Table of Contents
- The Popularity of Litecoin Casinos
- The Pros and Cons of Litecoin Casinos
- Litecoin Payment Methods Comparison Table
- Making Withdrawals from a Litecoin Casino
- Playing at Litecoin Casinos in Unregulated Markets
- Staying Safe When Depositing at a Litecoin Casino
The Popularity of Litecoin Casinos
2011 was a big year in the world of cryptocurrencies, with Litecoin hitting the markets as a rival to the well-established Bitcoin. Coder, Charlie Lee, saw a niche in the market, with Bitcoin being great for large transactions but inefficient when making small purchases. Therefore, Litecoin was established to complement Bitcoin rather than take market share from the pioneering financial product.
Of course, if you have a financial product to be used by the masses, you need to provide the infrastructure for trade. By 2013, Lee had enabled this key function by creating the Litecoin network.
Just like Bitcoin, Litecoin is a decentralised currency independent of central banks. And like Bitcoin, if you have the time and the requisite computing power, you can mine Litecoin. In total, there are 84 million Litecoin units to be found. A sum that dwarfs the 21 million Bitcoin that are in global circulation.
All cryptocurrencies share features that make them recognisable. However, Litecoin and Bitcoin should be considered as being a bit more like cousins than identical twins.
Litecoin is much easier to mine than its more illustrious peer. Standard computer processors can occasionally unearth the odd LTC nugget, which is unimaginable when attempting to generate BTC. Transactions in Litecoin also complete quicker, ideal for time-constrained computer boffins. And, of course, the value of all Litecoin is considerably inferior to Bitcoin’s astonishing market capitalisation.
However, the shared heritage of Litecoin and Bitcoin is all too evident when essential characteristics are considered. Volatility afflicts both. With no connection to the fortunes of any individual nation-state, the value of cryptocurrencies is allowed to swing dramatically, creating winners and losers at the same time it takes for a roulette wheel to finish its spin.
If you want evidence for these localised anomalies, look no further than November 2013. This was a record-breaking month for Litecoin, which saw the value of the altcoin double, with no real-world explanation for the movement.
But just as every casino fan has experienced the delights of a bull run, many have also endured the bear spells that follow. So, it is not unexpected that the price of Litecoin has also crashed several times since its 2011 launch.
This is not to say that the future of Litecoin is not bright. As the silver medallist to Bitcoin’s dominant market position, Litecoin has enough fans to keep its value buoyant but is protected enough from negative speculation to keep its fortunes on an even keel.
As the metrics for Litecoin have become standardised, so has the willingness of casino operators to accept Litecoin as a means of deposit and payout. You might already be using Litecoin to pay for your slots, roulette, and blackjack entertainment, and there are some excellent reasons for doing so. Read below for our take on the pros and cons of using Litecoin as your payment method of choice at participating online casinos.
The Pros and Cons of Litecoin Casinos
If you are already on board with the benefits of cryptocurrency, you will most likely have given Litecoin a try, as several features make this method stand out against its peers.
- Fast Payouts – Litecoin has no relationship with the traditional banking sector, so you do not need to wait for the SWIFT system to complete checks before your payouts are complete. Compared to Bitcoin, Litecoin transactions are roughly twice as quick, making them ideal for players on the go.
- Big bonuses – the owners of Litecoin Casinos understand that the average Craps and Baccarat player needs a little persuasion to invest in a crypto platform. To provide an extra incentive, Litecoin-accepting outlets offer huge incentives for new and loyal customers. These promotions include souped-up welcome deals, regular cashback rewards, and stake-based incentives.
- Low Fees – if you want a cheap means of funding your online casino account, Litecoin is an obvious option. The fees associated with LTC transactions are minimal compared to traditional funding routes, leaving you more cash available to gamble on your favourites from the slots and table game lobbies.
- Security – one aspect of the crypto community sets it apart from all others, using blockchain accounting to keep track of coins as they are mined or sold. This network makes it almost impossible for fraudulent entities to claim your virtual assets and ensures that all forms of cryptocurrency enjoy the highest security levels of any currently available payment system.
- Anonymous – Litecoin and all other cryptocurrency transactions are the most efficient means of keeping your purchases out of the public gaze. As these transfers are completed outside the regular banking network, there is nothing for finance agencies to see. Government officials will still be able to gain oversight of crypto dealings if they require this, but there is no chance this expenditure negatively impacts your credit score.
Of course, as with all payment methods, there are negatives that you must consider before plumping for a Litecoin Casino.
- Restricted – because Litecoin is designed to be a focal point for disestablishmentarianism movements, there is little appetite for regulated casinos to support transactions via this route. However, there is a growing market of online casinos that are all too happy to take some of this altcoin out of the satchels of fans if they choose to take up this option.
- Licensing – you will find large numbers of Litecoin Casinos in unregulated markets and very few in more organised jurisdictions. This isn’t necessarily an issue, although it can be trickier to tell the difference between poorly regulated platforms and those with no gambling licence. And this is where problems can arise, as you have no legal comebacks at unlicensed venues.
