Litecoin is a blockchain based, open source and peer-to-peer virtual currency. It facilitates minimal effort to make online payments to anyone in the world while avoiding the costs and time lags of using banks because it is the decentralised. An advantage over its rival Bitcoin is faster confirmation times owing to its use of blockchain.
It takes 2.5 minutes to process a block versus 10 minutes for Bitcoin. It is compatible with Windows, iOS, Android and Linux. Litecoin can be bought and sold on a cryptocurrency exchange or used as a method of payment at online merchants or other service providers such as online casinos. They can be purchased on one of a number of cryptocurrency exchanges such as Coinbase.
Litecoin was a spin-off of altcoin dating back to October 2011. In May 2017, Litecoin became a top five cryptocurrency by market capitalisation. As at the time of writing at the beginning of November 2018, the market capitalisation of Litecoin stood at about $3.2bn.
The Best Online Casinos accepting Litecoin
We’ve put together a list of casinos that accept Litecoin and ranked them for you.
How does Litecoin work?
Litecoin is a cryptocurrency that is stored in a digital wallet, such as Jaxx which is a Mobile and desktop wallet or Litecoin Core which is a desktop wallet. There are several different e-wallets which include hardware wallets, desktop and mobile versions.
Creating a Litecoin wallet
Setting up a Litecoin wallet is relatively easy. You can go to https://litecoin.org where you’ll need to download Litecoin Core. The version that you install will depend ultimately on the operating system that you are using. Follow the installation instructions and once completed the wallet will go through a process of synchronising with the blockchain. Once this is done, under the “File” heading, scroll down to the “Receiving addresses” option and select to locate your address, which may also be referred to as your account number. It is important because this is what you will want to supply to senders when you want to receive Litecoins. The next thing that you will want to do is encrypt your wallet by going to the “Settings” heading and selecting the “Encrypt Wallet” option. Remember to keep a backup of your wallet somewhere that it is safe.
Instructing a Litecoin deposit
Making a deposit using Litecoin to a participating casino is easy and shouldn’t take too long to do. Go to the payment section of your casino where you may be asked to activate a bonus first. Once you’ve completed this step, select Litecoin as your deposit method and click on the “deposit” option. Here you’ll be provided with the casino address which you will need in order to transfer Litecoins into your player account. While the process may vary slightly from casino to casino the basics are very similar and within a matter of minutes you should see the Litecoins in your player account. Keep in mind that the casino may charge a fee to make a deposit and/or impose minimum thresholds.
Instructing a Litecoin withdrawal
Making a withdrawal using Litecoin will be similar to deposits and you need to go to the payment section of the casino, select the Litecoin option and provide your wallet address as well as the amount that you want to withdraw. Again, there may be a casino fee applied and/or minimum thresholds in order to be able to withdraw.
There are typically no fees to deposit using Litecoin itself however your online casino may apply their own charges. It is always best to check with the casino to avoid surprises.
A Litecoin deposit should be incredibly quick when used as a deposit method and you should see the coins in your account within a matter of minutes.
You can withdraw coins using Litecoin as your preferred method. In order to withdraw coins, you would have first had to have deposited using the same method. Like deposits, withdrawing Litecoin is quick and free. Also like deposits, the casino may impose a fee on this withdrawal method as well as a minimum withdrawal size.
This method is quick and should take no longer than a few minutes.
- Under normal circumstances, making a deposit or withdrawal is fast taking no longer than a few minutes and always anonymous.
- There is no need to reveal sensitive information such as credit card numbers or other bank details.
- There are no fees to transfer Litecoin though the casino may charge you a fee for using this method to deposit or withdraw coins.
- Your personal info is concealed from view.
- Litecoin deposits qualify for welcome bonuses at participating online casinos.
- It is not possible to reverse transactions.
- Not many online casinos accept Litecoin even though it is a top five cryptocurrency. Bitcoin still remains the most popular cryptocurrency.
- Holding cryptocurrencies like Litecoin subjects you to potentially large swings in valuation.
Litecoin is an open source cryptocurrency employing Blockchain technology effectively eliminating the need for intermediaries like financial institutions, reducing time and costs. Using them is quick, relatively safe and secure provided you execute common sense. While not as widely accepted as Bitcoins or Ethereum, it still remains a viable method of depositing and withdrawing to and from online casino player accounts with its popularity likely to grow in the future.