How to Use Litecoin at a Casino
If you happen to have some Litecoin and are ready to use it at an online casino, then rest assured the process is pretty easy. After all, digital currencies were designed to facilitate payments. You’ll find that using LTC is not much different from other payment methods. The steps to banking with LTC at a casino are loosely as follows:
- Once logged into your casino account, go to the banking section
- Select Litecoin as your payment method
- Specify the amount you want to deposit
- A unique wallet address will be generated
- Enter the address into your cryptocurrency wallet and confirm the transaction
- You should see the deposit in your casino account shortly
There are also online casinos that accept LTC and other cryptocurrency payments through e-wallets such as Skrill. To make payments this way, you will need to connect your cryptocurrency wallet with your e-wallet first.
Pros and Cons to Using Litecoin at Online Casinos
With cryptocurrencies now being accepted at some online casinos, here are some pros and cons to consider before you choose LTC as your payment method over other payment options, whether it’s another crypto like Bitcoin or your regular Interac card.
- Banks are not involved in the transaction
- Fast processing time
- Lower purchasing price compared to Bitcoin
- Relatively stable price
- Cryptowallets can have high transaction fees
- Slightly fewer LTC casinos compared to BTC
- LTC deposits may be ineligible for some welcome bonuses
For example, some cryptowallets can charge well over a 10% fee, whereas if you are using Interac, it’s free.
Key Differences between Litecoin and Bitcoin
A spinoff, or a so-called altcoin, from the Bitcoin project, Litecoin is also based on a blockchain, peer to peer exchange network. There are however a few key differences from a technical perspective:
- Litecoin employs a hashing algorithm
- Litecoin processes a block in 2.5 minutes, compared to Bitcoin’s 10 minutes
- The Litecoin blockchain generates blocks more frequently and so can handle a higher volume of transactions
These differences allow for faster confirmation times that are more suitable for smaller, everyday transactions.
Best Litecoin Casinos 2021 – Ranking
- 7Bit Casino
- mBit Casino
- Spin Away
- Lucky Days
Tips for Using Litecoin at Casinos
If you’re into crypto, you probably know that there can be a lot to gain – or lose – depending on the exchange rate. For example, right now, most cryptocurrencies, including Litecoin, are seeing an increase in prices. That means you probably want to hold on to your crypto. Or you might want to sell if you think the price is right. When translated into the casino context, it means you should check if the casino converts your LTC to CAD upon deposit, or whether it keeps it as LTC throughout until you withdraw. Casinos that payout in LTC and other cryptos include 20Bet.
At some online casinos, deposits made with LTC and other digital currencies are ineligible for their welcome bonus. This is a bit of a bummer, but it’s not necessarily a bad thing because you won’t have to waste anytime meeting wagering requirements. This will give you more flexibility in choosing when you want to withdraw your winnings depending on the exchange rate.
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