- Volatility – the value of cryptocurrencies is notoriously volatile, with wild fluctuations seeing prices rise or crash with little or no warning. This can lead big hitters to be overexposed and see the value of their bankroll drop in an instant, even when they are on a good run. Of course, life is a gamble, and you might also accrue substantial upsides for little work, but this constant knife edge is too risky for many to bear.
- Exchange Fees – never let it be said that the owners of select Litecoin Casinos are not canny operators. Some require you to make payments in fiat currencies so that they can convert these sums into Litecoin on your behalf. This may seem like an act of kindness, but often this means that the house is taking a slice of your cash for the privilege, and this can often be more than crypto-converting firms will charge.
- Fast Payouts
- Licensing Issues
- Exchange Fees
Litecoin Payment Methods Comparison Table
|Payment Method||Min Deposit (NZD)||Max Deposit (NZD)||Deposit Fees (NZD)||Withdrawal Fees (NZD)||Deposit Speed|
|Litecoin||0.01 LTC||0.5 LTC||Free||Free||Instant|
|Bank Transfer||10||100000||Free||Free||1 – 5 Days|
|Bitcoin||0.0001 BCH||0.5 BCH||Free||Free||Instant|
|Ethereum||0.01 ETH||0.5 ETH||Free||Free||Instant|
|MasterCard (Debit & Credit)||5||50000||Free||Free||Instant|
|Ripple||5 XRP||500 XRP||Free||Free||Instant|
|Visa (Debit & Credit)||5||50000||Free||Free||Instant|
Making Withdrawals from a Litecoin Casino
If you are in a lucky position to be able to make a withdrawal from your Litecoin Casino, the process is simple. As long as you are signed with a crypto-wallet firm, you can readily withdraw your winnings and store these safely online for a rainy day or to convert them into any leading currency.
The process can be completed in four easy steps.
- Locate the cashier tab at your online Litecoin Casino. If it is not instantly obvious where this important feature has been placed, look at your ‘my account’ section and follow the links.
- Search for the withdrawals option and click on the ‘Litecoin’ icon.
- Type in your crypto wallet details and the amount you wish to withdraw. Be careful when doing this. If you type in the wrong details, your altcoin transfer could go array, which is a difficult problem to rectify.
- Confirm your transaction details and hit the ‘proceed’ button.
Your Litecoin should appear in your crypto wallet within 48 hours, ready to convert or store for future deposits.
Playing at Litecoin Casinos in Unregulated Markets
You are likely playing in an unregulated marketplace if you can find a Litecoin Casino. This is not necessarily an issue, but you must be more selective about the sites you choose to deposit at.
At casinos.win, we have scoured the iGaming industry for top gambling chains with an excellent track record of delivering customer satisfaction over extended periods and a good reputation among their peers.
Once you have found a Litecoin Casino that matches this identikit, you can concern yourself with the proverbial cherry to top your buttercream-coated cake, welcome bonuses and software.
- Welcome Bonuses – open to new clients at most Litecoin Casinos, welcome bonuses are one way to compare and contrast the vast number of gambling sites you can readily access. Of course, casino owners don’t advertise these deals for the good of their health. They are well aware that most gamblers are too time-pressurised to sign up for multiple accounts, so once they have your undivided attention, they can profit from your loyalty—even more of a reason to make the most of new player promotions. Welcome Bonuses come in up to four parts and often deliver free spins on top slots titles and sizable lumps of bonus credit. Profiting from these rewards means converting credit into cold, hard, Litecoin. To do this, you must meet the wagering conditions applied. At no-wagering sites, these conditions are waived. However, it is nearly impossible to find such platforms. You will likely play at a low-wagering outlet where credits must be bet thirty-five times before winnings can be withdrawn. Always remember that each game carries its wagering contribution. Usually, this is 100% of all wagers placed on slot games and around 10% of bets placed on table games.
- Software – one thing Litecoin Casinos are renowned for is the range of games they support. But hosting lobbies with thousands of games is not impressive unless all top titles are in situ. There are hundreds of software firms out there that produce content with stellar soundtracks, gawp-inducing graphics, and fascinating features, but, of course, we have our favourites. A casino with slots and live casino delivered by Gamburger Studios, IGT, Quickspin, and Evolution Gaming gets a tick from us!
Staying Safe When Depositing at a Litecoin Casino
For every quality casino on the internet, you will occasionally come across the odd rogue. And this is where comparison sites come into their own.
If you are wary about a site for any reason, you should take a look at casinos.win to see if it has made our recommended list or Trustpilot to see what other players think…
Once you have done your due diligence, your chances of becoming online fraud victim when using a Litecoin Casino are much reduced. However, there are always several data hygiene best practices that you should follow to keep your coins and your data safe.
- Keep your account details safe – if you get a random email that asks for information about your crypto wallet, you should be suspicious. There is no reason for anyone to ask you for such personal details unless you are dealing directly with your Litecoin Casino. Never pass on these details to agents that you don’t trust.
- Create robust passwords – you should create complex and unique passwords for all of your online accounts. These can sometimes be difficult to remember, so it is often advised to use a market-leading password manager where all of these details can be kept in one place under encrypted security for extra piece of mind.
- Ensure that your firewalls are up to date – if you don’t invest in your online security, there is a chance that viruses could strike your hardware. Keep these updated at all times to prevent spyware and ransomware attacks.