The introduction of the first cryptocurrency, Bitcoin, led to the emergence of multiple cryptocurrencies such as Peercoin, Darkcoin, Dogecoin, Litecoin and many others. Among these, Litecoin is one of the most popular digital currencies. It was warmly received by the online gambling community and became the second most popular alternative coin after Bitcoin. Today, there is a significant number of casinos that accept Litecoin as a means of payments all over the world.
What Is Litecoin?
Litecoin is a peer-to-peer digital currency that allows instant and virtually feeless payments to anyone in the world. It is an open-source and licensed under MIT/X11 and is fully decentralised. Very complex arithmetic code secures the currency and allows individuals to control finances on their own. Transactions using this crypto are faster than Bitcoin especially because it is capable of processing higher transaction volume than Bitcoin.
How to Use Litecoin to Deposit at Online Casinos
Despite all the benefits that the Litecoin casinos come with, many people do not quite understand how the whole process takes place. If you are one of them, keep reading our simplified guide, and we will walk you through the whole process.
Creating a Digital Currency Wallet
First, you will need a Litecoin wallet to be able to send and receive payments in the form of Litecoin. Essentially, this wallet is just like any other electronic wallet such as PayPal which primarily acts as your private bank account to store Litecoin.
Stacking Your Wallet with Litecoins
After creating your wallet, you will be given the unique wallet address that you can use to sell or buy Litecoins. You can get Litecoins via the following ways:
- Your wallet– in your wallet, there is an option where you can buy Litecoins with real cash.
- Litecoin ATMs – if you live in a city that has Litecoin ATM you can load them to your wallet using your credit card.
- Face-to-face customers – you can buy Litecoins from traders near you. Several special sites can help you locate traders.
- Litecoin exchange services – there are a number of exchange services available where you can trade some official currencies to Litecoin and vice versa.
Signing-up to Litecoin Casinos
To create an account you should:
- In the casino site of your choice, move to the “Sign up” or “Join” button.
- You will be prompted with a registration sheet in which you must fill all your information correctly.
- Read the fine print before accepting the terms and conditions and confirm that you are above 18 years, the legal gambling age.
- From there click “create account” button to finish creating your account.
Depositing Your Litecoin to an Online Casino
If you are making your deposit in Litecoins, follow the steps below:
- Log in to your account and click the “My Account” menu.
- Head on to the “Deposit” button and click it.
- Select Litecoin as a payment option and copy the casino’s address.
- You should then open up your wallet and head on “Send money” button.
- Enter the amount you wish to deposit to the casino’s address carefully.
- Confirm your payment by hitting “confirm” button.
Litecoin Accepted Online Casinos
If you are wondering where to play using your crypto, here’s the list of casinos:
- Bob Casino: The payments in this casino can be completed using Litecoin as well as others including Ethereum, Bitcoin and Zcash.
- Super Lenny Casino: This gaming site accepts payments via various cryptocurrencies starting from Litecoin to Ethereum, Bitcoin and even Dash.
- Fortune Jack Casino: Several digital currencies other than Litecoin are accepted here. You can as well deposit using Bitcoin, Ethereum, Ripple and Zcash.
- BitStars Casino: Apart from Litecoin, this casino accepts plenty of digital currencies which include Bitcoin, Ethereum, and Zcash plus several more.
- Betchain: This is one of the newest Litecoin friendly casinos that also accepts other types of cryptocurrency like Bitcoin, Ethereum, Dash and Monero.
Withdrawing Litecoin from an Online Casino
After you have made some breakthroughs and won some significant amount of money, you can easily transfer your reward money to your bank wallet in a few quick steps.
- Log in to your account and switch to the “My Account” menu.
- Head on the “Withdraw” button.
- Select Litecoin as your withdrawal option.
- Enter the amount that you want to withdraw.
- You will then be prompted to enter your Litecoin wallet’s address.
- Enter it carefully and hit “Transfer” and confirm your transfer.
It’s as simple as that, and you can start speeding your earnings however you want.
Advantages of Using Litecoin in Online Casinos
Ever since it was adapted for use at online gaming sites, Litecoin has brought plenty of advantages to its users. The merits include:
- The transactions are processed instantly.
- There are negligible transaction costs involved if any.
- Transactions are completely untraceable and anonymous.
- You can convert the Litecoin to other currencies without incurring any fees.
- The conversion rates of Litecoin to cash are volatile and can sometimes fluctuate to your advantage where you can end up having more cash after conversion.
Exchange Rates of Litecoin
These are the latest exchange rates used by online casinos.
However, you must remember that the value of Litecoin usually fluctuates just like any other crypto or currency for that matter. Thus, you must first check the current exchange rate before you transfer your coin.
Bonuses Offered by Litecoin Casinos
Since Litecoin casinos are just emerging in the market, it’s no surprise that many of them are having great promotions to woo more customer.
- Welcome Bonuses. Crypto casinos usually give out awesome welcome bonuses to every member that signs up and deposits for the first time. This is done to encourage as many gamers as possible to join, and if you sign up today, you could get matched rewards, free spins, bonus cash and much more.
- Referral Promotions. To ensure that your circle of friends is a member of their site, Litecoin casinos also give out referral bonuses if you invite someone to be a member. Usually, you get your reward after the person you invited loads a deposit and uses it to play.
Games Played at Litecoin Casinos
Some of the most popular categories are:
- Table games: roulette, poker, craps, blackjack, baccarat and their accompanying variants like American, European or French versions.
- Video poker: Texas Hold’em, All American Poker, Deuces Wild, and Joker wild.
- Slots: Cleopatra, Gonzo’s Quest, Queen of Hearts, Starburst, Avalon, Cinderella, Viking’s, Phantom’s Curse and Big Bad Wolf.
Is gambling with Litecoin legal?
Yes, but it depends on your region’s laws. So, if it’s illegal to use cryptos in your country, then you’ll be breaking the law if you do!
Why do I need to verify my account? Litecoin transactions are supposed to be anonymous?
While Litecoin transactions are anonymous, the casinos tend to have strict identity verification policies to prevent fraud and money laundering.
Are there any withdrawal and deposit limits in Litecoin casinos?
Usually, the deposit and withdrawal limits will depend on where you are playing. It’s best to contact the respective support teams for more information on that.
How safe is it to gamble with Litecoin?
It is safe to gamble with Litecoin because they use complex blockchain algorithm technology. That way, it’s virtually impossible for your cryptos to be stolen.
I cannot afford Litecoin; it’s too expensive.
You don’t have to buy Litecoin in large amounts to a gamble. You can buy the crypto in small chunks which are relatively cheap as long as you are within the casino’s minimum limits.
Are Litecoin casinos scams?
Not all of them are fraudulent. Just to be safe, you should ensure that you only play in licensed crypto casinos from our list above.
Who governs and regulates Litecoin casinos?
They are usually licensed under different regulatory authorities depending on the jurisdictions. The most popular licensing and regulatory bodies are Curacao, Malta and UKGC.
How long is my deposit transaction going to take before it is processed?
The transactions are instant so, it will be processed in a few seconds at most.
Can I permanently close my account at any Litecoin casino?
Yes, you can permanently close your account anytime you wish. If you run into problems with that, you can always contact the support team of the respective site.
Are Litecoin casinos offer fair games?
Yes, the games are 100% fair thanks to the blockchain technology and random number generators which are virtually impossible to predict.