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:
1. Head to the casino’s deposit page and choose Litecoin from the list of tokens.
2. It will reveal the LTC wallet address linked to your online casino account, which you can copy. Alternatively, use the QR code.
3. Open your personal wallet, choose your LTC balance and begin the transfer process.
4. 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.
5. 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.