Crypto Crypto | fees: Lower compared to Bitcoin, market-determined | purpose: Decentralized |
| security: Cryptographically secure | anonymity: Pseudonymous, public ledger |
| inception: October 7, 2011 | scalability: Limited, can cause slow times and high fees |
| decentralization: Decentralized, operates on P2P network | consensus mechanism: Proof of work (mining) |
| average transaction time: 2.5 minutes on average |
In this review, we will tell you what Litecoin is and how to use this cryptocurrency to conduct payment transactions in an online casino. You will read about the reliability and security of this digital coin, its pros and cons, commissions, and use to activate bonuses. Everything you wanted to know about LTC is on this page. Also, see our list of best online casinos accepting Litecoin.
What Is Litecoin?
Litecoin (or LTC) is one of the most popular digital coins in the world. It is effectively used for payments in various areas on the Internet, and online gambling is one of such areas. In recent years, more and more crypto gambling casinos have begun to launch, and LTC, along with Bitcoin and Ethereum, is represented in the list of coins available to users on most of these sites.
The launch date of Litecoin is 2011. This peer-to-peer cryptocurrency is almost identical in structure to BTC. It guarantees users of online casinos a high level of protection of funds, high confidentiality, and a fast speed of payments.
How Does It Work Litecoin at Casino
Litecoin is a reliable payment option in online casinos that work with cryptocurrencies. This coin can be used both for the deposit and withdrawal of funds. If you want to apply LTC to top up your balance, deposit funds to your wallet and use the following instructions:
- Log in to your crypto casino account or register;
- Go to the Cashier and select the Deposit tab;
- Choose cryptocurrency as the payment method;
- Open the drop-down list and find the Litecoin gambling option;
- Enter the transaction amount and confirm it;
- Copy the wallet address of the online casino or scan the QR code to confirm the operation in your wallet;
- Wait for the funds to arrive.
How to Withdraw From a Casino Using Litecoin
If you managed to lure luck and win money in an online casino, Litecoin is ideal for withdrawing funds. Let’s get started:
- Stay logged in to the site or log in to your account;
- Go to the Cashier and next to the Deposit tab, select the Withdrawal tab;
- Select cryptocurrency as a payment method, and then click on Litecoin in the drop-down list;
- Write the transaction amount and confirm it. Within 24 hours, the funds must be credited to your LTC wallet.
How To Choose a Litecoin Casino
You must choose a gambling site responsibly if you do not want to lose your funds or face the loss of your data in favor of third parties. Fortunately, you don’t have to do anything complicated:
- First of all, pay attention to whether the site has a license that confirms the legality of its activities and the desire to work by international gambling standards;
- Find information about the security protocols that are used on the platform to encrypt user data;
- See if the casino has a certificate confirming the verification of its gaming content by independent auditors;
- Go to the Cashier, read the FAQ or ask the support service if the site works with cryptocurrencies and specifically with LTC. Pay attention to the presence/absence of transaction fees;
- Find out what bonuses are available to new clients of the gambling operator;
- Take a look at the games section to see which titles you can play.
If everything suits you, then you can register on this site without fear, make a deposit using Litecoin and start playing.
Safety and Security
Litecoin casino payment method is one of the most reliable and efficient ways to conduct transactions. LTC is a top decentralized cryptocurrency that allows the wallet owner not to doubt the safety of the funds. Third parties are excluded from the money transfer process, there is only you and the payee (online casino).
Transactions using LTC are encrypted so seriously that hackers have no way to interfere with the money transfer. Only the sender and the casino will know about the transfer of funds between wallets, which is highly appreciated by gamblers interested in high data confidentiality.
Pros and Cons
Like any other cryptocurrency, the Litecoin casino payment method has its pros and cons. We have accumulated this information for you so that you can know what to expect from LTC if you decide to use it in online gambling:
Pros:
- Highest level of transaction protection;
- The anonymity of the wallet owner;
- In most countries, LTC is tax-free;
- Minimum transaction fees;
- Litecoin can be used equally comfortably for both deposits and withdrawals.
Cons:
- LTC price is subject to volatility.
If you make a mistake in the address of the sending wallet or your funds are stolen, you will not be able to return them.
Litecoin Wallets
Litecoin Wallets are needed to store this cryptocurrency. This is a special software application that allows its owner to send, receive, and store digital assets as securely as possible. You can use any of the four types of LTC wallets:
- Desktop. Such wallets are installed on your desktop device and have a very high degree of protection since the private secret key is stored only on your device and is not accessible to third parties;
- Mobile. Such options are much easier than their desktop counterparts because they do not store a full-fledged register of all transactions in their memory. Such wallets work with remote servers as needed. In terms of reliability, mobile options are slightly inferior to desktop and hardware wallets;
- Online Wallets. This is the most vulnerable option because the private key of your vault is trusted by the service operator, which means it cannot provide 100% protection for the safety of your money. It is not recommended to store large amounts of funds in such a wallet;
- Hardware Storage. This is the most reliable way to store LTC. It represents physical devices that hold private keys at a distance from any third-party interference.
Provably Fair
If you have only recently started to be interested in cryptocurrencies, then do not doubt, Litecoin is a provably fair cryptocurrency. It is an open-source global payment network. Its security is provided by mathematical algorithms, which allow wallet owners to conduct confidential, reliable, and highly secure transactions. LTC is a trusted cryptocurrency instrument, the reliability of which is based on industry support, trading volume, and liquidity.
LTC Casino — FAQ
Are There Any Litecoin Fees
Are Litecoin Casinos Legal?
Can I Still Get My Casino Bonus When Using Litecoin?
Is Litecoin Anonymous?
Editor-in-chief and creator Cole Smith of casinocurrencies.com, has extensive experience with casino payment systems, The site was created to provide an honest and trustworthy resource for online gambling players.