This is the best list of Litecoin Casinos online in 2020. Here you will find the most popular, top casinos with Litecoin as a banking method. Learn more..
Last Updated: February 4, 2023
A guide to the best Litecoin casinos. A form of cryptocurrency that is increasing in popularity and becoming more available among online casinos. We will take a look at the best Litecoin gambling sites, the history of this cryptocurrency and all the details you need to know.
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Introduction to Litecoin
The digital currency world like Litecoin, Ethereum, and Bitcoin is creating a lot of buzzes nowadays. Litecoin cryptocurrency is designed using similar encryption software and protocols like other cryptocurrencies. The primary difference between Litecoin and Bitcoin is that Litecoin is much faster and one can generate a higher number of coins.
As such, most players find Litecoin more investible compared to Bitcoin. In just two years, this cryptocurrency grew in value from $1.50-$400. Many gambling enthusiasts opt to play with Litecoin casinos because they’re more worth in the long run.
However, this is still speculative and shouldn’t be a reason why you should use this platform. Today, we will review this site and hopefully help you make an informed choice.
What Is Litecoin (LTC)?
There are over 150 currencies recognized worldwide. But as with regular currency, there are many cryptocurrencies as well. However, Bitcoin was the first cryptocurrency that’s why it gets all the fame. But it competes with many other cryptocurrencies like Litecoin.
LTC is the third-largest cryptocurrency that functions as an online payment system. Investors can use it for transferring money from different accounts. However, rather than using U.S dollars, transactions are conducted in units of Litecoin which differentiates this platform currency from other traditional currencies and payment systems.
History
Litecoin was developed by Charlie Lee in 2011. It has often been referred to as the silver to gold in bitcoin over the years. Now it’s difficult to talk about Litecoin’s history without mentioning Bitcoin since LTC was created as a response to Bitcoin’s flaws. But, although it is a focal of Bitcoin, there are some differences between these two cryptocurrencies.
For instance, the block times for Litecoin are 2.5 minutes that make it faster, and also LTC uses a consensus mechanism called “scrypt” rather than “SHA-256” used in Bitcoin.
Since it was first launched, LTC has been a well-known asset in the digital space. Within two years after its inception, it had attained $1 billion market capitalization. LTC today is among the largest cryptocurrencies recorded.
With an average 8 billion dollar market valuation and each Litecoin averaging USD 146 per token roughly, LTC is the sixth highest market capitalization out of the 1600 cryptocurrencies available today.
Now there are many reasons why investors like LTC. First, transactions are faster since it has a block time difference of 2.5 minutes, unlike Bitcoin’s 10 minutes. Also, LTC scypt mining is said to be a fairer model.
Additionally, compared to BTC, LTC has more coins which means miners will produce 84Mn in the end. This increases market liquidity for this token while adding digital scarcity. Lastly, the transaction fees are lower on this platform.
Like BTC, Litecoin undergoes halving events that took place in 2015 and 2019. These events will continue until 84 million LTC coins have been mined. Today, Litecoin is trading at around $47 per coin hence maintaining its position among top cryptocurrencies.
How Does Litecoin Work?
Litecoin is designed to deter inflation and enforce scarcity. As per its design, there may be not over 84 million Litecoins in circulation at a given moment. This, therefore, helps keep off inflation which other currencies are usually subjected to considering the ease at which banknotes can be printed.
To increase the amount of Litecoin in circulation, investors have to mine LTC and this comes at a cost. Mining requires energy which also deters inflation and helps maintain a good scarcity level.
Because Litecoin is a digital currency, it is highly divisible (not all digital currencies are). That explains why one Litecoin has a high value. Investors don’t have to spend a whole Litecoin. For instance, one can spend 0.02 LTC on a small product. Where LTC is accepted, one can transact without giving their credit card number or PayPal information.
Countries That Can Use Litecoin to Fund a Casino Account
Some casinos allow players to make bets, deposits, and withdrawals using Litecoin. Alongside Visa, Mastercard, and PayPal, customers can now pay using cryptocurrencies so long as they’re legal in their country.
To make Litecoin deposits, you have to join one of the Litecoin casinos and go their cashier page, state the amount to be deposited and click the deposit button which will bring a code called Litecoin wallet address.
After getting your wallet you can now initiate a transaction. Well, this is simply an overview. One has to however know some specific key points but the most important thing is to have a Litecoin wallet filled with necessary tokens needed to complete your deposit.
That said, let’s take a look at the countries that can use Litecoin to fund a casino account.
- The USA – it’s allowed in several states like Nevada, New Jersey, and Pennsylvania.
- Canada – Litecoin gambling is gaining traction in this country among local online players.
- Australia – cryptocurrencies are legal in Australia and using LTC casinos can make the transactions quicker for Australian based gamblers.
- New Zealand – cryptocurrencies are legally regulated in this country. Therefore, players in New Zealand can use the platform to make deposits and withdrawals faster than at a Bitcoin gambling site.
Players from the UK, EU, Singapore, and UAE among others can also transact using this currency. As we’ve earlier mentioned, if cryptocurrencies are legal in a country, transactions won’t be possible. Therefore, we advise that you check on Litecoin’s website to see the full list of restricted countries.
