We’ve come a long way since cryptocurrencies were gimmicks used by tech geeks, didn’t we? While the answer is obviously yes, we can’t stress how amazing it is to see people using cryptos in their everyday lives. Pubs, restaurants, and stores around the world accept, so it was expected to see online casinos jump on the bandwagon as well.
Even though everyone and their dog know about Bitcoin (BTC), there has been a considerable amount of hype surrounding its less-coveted competitor – Litecoin (LTC). While it’s based on pretty much the same foundation as Bitcoin, it has some specific features that make it more convenient.
In this Litecoin review, we’ll cover the entirety of this cryptocurrency, with a particular focus on the best Litecoin casinos, the bonuses they offer, and everything else you need. Once you’re done reading, you’ll be fully prepared to fill your account with LTC, and craft your own experience. Good luck!
Litecoin is not a company, at least not in the way you think of. The best way to describe it would be as an open-source, decentralized, peer-to-peer cryptocurrency. Open-source means that the software of Litecoin is publicly available to everyone. Take a look at the official Litecoin code repository at GitHub if you wish to delve deeper into the source code.
As for this currency’s beginnings – it was first designed to be an alternative version of Bitcoin, or altcoin, in crypto enthusiast lingo. Charlie Lee, a former employee of both Google and Coinbase, posted the code on Github, on October 7, 2011. About a month later, the network went live and people could start buying, trading, and using Litecoin wherever it was possible at the time.
Generally, experts consider Litecoin to be a soft fork of Bitcoin. In the world of cryptos, a soft fork is a term that describes the divergence in the inner-workings of a virtual coin. It means that the new system is ‘backward compatible’ with old blocks of information.
In Litecoin’s case, the fork is found in the way blocks are generated every 2.5 minutes, which is much faster than Bitcoin’s block/10 minutes rate. Also, instead of using SHA-256, an NSA-developed cryptography hash, Litecoin uses scrypt. Simply put, a newer system that’s considered to be much safer and more accustomed to the demands of crypto users in the 2020s.
Theoretically, Litecoin is available worldwide. Since we’re talking about a decentralized currency, not a company such as PayPal, ecoPayz, or another eWallet, the Litecoin Foundation doesn’t have a role in limiting the use of LTC based on geographical criteria. Regardless of where you are in the world, you can buy, trade, and use Litecoin for deposits at online casinos. However, there might be some minute restrictions when you’re buying LTC.
This mostly depends on which payments are accepted at various crypto exchanges. If, for instance, you like to use a regionally-oriented payment method, such as iDeal or Interac, there’s a high chance exchange don’t accept such deposits. Compared to other platforms, this is a piece of cake, if you will. Additionally, you will need a crypto wallet.
Just like regular currencies (think USD, EUR, or GBP) that are stored in your bank account or eWallet, LTC also needs its own virtual (or physical storage) space. There are many online crypto wallets, such as Ledger Nano S, Coinbase, Trezor, and Binance, so you won’t find any trouble finding the right fit. Do your homework on each crypto wallet interests you, test their features and choose the one that suits your needs the most.
Choose a crypto wallet
Conduct some research on what are the best crypto wallets in terms of security, withdrawal options, ease of use and fees. Choose the one you will be using for gaming purposes.
Create an account
Create an account at the wallet you selected. Choose a password and private key, and provide personal information required.
Get a crypto wallet address
Once you’re done following all the instructions, you’ll get a crypto wallet address. It’s made out of different numbers, letters, and symbols, making it unique to your Coinbase account. Write this down somewhere, as it will be your form of ID whilst buying LTC to play at Litecoin casino sites.
You are good to go
And that’s all there is to it, believe it or not. For almost a decade now, there has been a stigma revolving around cryptocurrencies, mainly criticism centered around it being too difficult to use and comprehend.
While it’s true that blockchain technology as a whole is more complex when compared to traditional payment methods, all that stuff is ultimately insignificant for the average casino aficionado. All that matters is that Litecoin deposits are much easier than advertised by some.
Just like creating an account, transferring LTC is a piece of cake. Although the lack of the familiarity factor is off-putting to some, the whole process is as simple as the payments you’re used to. Let’s take a look at Litecoin deposits.
- Go to the casino’s Banking section, request a deposit, and select Litecoin as your preferred payment method.
- You will see a pop-up window open, with the wallet address that you are to send your LTC to – write it down. It can also be a QR code that you can scan for mobile payments.
- Head over to your crypto wallet and just type the casino site’s address in the usual deposit form.
- Click confirm and the money should be in your account in just a few minutes.
Litecoin withdrawals are also claimed quickly and in a simple way:
- In the Banking/Cashier section, select Litecoin as the desired method.
- Just enter your crypto wallet address and the amount you wish to withdraw.
- That’s it! The money will shortly appear in your account.
Despite the skepticism that has begun to surround cryptocurrencies, they are indeed able to provide casino players with a payment method that’s not just safe, but also easy to use. It’s not something that we see every day.
One of the main reasons why Litecoin is eating into Bitcoin’s popularity is the lack of fees. The only charge you’ll encounter is the mining fee, which is currently 0.00000041 LTC per byte of processed information. Even if you transfer copious amounts, the overall cut that goes to the minors is nonexistent.
Nevertheless, you should be prepared to encounter Litecoin casinos that take a cut from every deposit and withdrawal. Due to the fluctuating price of BTC and various altcoins, large fees are a way for these sites to stay afloat.
There isn’t one flat time limit in which Litecoin withdrawals will arrive in your wallet. Even though LTC blocks are generated once every 2.5 minutes, some casinos have their own transfer validation procedures. Such measures can prolong the time you have to wait, for up to three business days. A possible solution to this issue is to find online casinos that pay instant crypto withdrawals.
