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Litecoin at Online Crypto Casinos
Litecoin is a cryptocurrency created by MIT graduate Charlie Lee in 2011. He was fascinated by Bitcoin, so he set out to create an alternative coin that could offer lower transaction fees and faster confirmations. Lee described Litecoin as “the silver to Bitcoin’s gold.” It is designed to peacefully coexist alongside Bitcoin, powering smaller transactions at a faster rate.
The token shares many similarities with Bitcoin. It is a source fork code of the Bitcoin Core client. They both use a proof-of-work consensus mechanism, but Litecoin uses scrypt rather than the SHA-256 hashing algorithm that Bitcoin employs. Litecoin also adopted the SegWit consensus to address scalability concerns. It has a target block time of every 2.5 minutes, as opposed to Bitcoin’s 10 minutes. Litecoin has a substantially smaller market cap than Bitcoin, and it is not as popular, but it is arguably superior for deposits and withdrawals at online casinos.
This guide will explain precisely why Litecoin is so popular among online casino players. We will discuss the key advantages that it offers when compared with alternative tokens, and we will also run through some of the potential drawbacks of using LTC. You will discover what makes a great Litecoin casino too, so keep reading to learn more.
Litecoin Deposits at Online Casinos
Litecoin deposits are straightforward at online casinos. Follow these five simple steps to make your first LTC payment:
- Head to the casino’s deposit page and choose Litecoin from the list of tokens.
- It will reveal the LTC wallet address linked to your online casino account, which you can copy. Alternatively, use the QR code.
- Open your personal wallet, choose your LTC balance and begin the transfer process.
- Enter the amount you would like to send and paste in the online casino wallet address. Check the details are correct and confirm the transfer.
- The funds will leave your personal wallet, and they should land in your online casino account within 3-8 minutes.
Most casinos require six confirmations before the LTC is credited to your account. They do not charge a fee, so you only need to pay the standard network fee. That has dropped below $0.01 on average per transaction for Litecoin, which is a lot cheaper than Bitcoin. The average BTC deposit costs around $7, and ETH deposits are often even more expensive when the network is busy, which highlights the benefits of using LTC. The minimum deposit at a leading crypto casino is often just 0.01 LTC. They also allow you to make unlimited deposits via Litecoin. It was designed for small transactions, but it can be used by high-stakes players for large payments.
Withdrawals at Litecoin Casinos
When your account is funded, you can play thousands of games at the best Litecoin online casinos. You can cash out your funds at any time, provided you have satisfied the wagering requirements attached to any bonuses claimed.
Head back to the cashier section and hit the “Withdraw” button to request a payout. Enter the amount you want to withdraw. The minimum withdrawal is often 0.01 LTC too. The maximum can vary depending on which casino you use, but high-stakes players are often permitted to make large withdrawals. Paste your personal wallet address and confirm the withdrawal. Most crypto casinos process payout requests straight away, so you will receive your LTC in your personal wallet within roughly five minutes.
Learn more about Litecoin (LTC)
Litecoin Casino Sites FAQs
What is a Litecoin casino?
A Litecoin casino is a website or mobile app that accepts LTC as a payment method. It is one of the best deposit and withdrawal options at online casinos, as transactions are quick and secure, and the fees tend to be significantly lower than those charged for Bitcoin transfers.
How do I pay with LTC at an online casino?
You can visit the deposit section of an online casino and select Litecoin from the list of tokens to retrieve your LTC wallet address. Copy that address and then open your personal wallet. Paste in the address, type in the amount you want to send and click to confirm the transfer, which should take around five minutes.
Can I buy LTC at Litecoin casinos?
Some online casinos (look for the "Fiat Onramp" tag in our reviews or casino lists filter) allow you to buy Litecoin with a credit card or debit card if you do not hold LTC. Just click the “Buy Crypto” button, select Litecoin and enter your card details to make the purchase. However, this is unlikely to be the most cost-effective way to purchase Litecoin.
What games are available at Litecoin casinos?
The best Litecoin casinos offer thousands of slots, plus virtual table games, Provably Fair crypto games and live dealer games. You can play roulette, blackjack, baccarat, craps, video poker, table poker, Asian games like Andar Bahar, virtual sports and variety games, such as Mines, Crash and Plinko.
Why are Litecoin casinos popular?
Litecoin casinos offer quick, secure and cost-effective deposits and withdrawals, which makes them popular among players. The average transfer typically costs less than $0.01 when you send LTC, whereas Bitcoin transfers can cost around $7 and Ethereum transfer fees can be even higher when the network is busy, so Litecoin offers a valuable alternative.
Buying and Storing Litecoin
All centralized exchanges sell Litecoin, as it is one of the oldest and most popular tokens on the market. Popular options include Binance, Coinbase and Kraken. You can also trade it on many decentralized exchanges, and some crypto casinos will allow you to buy LTC via a debit or credit card. You can store Litecoin in a hot wallet for a brief period of time. There are web-based wallets, desktop wallets and mobile wallets, or you can leave the funds in your exchange wallet.
