Best Litecoin Casinos 2022
The arrival of Bitcoin into the e-money market in 2009 changed everything and now, there are various kinds of cryptocurrencies and countless applications for them on the internet. The success of Bitcoin brought about the introduction of several other digital currencies such as: Darkcoin, Peercoin and Litecoin, among others.
Litecoin is one of the most popular cryptocurrencies in 2022 . The popularity is evident in the casino gaming world where the use of cryptocurrency has been embraced with the use of Litecoins behind only Bitcoin and Ethereum casinos. Here are some of the best casinos that accept Litecoin in 2022 .
In this guide, you’ll be given a comprehensive explanation about how Litecoin casinos in 2022 work, and by the end of this article, you should be able to navigate Litecoin casino transactions with ease.
Overview of Litecoin
Two years after Bitcoin first burst onto the scene, Litecoin was launched in 2011 by former Coinbase employee Charlie Lee. While it was modelled largely on Bitcoin, it was also designed as an alternative to Bitcoin, to make up for any flaws in Bitcoin and has ultimately proven to be a success in that regard.
While many people still wrongly assume that “cryptocurrency” means only Bitcoin, this is an erroneous assumption as there are many more cryptocurrencies available and Litecoin, while not quite on the same level in terms of reach as Bitcoin, has proven to be an excellent alternative.
Litecoin is arguably the fastest cryptocurrency in terms of transactions with an average of 2.5 minutes per transaction while other cryptocurrencies complete transactions in roughly 10minutes. This means that your transactions can be done faster and you can get down to the main business; playing casino games, this gives you an edge over other cryptocurrencies.
Why You Should Choose Litecoin
Litecoin is known as one of the top three cryptocurrencies to use for online casino games and that is a well-earned reputation. While a behemoth like Bitcoin has more than 20x their market cap, that doesn’t matter to us as we’re online casino players, not investors. What matters to us are factors such as speed and convenience.
For starters, Litecoin is much faster than any other cryptocurrency around and as cryptocurrency transactions are faster than other modes of e-payment, using Litecoin casinos guarantees that all your transactions are as quick as possible. Furthermore, Litecoin uses the Scrypt algorithm which is very easy to navigate, making it easy for the average person to use.
How Litecoin in Casinos Works
Connecting your Litecoin wallet to your casino account is easy; all you have to do is select an online casino that supports Litecoin and sign up. Once that’s done you proceed to buy some cryptocurrency on a crypto exchange site. You will need to take the following steps:
- Open a wallet: If you’ve already been trading cryptocurrency, you’ll be familiar with this. If you haven’t, that’s okay. All you need to do is select a wallet. You can choose to either go with an e-wallet such as Coinbase or Electrum or you can choose to go for a physical wallet such as the Ledger Nano S.
- Validate your information and buy some Litecoin: validating your information allows you to connect your wallet with your casino account and deposit/withdraw funds, now you’re ready to buy some Litecoin. You can buy Bitcoin at sites like Kraken, Coinbase, and CoinMama with your local currency. You can also exchange other cryptocurrencies for Litecoin if you have them and there are Litecoin ATMs depending on your location.
The exchange rate of Litecoin, like all cryptocurrency, changes regularly so be sure to check the exchange rate before making the trade.
Deposits and Withdrawal on Litecoin Casinos in 2022
Making deposits: Log in to your online casino account and click on the “deposit” link in “my account”, select the Litecoin option and copy the payment address. Open your e-wallet and click the “send money” link, enter the amount of Litecoin you want to deposit and paste the address you copied from your casino account. A “confirm” prompt will pop up and after clicking it, your casino account will be credited.
Making withdrawals: log into your casino account and click on “withdraw” in the “my account” menu, select the Litecoin and enter the amount you want to withdraw and a window will open. Open your e-wallet and copy the link. Paste the link in the window open in your casino account and confirm the transfer.
Pros and Cons of Litecoin Casinos in 2022
As one of the most used cryptocurrency platforms in online casino games, Litecoin offers some advantages such as:
Speed: Litecoin has very high transaction speeds, enabling punters to deposit and withdraw funds quickly.
Security: One of the features of transactions made using cryptocurrency is anonymity as your personal details are kept private. All your transactions are completely untraceable and this reduces the risk of your personal information being hacked into.
Low fees: As they’re not centralized (where currency is controlled by a singular, central entity) like normal currency transactions, cryptocurrency transactions incur lower fees. In addition to that, Litecoin charges even less than other established cryptocurrencies such as Bitcoin.
There’s a flip side to the numerous advantages Litecoin has though, some of which are:
Volatility: as with all cryptocurrency, Litecoin values fluctuate daily and the non-centralized nature that ensures that transaction fees are low also means that without a centralized entity like a bank to keep it stable, the value tends to be less stable than that of fiat currencies. Patient punters can use this to their advantage by waiting for the Litecoin value to rise before exchanging them.
Few options: Compared to fiat currency casinos and behemoths like Bitcoin, Litecoin casinos are harder to find. Hopefully, this changes as time goes by.
Fees and Limit
Cryptocurrencies typically don’t have a fixed limit for transactions and the same is true of Litecoin. It is left to the online casino to set the deposit and withdrawal terms and you’ll have to check the fine print of the website to see their policy on transactions. For most casinos that use Litecoin in 2022 the fees are very small, but again, make sure to look in the fine prints.
Litecoin charges a token fee on every transaction to reward the users that confirm the transactions, as such their fees are less than those on other platforms
It is very safe as the platform uses a complex blockchain algorithm to protect the Litecoins and personal information of users. This ensures that your personal information is kept safe as your e-wallet is not linked to any of your personal information.
They are regular casinos that give you the option of Litecoin as a payment platform. Their numbers are still comparatively low, but they are growing along with the popularity of Litecoin.
Litecoin has the quickest response rate of any online casino platform and deposits/withdrawals are processed almost instantaneously. It is ultimately up to the online casino however when the funds will reflect.
This depends on the location of the casino as the regulatory bodies differ across jurisdictions.
While Litecoins have a value, you don’t necessarily have to buy in that exact value. Just input the amount you have in your local currency and it will be converted to the Litecoin equivalent immediately.