However, the wait is shorter than what you would usually experience, so it’s worth it. Only play at casinos we at Casino Banking Methods recommend. Instant transfers are sometimes a false promise, so you shouldn’t go to shady sites just because of this feature.
The very purpose of Litecoin is to remove many of the restrictions we encounter when dealing with banks and eWallets. Thus, the currency itself doesn’t impose any transfer limits, whether it’s deposits or withdrawals you’re making.
Regardless of the properties of LTC, online casinos are free to set their own limitations. Therefore, you should find a site which fits your needs. If you’re a high-roller, find a place where big deposits are the norm. Always read the terms and conditions of each casino, even the ones we recommended you. Knowing your rights is a must for every player, regardless of the situation.
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Litecoin is a cryptocurrency, which means that it’s based on blockchain technology. Most experts call blockchain the highest level of security in existence. When each transaction is made, it’s being anonymously decoded by another person, a ‘miner.’ Once the transfer is verified it’s immediately added to the ledger, where it can’t be manipulated due to impenetrable cryptography hashes.
Most LTC-related mishaps aren’t due to the currency itself. On the contrary – individual users and exchanges are known to be uncareful with their credentials. This can lead to data leaks and the compromisation of people’s crypto wallets. But you shouldn’t worry about this – just pick one of the casinos from our list, and your data will be in safe hands.
Here’s the tricky part: since Litecoin is decentralized and self-sustainable, there’s nobody to call when you’re experiencing issues. However, issues due to malice are nonexistent. Since its release, LTC has been perfectly functional. Thus, any problems that you might experience are due to your crypto wallet or the casino you’re playing. That’s why it’s important to pick a site with a legitimately great customer support section.
If they don’t use live chat or offer around the clock support, they’re not worth your time. Litecoin is like having your own personal bank. You are technically doing business with online casinos, so make sure you can reach them.
Player accounts exist on many prominent iGaming and crypto forums and discussion boards, as LTC gas become a staple in the last few years. Most posts and reviews center around the fact that Litecoin has negligible fees, especially when compared to Bitcoin and other cryptocurrencies.
As LTC is not volatile by any means, we could also see a plethora of positive reviews aimed at elaborating the stability of this particular currency. Of course, we all remember the 2017 rise and fall of BTC.
Dealing with a currency that can jump up and down, depending on the supply and demand, can be frightening, especially when you’re a rookie casino player. This makes LTC an ideal choice, and players appreciate the fact that their money will be worth the same today as it did yesterday.
We did see several one-star reviews, almost all of which somehow related to late payments. Of course, these problems cannot be attributed to LTC, as the currency actually has features which allow for fast transfers. Therefore, we consider most of these low ratings to be products of overreactions and a lack of knowledge on how Litecoin really functions.
One more thing, people don’t appreciate the fact that MuchBetter doesn’t offer any phone number or live chat option.
One notable extra feature of LTC is the high liquidity, at least when compared to other cryptos. While BTC is capped at 21 million coins, Litecoin can have a maximum quantity of 84 million, which many experts believe is actually a better decision.
Since most people aren’t accustomed to using cryptos, having a higher level of liquidity can help currencies such as LTC feel more like physical money.
If you have substantial knowledge of cryptography, you are free to take the source code, modify it, and capitalize on that product. This is because LTC was released under the MIT/X11 license, which grants near-total freedom of use. Such transparency is also great because the code can be inspected and bugs can be mitigated more easily.
Earning LTC is also surprisingly easy, as you can use mining software and hardware to verify recent transactions, which gets you 12.5 LTC per block, which is approx. $564. If you wish to get some extra money to wager on slots and table games, mining is the definitely the best way to go.
It’s also easy to make Litecoin deposits on your phone. Almost every crypto wallet and exchange has a dedicated mobile app for both Android and iOS. The more popular ones, such as Coinbase, have near-perfect UIs, but less-coveted ones might have lackluster iterations for niche Android phones.
Nevertheless, you can safely transfer LTC wherever you are. However, you should always use 2FA to log into your crypto account, as well as test the security status of your entire smartphone.
- According to BitInfoChart, there are currently just over 66 million Litecoins in existence.
- The total worth of all existing LTC is $3 billion.
- There are over 100,000 Litecoin transactions performed each day.
- The average LTC transaction is 27.17 LTC, which is roughly $1,272.
- An average of 26 information blocks are created each hour.
- Whereas BTC’s supply has been fixed at 21 million, LTC’s supply is four times greater, and its total circulation is set at 84 million.
- Bitcoin and Litecoin use fundamentally different cryptographic algorithms: Bitcoin uses the longstanding SHA-256 algorithm, and Litecoin uses a newer algorithm called Scrypt.
- In 2017, Litecoin came into an alliance with the cryptocurrency Verticoin which led to the two being freely exchanged without the support of a third-party exchanging network. Digital currencies that can participate in an on-chain atomic swap are called swap-buddies in the crypto community.
- The LTC address has 33 characters, starting with L, 3 or M.
- Litecoin prices surged more than 1,000% between 2011 and 2020.
Yes, Litecoin is available worldwide. The only thing you have to find out is whether there are crypto wallets which serve investors in your region.
Yes, as you only have to provide your wallet address and you’re pretty much good to go.
No. Litecoin is heavily encrypted using the script protocol, which means it would take centuries for any hacker to see your personal info.
Yes, you can track your deposits and withdrawals both at your casino account and in your crypto wallet.
Since Litecoin is decentralized, you can only contact customer support either at your bank or at the casino you suspect is trying to defraud you.
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