However, for long-term storage, it is best to keep your LTC offline, away from hackers. To do so, the best option is to use a hardware wallet, such as a Ledger or Trezor device.
Enjoy Litecoin Casinos Responsibly
It is important to enjoy Litecoin casinos in moderation, as part of a balanced lifestyle. Only play with money that you can afford to lose, take regular breaks and do not treat casino games as a solution to any financial goals or difficulties you may have. Add deposit limits, time limits and bet limits to your own account if possible. You can also check out our responsible gambling guide for more information.
How LTC Compares to Other Tokens
Litecoin was one of the earliest altcoins to hit the market. It is similar to Bitcoin in many ways, as it is a decentralized, peer-to-peer digital currency. However, it has some key features that distinguish it from Bitcoin. Litecoin generates blocks quicker, it uses a scrypt algorithm and it has a larger coin supply.
The other major token that aims to fix Bitcoin’s scalability issues is Bitcoin Cash (BCH), although they go about it in different ways. They both offer faster, cheaper transactions than Bitcoin, although LTC is less vilified than BCH by Bitcoin maximalists. Lots of other tokens now compete with LTC and BCH by offering quick transactions with tiny fees, including SOL, ADA, Dogecoin and Dash, but Litecoin still holds a place in the top 20 coins by market cap.
Benefits of Gambling at Litecoin Casinos
- Most crypto casinos accept Litecoin, so you have plenty of options when deciding which site to register with.
- The minimum deposit and withdrawal will typically be just 0.01 LTC, so it is perfect for small transfers at online casinos.
- You can also make unlimited LTC deposits at the best crypto casinos, so it can be an option for high rollers.
- The fees on Litecoin transfers are miniscule compared to BTC and ETH, so it is an attractive option for casino players that want to protect their winning margins.
- Litecoin casinos tend to be slicker and more advanced than online casinos that only accept fiat payments, as they need to appeal to tech-savvy younger adults.
Disadvantages of Gambling at Litecoin Casinos
- Some crypto casinos do not accept Litecoin payments, so you will have a few more options if you use Bitcoin.
- Litecoin has a significantly lower market cap than BTC or ETH, and it can be more volatile, so you may prefer to use a stablecoin like USDT to avoid those fluctuations in value.
- If Bitcoin manages to solve scaling issues, Litecoin’s market position would be threatened, which could hit its market valuation.
- LTC does not benefit from the same level of development as other tokens, and it has a higher level of wealth centralization than BTC or BCH.
- Lee, the creator of Litecoin, sold most of his holdings in 2017, which shook investor confidence, although he is now involved again as director of the Litecoin Foundation.
Key Traits of a Great Litecoin Casino
Bonuses and Promos at Litecoin Casino Sites
The best Litecoin casinos offer a range of bonuses:
- Welcome Bonus: The best casinos match a percentage of your first deposit with bonus credits. For example, you could deposit 10 LTC and receive 10 LTC in bonus funds.
- Free Spins: You will often be given free spins as part of your sign-up bonus too. Some casinos also give existing customers free spins on a regular basis.
- Reload Bonus: The best Litecoin casinos offer reload bonuses on certain days of the week, matching your LTC deposits with casino credits.
- Loyalty Programs: You will receive loyalty points whenever you play casino games, and you can redeem them for bonus credits, free spins and other perks.
- Leaderboards: Earn leaderboard points by playing select slots and try to climb the ladder. If you finish near the top of the leaderboard, you will receive a prize.
It is important to consider the wagering requirements attached to the bonus funds at a Litecoin casino. This will tell you the number of times you must play your casino credits through before they convert to withdrawable LTC. If they are too high, the bonus is not worth claiming. It is also helpful to play casino games with high Return to Player (RTP) rates when working on wagering requirements.
Games Available at Litecoin Casinos
There are more than 7,000 games at some LTC casinos. Many can be played denominated in LTC, and the rest will be available but in a fiat denomination of choice. The Litecoin casino will make a seamless exchange when we enter and exit the game.
LTC casino games are generally divided into these major categories:
|You will be able to play thousands of slots at the best Litecoin casinos. There are standard video slots, classic 3-reel slots, Megaways slots, progressive jackpot slots and much more.
|Virtual Table Games:
|These games are powered by Random Number Generators, just like slots. They include baccarat, blackjack, poker-style games, roulette and craps.
|Live Dealer Games:
|You will connect with a real dealer to play blackjack, roulette, baccarat, game shows and much more.
|There will also be Provably Fair crypto games, such as Mines and Plinko, plus scratchcards, virtual sports, bingo and keno at the best LTC casinos.