What Should You Know About Litecoin?
If you are going to get involved with Litecoin casinos, it is only right that you know what it is. For starters, Litecoin is a cryptocurrency currency like bitcoin that uses blockchain technology to facilitate fast, safe and secure transactions. Many providers are opting for Litecoin over bitcoin because of its lower transaction costs and faster transactions. Research shows that Litecoin is up to four times faster than bitcoin in transactions.
Litecoin, also known as LTC, came into the limelight back in 2011 after it was created by Charlie Lee, an MIT graduate who was also a former Google engineer. It was one of the first altcoins and in very little time, several exchanges listed it, allowing the coin to make a fast ascent to the top.
The selling point of cryptos like Litecoin is that they are not regulated by any authority like banks or the government. Instead, it is a decentralized network. So there is no authority to monitor or limit your transactions. And the best part? It is 100% anonymous! What else does a gambler need besides these things? Litecoin gives you these things on a platter of gold.
The emergence of Litecoin Casinos
When Charles Lee invented Litecoin, he intended to employ it for small-scale transactions. And that explains the lower cost, transaction fees, and speed.
However, several years later, Litecoin is more than something we use for small transactions. Online casinos saw the potential that this virtual currency brings and they employed it. In the end, it worked out. Today, several providers rely on this coin for hundreds of big and small transactions daily and it does not disappoint.
Merits of Litecoin Casinos
What do Litecoin casinos bring to the table that you don’t find at regular ones? Let’s find out.
- 100% Anonymity: For several personal reasons, many people like to stay anonymous while gambling but it is almost impossible with regular casinos. Even if you manage to pull it off, the bank statements usually give it away. However, with Litecoin, there is no bank statement, no banks or governing authority involved. So except if you prefer otherwise, you are fully anonymous.
- Low Transaction Costs: Transaction fees could be a headache, especially for those who love to withdraw their profits in bits. Seeing your casino take a significant cut from your profits feels so wrong sometimes, after all, you worked for it. Although Litecoin also has its transaction fees, the good news is that you are almost unaware of it because it is so small. Even bigger coins like bitcoin can’t compete with Litecoin’s low fees.
- Fast transactions: If you use regular payment options, you are probably used to waiting 24 hours or more to get your money. Some even have to wait for 2-5 working days. But what if we told you that you could get your money in a few hours? This is possible because Litecoin transactions are very fast and you could get your withdrawal in minutes. But casinos prefer to impose a little delay to confirm the transaction.
- Safety and Security: If your concern is safety, you have nothing to worry about because Litecoin works on blockchain technology—the same one bitcoin runs on. This makes your transactions untraceable, unhackable, and 100% secure.
Demerits Of Litecoin Casinos
Just like everything good, Litecoin also comes with its downsides:
- Some casinos don’t allow you to play games directly with Litecoin. Instead, you convert to fiat (regular currency), play and win, then convert your profit back to Litecoin for withdrawals. This process feels unnecessarily long and tedious for many.
- Volatility: In the process of converting to fiat or processing withdrawals, Litecoin could reduce in value of its price chart which could reduce the value of your coin. However, it could also increase in value so it is a double-edged sword.
Getting Started With Litecoin Casinos
So now that you know all you should about Litecoin, the next step is to consider how to get started with LTC casinos. Hang on as we walk you through it step-by-step.
Setup Your Litecoin Wallet
If you have never used a Litecoin casino before, the first step is not signing up on the online casino site. Instead, you need to create an LTC wallet. A wallet in this context is like your bank account, but this one is used to store cryptos like Litecoin.
So the first thing is to select an exchange that supports Litecoin, then sign up on their platform. Since you will be using this wallet for your transactions, you should select an exchange with features that suit you best.
Now that you have a Litecoin wallet, the next thing would be to load it up with Litecoin. Luckily, purchasing LTC is not difficult because exchanges offer it to you.
However, their prices may differ so it is advisable to do a little comparison before jumping on any offer. So now, you have a Litecoin wallet, loaded with an amount of your choice, and you can now proceed with the next step.
Sign Up For the LTC Casino Of Your Choice
Signing up with an online LTC casino is just as easy as doing it at a regular casino. All you need to do is provide the information required of you and finalize the process.
Most times, you will also need to verify your identity before they can give you full access to their services. To verify, they may ask you to upload a picture of your ID card and a utility bill to verify your address.
But not all Litecoin casinos demand extra documents. If the brand is purely a crypto site, they don’t need most of your information so they may just ask you to create a username and get started.
Assuming you have successfully verified your account, what is left is to deposit LTC before you can enjoy any game. So locate the dashboard, head to the cashier section, click deposit, and select Litecoin as your preferred method.
What the casino will do is give you a Litecoin wallet address (in the form of a Public Wallet Number) to transfer the coin into. This address is usually a mixture of numbers with upper and lower case letters so we advise that you copy it directly from their page.
If you attempt to write it down, you could make mistakes, leading to you sending your LTC to the wrong address—which is irreversible.
Transfer From Your LTC Wallet
When you copy the Public Wallet Number (PWN) of the casino, head to the wallet you created initially and transfer the LTC amount of your choice to the address. The beauty of this virtual currency is that within few minutes, the coin will reflect in your casino and you can start your gaming journey.
Withdrawing From LTC Casinos
Assuming you successfully deposited and you made profits from gaming, withdrawing is just as easy as depositing. Allow us to walk you through the process of getting your LTC back into your wallet.