Benefits of Using Litecoin for Online Casino Transactions
There are several benefits of using this payment method but the most important one is security. You will not be required to provide your card details at any online casino and with some sites, people can even play anonymously using this currency.
This means that even players from countries where online gambling is illegal can still play and win. However, we have to mention that you’ll be playing at your own risk if using Litecoin is not allowed in your country.
Also, players don’t have to pay expensive fees. In fact, depositing fees using this method is negligible which means you can spend as much as you want to play games on online casinos. Also if you use LTC you can claim some big bonuses like welcome bonuses which are a big motivation.
Again, most casinos that accept Litecoin have a faucet that gives small currency amounts regularly to players at their site. This encourages them to play regularly. Moreover, unlike with other banking options, LTC allows both deposits and withdrawals. This helps some people to track how much they are spending and winning when gambling.
Finally, being a top cryptocurrency, Litecoin allows for very fast transactions. This means immediate deposits and fast casino payouts, sometimes instant. Speedy transactions means for a great player experience.
Drawbacks
Similarly, there are some drawbacks to using LTC. One is that there aren’t many casinos that offer this payment method compared to Bitcoin casinos. Therefore, you might not be able to use LTC at some sites online. This is why we have listed the best LTC casinos here.
Also, you may find that buying LTC can be risky. That’s because its value can suddenly drop, something that’s not likely to happen for traditional currencies.
Finally, although many sites allow players to make deposits using this currency, some casinos convert the funds into Bitcoin hence forcing players to use BTC instead. You should find a platform that offers a fair exchange rate.
Additionally, depositing and playing with two different currencies can confuse gamblers making it hard to monitor gambling.
Do I Need a Litecoin Wallet? And How Can I Fund My Litecoin Wallet?
Litecoins are stored in a wallet where you can then send, receive, and manage your coins. Creating a wallet is easy and in most cases free. Now, because there are different Litecoin wallets, you should choose one that meets your needs.
All wallets feature different ease of use and security levels. Litecoin wallets are mobile, software, and hardware wallets. We advise that you do your research independently about these wallets to determine which one is best for you. That said, let’s take a look at how to fund your Litecoin wallet.
You’ll have to sign up on a Litecoin wallet like Exodus, Atomic Wallet, Guarda Wallet, etc. Now, because the wallets have different features, the process might not be the same for each of them. Let’s show you how to add funds to your Litecoin Wallet on Uphold for instance.
Once you’ve registered and have been verified on Uphold, you should add LTC to your dashboard which is pretty straightforward. Click “Add card/currency” then from the drop-down menu, choose, “Litecoin” and select “Create”.
After that choose “Add Funds” then select your preferred payment method. Note that one can add funds from their bank account, transfer from fiat, or another cryptocurrency card.
Are There Any Fees Using Litecoin?
Transactions fees are unavoidable with any payment method. Fortunately, with Litecoin online casinos, these fees are a bit favorable. However, note that transaction fees are determined by the market. But, developers usually make it easy for customers by setting a default minimum on transaction fees on the software.
For Litecoin, the fees are currently set up at 0.0001 LTC/kB. Also, bear in mind that the transaction fees vary depending on whether you are using an exchange or wallet to send the LTC.
Popular exchanges like Bittrex and Binance charge between 0.01LTC- 0.001LTC while most wallets allow people to choose the transaction fees. But, remember that with a lower fee, the transaction will be slow.
Is Litecoin Safe And Secure? Can Litecoin It Be Hacked?
If you’re in a country that considers Bitcoin legal, then chances are Litecoin is legal too. The vice versa is however true. But, since Litecoin provides enough anonymity, even players in places that are not legal can use the currency to bet online. Your money is encrypted on Litecoin.
Therefore, it should be safe to move around. But, because this is an online platform it inherits the risk of potentially being hacked. While this isn’t something that should make you worry too much, it’s advisable that you know of the sites that have reimbursement policies in case of anything.
Your great concern should be the sites themselves. Note that gambling sites come and go and many Litecoin takers are not well-known. Therefore, individuals should educate themselves on reputable gambling sites.
There have been complaints about a withdrawal or bonus being denied by an offshore site due to a made-up reason. One should opt for sites that have been around for a year or so as they have plenty of reviews to help you decide whether or not to try them.
But, at the end of the day, bear in mind that even with extensive research, the fact that transactions are to an offshore site that’s more powerful than you are will leave you frustrated should you run into a problem.
However, from a legal perspective, U.S customers shouldn’t be worried since the company has never been held liable for any problem. Right now, most sites on the platform are accepting business from the United States.
Moreover, most of them don’t block one immediately after indicating that you’re outside their legal location. All in all, Litecoin is a safe and secure platform however you should be mindful of the offshore site you’re dealing with.
Conclusion – Litecoin Casinos
If you gamble online, using a Litecoin casino can be an excellent way to stay on track with this fast-forward world. Since there are so many sites that accept LTC, you’ll probably find one that’ll suit your needs and offer huge bonuses as well as tournaments.
Now that you understand what Litecoin is and how it works, you can try some popular Litecoin casinos to decide which one is best for you.
Have fun and play responsibly.
