The Top Litecoin Gambling Casinos
Unless you’ve been living under a rock, you have heard of cryptocurrencies. Litecoin is one of them, and arguably one of the three most important ones.
If you are still not sure what Cryptos are, they are basically digital money. They are produced by computers that carry out calculations, a bit like how you mine for gold. However, unlike gold or other real cash, there are no banks or central authorities telling you how much they are worth or regulating it.
Since Cryptocurrencies are decentralized, they have some advantages. They are typically anonymous and private. The only thing that is ever recorded during a crypto transaction is the user IDs and transaction IDs.
This makes Litecoin an excellent option for casinos and gambling sites. In this post, we’ll go over the top Litecoin casinos that you can play at!
How Do We Rate Litecoin Casinos?
Reviewing a site for Litecoin gambling is not an easy task. There are lots of different sides to a casino that have to be considered. Some of them are hidden, either by accident or by intention.
A lot of time and effort goes into checking out the different components that make up a casino before we can say it is a good one or a bad one. Here are the most important ones:
Step-By-Step Guide on How to Deposit and Withdraw with Cryptocurrency
If you have never used cryptocurrencies before at a casino, then don’t skip this! We will explain to you how to deposit and withdraw using cryptocurrencies.
The first thing you will need is a crypto wallet with Litecoin. You can go to Litecoin’s website to get started with getting a wallet, then purchasing some of it. Afterward, you can visit a casino and start putting it to use.
- Sign up for the casino. You will have to fill in personal information as well as prove your identity by providing proof of address. You don’t want all these details to become public, do you? That’s why we emphasize casino security a lot.
- Find the cashier menu. Some casinos don’t have a cashier and simply a ‘DEPOSIT’ button. From the cashier menu, choose Deposits.
- The first step is to choose which payment method to use. You will see other cryptocurrencies, as well as traditional methods like credit cards and e-wallets. Make sure you choose Litecoin here.
- The casino will give you a unique wallet address. Go to your own Litecoin wallet and click on ‘Send Money.’ Enter that address.
- Choose how much to deposit. Confirm the payment and checkout.
After completing Step 5, there might be a short wait. Typically, the funds will be transferred over in a few minutes.
Withdrawal is extremely similar to depositing. The only difference is that you give your wallet address to the casino, instead of vice versa. Here are the full step-by-step instructions.
- Log in and go to the cashier or ‘WITHDRAW’ menu.
- From the list of payment methods, choose Litecoin.
- Go to your Litecoin wallet and generate an address. Any money sent to this address will be deposited into your Litecoin wallet.
- Enter your Litecoin wallet address at the casino. Then select how much money to withdraw. Keep in mind that some of the money in your casino account might not be withdrawable, due to outstanding deposit bonuses and wagering requirements.
- Confirm the payment. The money will arrive in your Litecoin wallet shortly. It can take up to three days to do this, but usually, it will be shorter. Afterward, if the money has not been deposited, then you should contact customer support.
What are the Pros and Cons of Litecoin Gambling?
There are some advantages and disadvantages to using Litecoin, as you know. They are summarized here just in case you want to take a look at them.
- Transactions are instant and highly secure.
- There are no transaction fees to worry about.
- There are Litecoin Wallets for mobile, desktop, and physical payment.
- You have full anonymity when using Litecoin.
- Like most cryptos, still relatively new. If you haven’t used it before, it can be intimidating.
- The values can fluctuate a lot, making it unstable in the long run.
- Governments and regulatory bodies do not like it. The best casino licensors like Malta or the UKGC do not approve casinos with crypto payments.
The Other Gambling Cryptocurrencies
Litecoin is not the only cryptocurrency that can be used for gambling at casinos. Bitcoin, the original cryptocurrency that kicked off the current golden age of cryptos, is also an option.
However, Bitcoin is not as convenient as Litecoin when it comes to making transactions, or buying and selling. Plus, the value of it is so high that you have to work in tiny fractions of a bitcoin most of the time.
Litecoin was designed from the ground up to be lightweight and easily used for various transactions. While it may not have the sheer security and anonymity of a currency like Monero, it is still very secure and very fast.