- Log in and head to the cashier section in your online casino: After logging into your casino account, locate the cashier section and click on withdraw.
- Select LTC as your preferred withdrawal method: On the withdrawal page, select Litecoin as your preferred withdrawal method to initiate the process.
- Log into your wallet and copy the address: On another tab, log into the exchange you have a wallet with and copy your LTC address (the Public Wallet Number). Finding it is not difficult; simply click on the deposit button in the exchange and they should display your wallet address.
- Paste your LTC address in your casino: By now, the casino should be asking you for the address you want to transfer to; paste the address you copied from your exchange, confirm the amount you want to withdraw, and hit the withdraw button.
Provided that you follow the due process, the casino will start processing your withdrawal and you should get it in a few minutes or hours. It is also important to note that the withdrawal and deposit steps we highlighted may slightly differ depending on the brand.
But what we showed you are the general steps so you will always find your way out. We should also add that you may not receive the exact amount you deposit or withdraw in your exchange or casino. For every transaction, there is a fee involved, however, it is only a fraction so it is usually nothing to worry about.
Factors to Consider When Choosing A Litecoin Casino
If you are interested in knowing what we use to rate LTC casinos that we recommend, these are the factors that go into our evaluations.
License in Litecoin casinos is arguably the most important factor in our considerations. This is because a brand without a valid license is operating an illegal business. And anyone that gambles with them does so at their own risk.
We still take ours a step further to ensure that the license is from a reputable and trusted regulatory body. So top ones include UK Gambling Commission (UKGC), Malta Gaming Authority (MGA), Curaçao, and a few others.
A licensed Litecoin casino may have passed our first step but it has not scaled through yet. Another important factor in our consideration is the reputation it holds among other players.
What do players think about the brand? What are their past experiences with using it? Finding answers to these questions is very easy with the help of online reviews and customer feedback sites.
When we talk about available games, we refer to both quality and quantity. Many players make the mistake of opting for only quantity but the real gem lies in the quality of these numbers. We only opt for LTC casinos that have games that players love and play constantly.
Bonuses are one of the few ways that casinos can use to appreciate the loyalty of their customers. And it also reflects the generosity of the brand. So we always look out for the type of bonuses they offer and their terms and conditions. Most importantly, we ensure that they are easy to claim and also suitable for players.
Multiplatform Availability and Ease of Use
Gone are the days when players only gambled on computers. With the technological advancement of today, you could choose to play on your phone, tablet, laptop, and almost any other device. But for this to be possible, the casino site has to support all these devices. And that is where multiplatform availability comes in; their site must be compatible with small and large screens while functioning effectively.
Realistically, we don’t expect every Litecoin casino to be flawless. Of course, you may face some issues once in a while, however, who do you run to when these problems arise? Customer support! They must be available to give you the answers you need at all times.
What Should You Consider When Choosing Litecoin Wallets?
To be safe, both your casino and wallet must be secure. So here are the boxes your wallet platform must tick.
- Security: A wallet must be secure and inaccessible to anybody other than you. This is possible with passwords, PINs, and two-factor authentication.
- Private Access Keys: These keys are security phrases that give you access to your wallet. Your exchange must provide these keys when you are setting up your wallet; if they don’t, something is not right.
- Fees: As much as possible, you should be looking for wallets with the lowest fees for both large and small transactions.
Litecoin Casino Bonuses
Everyone loves bonuses and that is why most LTC online casinos offer bonuses to both new and old players. But what kind of bonuses should you expect from them?
- Deposit Bonuses: These are offers that you only receive after making a deposit. To qualify for such bonuses, you need to make a minimum deposit and also use it within the time duration.
- No Deposit Bonuses: As you may have guessed, it is the opposite of deposit bonuses. This time, you get the offer for free but can’t withdraw it until you meet certain minimum requirements.
- Cashback: Cashback implies that the casino will return certain percentages of your loss to you. Most times, you won’t be able to withdraw it directly. But you can withdraw profits made from playing with it.
- Free Spins: Free spins are valid for slot games and receiving them means that you can play slots for free with them.
These are only a few of the many bonuses you can get from LTC online casinos. Irrespective of whatever bonus you receive, always check the terms and conditions that come with it and ensure that they are attainable. If they are unrealistic and unattainable, it isn’t worth the effort.
If you knew nothing about Litecoin casinos, our guide caters to all the knowledge you need from the starter level. So by now, you should know that there is no denying that LTC online casinos are one of the next-level innovations in the industry. Not only are they fast, but they are also safe and secure. And you have all the information you need to join in at your fingertips. Use it wisely!
We expected that you will have questions about these LTC casinos so we tailored this section to attend to the most asked questions about LTC brands.
- Is gambling worth LTC legal?
Yes, gambling with LTC is legal. However, make sure you do it in a licensed and regulated brand.
- How many working days do LTC transactions take?
Litecoin transactions don’t take days like regular payment methods. Within minutes to a few hours, your deposits and withdrawals will be successfully processed.
- Is it only LTC that works in crypto casinos?
No, most crypto casinos allow other coins apart from Litecoin. Some other popularly accepted coins include Bitcoin, Ethereum, Doge, and many more.
- Am I anonymous when transacting with Litecoin casinos?
Yes, all transactions with LTC online casinos are 100% anonymous. Since it is decentralized, you don’t need to worry about it showing on your bank statement.
- What kind of games can I play in LTC online casinos?
You can play every game you play in regular casinos. The most popular ones include slots, poker, bingo, baccarat, and several others.