Safe, Private, and 5x Faster than Bitcoin, Can Litecoin become king of the cryptocurrency casino?
Litecoin Online Casinos allow players to use this increasingly popular digital currency to make casino deposits and withdrawals. There are very few online casinos which specialise in accepting Litecoin exclusively, but to date, there is a growing number that will transact with Litecoin (LTC) amongst other payment methods.
Litecoin (LTC) was launched in October 2011 by a fellow named Charles Lee, an ex-employee of Google. Similar to many other cryptocurrencies, it is possible to obtain Litecoin through the process of mining. LTC on an open-source platform and is entirely decentralised, which means it does not rely on any bank to mitigate transactions, but instead, relies on its community and network to oversee these processes.
In the area of transactions, Bitcoin is not as fast as Litecoin. Every one and a half to two minutes, a block is processed by the LTC Network while Bitcoin Network needs 10 minutes for each block. Because of its speed, many organisations including online casinos are starting to adopt this method of transaction. The LTC blockchain can deal with a higher number of transactions making it more practical than some other cryptocurrency options.
How to Use Litecoin at the Online Casino
Payments via Litecoin are now being allowed in a host of online casinos which in turn expands the general acceptance of the digital currency.
It is necessary to obtain a wallet to transact purchased coins before playing at a casino with LTC. The most challenging part is having a wallet and acquiring LTC. Once this is done, the rest is very straightforward. 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
Litecoin transactions are instantly processed so that funds would reflect on the player’s account within the day. A lot of casinos will not charge additional fees to carry out these transactions. To withdraw your funds, you have to log into your account, select the Withdrawal tab, provide your Litecoin address and the amount to be withdrawn.
Advantages and Disadvantages of LTC
If you are in search of a Litecoin online casino, there are now a considerable amount of options available online. Before taking the plunge, however, it is wise to consider the benefits and drawbacks of using this crypto before committing to depositing and wagering at an online casino which accepts LTC.
Privacy: One of the more essential reasons for players to desire using Litecoin is for reasons of privacy and confidentiality. Unlike standard banking options, litecoin users do not have to reveal their banking account details. The only instance you may need to offer any personal information is when you desire to buy some Litecoin where you may have to put in your credit/debit card or bank account details. Even then, the casino is not privy to a players bank account information.
Security: The security protocols for cryptocurrency transactions have been well documented, so we don’t need to go into this in too much detail. When making Litecoin transactions, users have the benefit of inheriting secure transactions transmit through the blockchain. There is also a question of the casino's own security. When signing up for an online casino, players should ensure that the online casino being considered has encrypted SLL security in place. As standard, this will be 128bit security, although it can be higher for some.
Quick transactions: Litecoin is decentralised. As a result, there would be no need for intermediaries to review operations and in most scenarios, withdrawals, and deposits take around 10 minutes or less to complete if not immediate.
The volatility of Cryptocurrencies: There is no getting around it, butcryptocurrencies are subject to highs and lows in their valuation at this early stage of their development. While this is the normal state of affairs, it does lend to another element of risk, as it is entirely possible that the Litecoin withdrawn will not have the same value than the equivalent deposited. But of course, this can work the other way too, so the timing of casino deposits and withdrawals of LTC becomes significant.
Not as easy to work with than other payment methods: Is an argument that can be applied to all cryptocurrencies, not only LTC. For players that are comfortable using cryptos, using them to play casino games is easy and straightforward. For players who have not yet taken the plunge, then there is a learning curve to get to grips with regarding acquiring the crypto to deposit and wager.
The Future of Litecoin
Casinos that accept transactions using LTC are not that difficult to find online. Those that do will display it on its homepage with pride. Regarding casinos that accept cryptocurrency, Litecoin is one of the better options, and there are some excellent reasons for this. There is a growing acceptance of the currency online, which makes it an easy decision for casino operators to integrate this payment method into their platform. As volatile as all cryptos tend to be across the board, Litecoin has, since it’s launch, shown a tremendous amount of potential which provides confidence for the casinos moving forward. In a practical sense, fast transaction speeds make the LTC a better option than other digital currencies. With all that being said, it is anticipated that the use of LTC at the online casino will continue to grow for the foreseeable future.
Is it a Good Option to Use Litecoin at the Online Casino?
Litecoin casinos are in many respects a great option. Aside from the fact that it is safe, secure, convenient, and legal, it is also suitable for those who are familiar with cryptocurrencies. It should also be considered that very for transacting cryptocurrencies are very low since there are no middlemen involved in these direct peer to peer transactions. Alongside Bitcoin and Etherium, Litecoin casinos are widely available and becoming increasingly commonplace.