also may lose some. If you want to avoid taking additional risks, just convert your Litecoins to traditional money at your earliest convenience.
Litecoin is illegal in some countries
Governments set different rules to regulate cryptocurrencies, and some even prohibit them. Fortunately, most countries are more progressive and allow their citizens to use cryptocurrencies freely, as long as they don’t break other laws. So, if you are based outside China, most likely it shouldn’t be a problem for you, but it’s always better to check your local legislation regarding cryptocurrencies and online gambling.
Conclusion
Litecoin enables a convenient, simple, and low-cost method to make casino deposits and, more importantly, to withdraw your winnings. Litecoin has numerous advantages, while its perceived disadvantages turn out as myths or even additional benefits. It is not hard to see why the most prominent online casinos add Litecoin support, and more and more players prefer it over other payment methods.
