- What is Litecoin Anyway?
- Advantages of using Cryptocurrency to Play Casino Games
- Which cryptocurrency should I use at Online Casinos?
- Is Litecoin Better than Bitcoin for Playing Casino Games?
- How to Buy LTC to Play Casino Games
- How to Make Litecoin Casino Deposits and Withdrawals
- Privacy Benefits of using Litecoin to Play Online Casino Games
- Should I use Litecoin or Bitcoin to Play Online Casino Games?
Casinos with Litecoin Payment Method
Try this – search for "online casinos" and notice the difference from the search results you would have received a few years ago. Don’t spend too much time on this; you’ll find the results are pretty much the same, with the big brands dominating the top slots. The difference is in the details, as many now offer options to deposit funds with cryptocurrency. Bitcoin, Ethereum, Litcoin, Dash and dogecoin being the favoured big five.
This is not by any means the same as playing with cryptocurrency. To deposit and play in digital currencies, you must first search for a "Bitcoin Casino". Bitcoin casinos are essentially a generic term referring to all online casinos that allow you to deposit and play in crypto without first converting to fiat currency.
The acceptance of digital currencies with the industry on the rise. Click on any Bitcoin casino, and often you will be able to deposit in multiple digital currencies besides Bitcoin (BTC). Without a doubt, BTC is currently the king of the crypto casino, but is it the best option?
Each cryptocurrency has its unique advantages and disadvantages compared to BTC. Litecoin, in particular, is gaining considerable traction in the realm of the crypto casino for a number of reasons. Before taking the plunge, it is worth taking a moment to consider the pros, cons and differences between Litecoin (LTC) and BTC.
What is Litecoin Anyway?
Litecoin is a cryptocurrency alternative to Bitcoin (altcoin) which started life in 2011, two years after the launch of BTC. Like all digital currencies, Litecoin uses the blockchain (a decentralised opensource platform) to facilitate direct peer to peer transactions. Payments using this new technology do not, therefore, need a bank to act as a middleman while taking a fee in the process.
Advantages of using Cryptocurrency to Play Casino Games
Elimination of bank fees is not the only benefit of using digital currencies. Cryptocurrency transactions use very strong encrypted security. Because extremely secure transactions are possible outside of the banking system, it offers the additional benefit of privacy and anonymity, which makes it a popular choice for use as a means of playing casino games.
Which cryptocurrency should I use at Online Casinos?
As previously mentioned, each currency has it’s own unique advantages and disadvantages when it comes to using them to play casino games. Amongst the favoured five options, dogecoin is exceptionally secure and ideal for making small transactions. Dash, on the other hand, tends to be more centralised and therefore less private, while Litecoin has it’s own significate advantages over both BTC and its closest rival Etherium (ETH)
Is Litecoin Better than Bitcoin for Playing Casino Games?
The short answer is yes. Because Litecoin produces more blocks on the blockchain, it is inherently faster and cheaper to transact than both BTC and ETH. In fact, it is close to five times faster and cheaper (near-zero cost) than other digital currencies. For this reason alone, it is a much better option.
While it’s true that there are still significantly more crypto casinos that accept both BTC and ETH than those using LTC, the speed and cost advantage of using Litecoin has not gone unnoticed by the platform operators and players alike. Suffice it to say; there’s a growing number of online casinos that transact in Litecoin exclusively, and a rapidly increasing number of hybrid casinos (that accept fiat and cryptos) accepting deposits in LTC. On current trends, the question is not if, but when will Litecoin outpace BTC to become the new king of the cryptocurrency casino.
How to Buy LTC to Play Casino Games
Buying cryptocurrency can be quite intimating if you haven’t done it before, but the process is relatively straightforward.
Download a wallet option from the exchange you intend to use or go to Litecoin.org to download and save a wallet. A better option, especially if you plan to buy a lot, is a hardware wallet which has the advantage of giving you personal possession of your crypto.
Find an exchange that supports Litecoin. Unsurprisingly, there are many exchanges online where you can purchase LTC with fiat money and other digital currencies if you have them. The most popular options include coinbase, binance, Kracken and Bittrex.
Deposit the purchased LTC into your cryptocurrency wallet. This is a very straightforward procedure if you are depositing into a wallet downloaded from the exchange you are using, but a bit more involved when using a hardware (cold wallet). Either way, it is beyond the scope of this article, but online instructions are widely available.
How to Make Litecoin Casino Deposits and Withdrawals
To make a casino deposit using Litecoin, players directly send the amount they wish to deposit to the address specified on the deposit page in the "My Account" section of the casino.
LTC transactions are almost instant, so funds should reflect on the player’s account straight away. Many casinos will not charge additional fees to carry out these transactions, but this is perhaps something you should check before depositing.
Privacy Benefits of using Litecoin to Play Online Casino Games
It is not unusual for some bank cards to decline casino deposits as a matter policy. Using Litecoin (and other cryptos) overcome this limitation. Furthermore, unlike standard banking options, litecoin users do not have to reveal their bank card/account details, and neither do they have to go through the banking system. Some may even allow players to play anonymously to get around gambling restrictions in some countries, but if you do this, you do so at your own risk.
Should I use Litecoin or Bitcoin to Play Online Casino Games?
That depends. Bitcoin is currently the most used digital currency with online casinos, which provides the benefit of having a greater choice of high-quality casinos and games. Litecoin, on the other hand, offers faster and cheaper transactions. This benefits both the player and the casino operator, which is why Litecoin is fast catching up with its big brother Bitcoin in terms of popularity and availability.