Litecoin is one of the many cryptocurrencies available right now, and its popularity as a casino payment provider is increasing rapidly. Topping up your online casino account is really easy with Litecoin and transactions can be completed within a few minutes.
As cryptocurrencies make their way into the iGaming industry, most new online casinos in the UK and other parts of the world are getting ahead of the curve and are now offering Litecoin as an alternative to more traditional methods, which allows more flexibility and safety for players. Take a look at a full list of the latest Litecoin casinos below:
|Security||Depending on the wallet used for the Litecoin Casino transaction|
|Min. Transaction||Defined by the casino|
|Deposit Fee||Usually no, but some casinos may apply a fee|
|Withdrawal Fee||0- 0.5%, some casinos may charge their own fees|
Choosing Litecoin at a new online casino makes for fast transactions when compared with other payment methods, meaning you can get on with your gameplay. It’s also incredibly easy to use once you familiarise yourself with the process, and you’ll find plenty of different games to play in Litecoin casinos- meaning more action and choice.
Due to Litecoin being a volatile currency there’s an element of risk involved with using it in a casino. Winnings of £50 on Monday could be worth more on Tuesday due to fluctuations, as what goes up can come down and winnings could also be worth considerably less.
Before starting your Litecoin casino adventure, you’ll need to do a bit of preparation and get a Crypto Wallet to keep your Litecoin’s safe. The good news is that there are plenty of providers online, and signing up with one is easy but make sure that your chosen wallet is accepted at your casino. Once you have set your wallet up, you’ll also need to join up with a Coin Exchange to be able to buy and sell your Litecoins.
At this point, we’d advise you to contact customer support before depositing at a new Litecoin casino UK or international, as the process can vary from each casino. Make sure you understand the procedure and query if there are any fees involved or deposit limits you need to be aware of.
Once you have made your first deposit, this will then become easier the next time you deposit.
Funds can be available on your Litecoin casino within a few minutes or they may arrive within the max wait time of 1 day, your chosen casino will then need to process the money which can add extra waiting time, unfortunately.
Quick Litecoin Casino Deposit
- Head to the deposit section and select Litecoin
- Make a note of the casino’s wallet address as you will need this to send your Litecoin’s to
- Write the casino reference number on your deposit, so that they know to allocate the funds to your casino balance
- Enter in the amount you wish to deposit and confirm
For your first withdrawal with a Litecoin casino, we would advise you to check with customer support and let them guide you through the process. Similarly to depositing, check how long the withdrawal will take if there are any fees and anything else you may need to know.
Just a Few Easy Steps to Withdraw
- Go to the withdrawal section of your Litecoin casino and confirm the crypto wallet, to ensure the casino knows where to send the funds
- Enter the withdrawal amount and press confirm
Playin at a Litecoin casino comes with several advantages when you compare it to more traditional payment methods. Because of the clever use of blockchain technology and safety measures, it provides the following advantages:
- More coins in existence than Bitcoin
- Anonymous transactions
- Decentralised fast currency
- Potential gains
More coins than Bitcoins
The Litecoin network is scheduled to produce 84 million Litecoins, which is 4 times as many currency units as Bitcoin. Miners are currently awarded 12.5 new Litecoins per block, an amount which gets halved roughly every 4 years (every 840,000 blocks).
The very nature of cryptocurrencies already adds a layer of anonymity to all transactions as they do not require any personal information to be verified in the ledgers.
Decentralised fast currency
The Litecoin blockchain is capable of handling a higher transaction volume than Bitcoins. Due to more frequent block generation, the network supports more transactions without a need to modify the software in the future.
This translates to faster transactions with better safety mechanisms than many traditional payment methods can offer and also it reduces government control over it.
Just like any other currency exchange, you can see some profit by buying and selling Litecoin in the market like one typically does with stocks or commodities. However, this involves risk to your capital so be very careful with market swings and world events that may affect the value of your Litecoins.
Despite the many advantages of using Litecoin, there are some risks to be considered too.
- Risk of attacks
Risk of attacks
Despite the blockchain ledgers offering an extremely safe environment for transactions, it is not perfect. Every system connected via to the internet can be hacked in theory, not only that but also fraudulent activities can be fostered under the anonymity layer offered by cryptocurrencies.
Even though Litecoin is more popular than other cryptocurrencies such as Dash or Tether, it is not yet as widely accepted when compared to more traditional payment methods. Many merchants have never heard of Litecoin and not all online casinos accept it as a payment method yet.
As a novel and completely digital currency, the market value of Litecoin is not stable and might never be in the way we want. These changes from day to day may discourage users and merchants from transacting in Litecoins, or holding coins after completing a transaction due to fear of potential losses.
The Litecoin blockchain is a highly secure cryptocurrency storage system and operates as a digital ledger, its technology means transactions cannot be traced back to you as there’s no need to provide your name or any further details- so your transactions remain anonymous forever. This anonymity removes the risk of fraudsters getting hold of your details or any other company tracking your movements.
Even though the blockchain creates a safe and secure system, the environment around this can be flawed and individuals have lost their cryptocurrency from exchange hacks. With this in mind, it can be a risky way to store your funds when compared with a centralised bank with insurances and backups.
The wallet which you choose to use at your latest Litecoin casino can either be a ‘hot’ wallet connected to the internet, or a ‘cold’ wallet not connected to the internet and thus preventing hackers from gaining access to your funds. Research into the best wallet for your needs should be carried out before signing up.
Your chosen wallet will also be encrypted, meaning your account details are incredibly safe and only accessible with your own personal password.
There are many websites out there offering assistance for Litecoin users, but to get the specific help you need with your account you would need to contact your wallet provider.
The main website for Litecoin is: https://litecoin.org/ and there is also a foundation for Litecoin available here: https://litecoin-foundation.org/support/ with a really useful forum and you can also contact Litecoin directly with the email address below.
Don’t forget that your new Litecoin casino customer support can also help you with any queries you may have on using your new payment option.
- Community Forum at https://litecointalk.io/login
- Email: [email protected]
Litecoin was initially created in 2011 by Charlie Lee, an ex-Google employee whose dream was to create a ‘better’ version of Bitcoin, and whilst Litecoin is very similar it does have its own unique benefits. Charlie is extremely active through social media and prides himself on his transparency when it comes to the performance of Litecoin.
1. Why use Litecoin at new casino sites?
There are many reasons to use Litecoin as a payment method, most already outlined above. The main reason could be anonymity, followed by the speed of transactions and it’s cheaper than Bitcoins in essence.
2. Is it safe to use Litecoin in an online casino?
In most of the cases, it can be extremely safe, provided that you do not share more information than necessary for the transaction, especially with people or even friends, if you take precautions you’ll be safe.
3. Are there fees for using Litecoin?
No, you shouldn’t pay any fees on most casinos for depositing but as a rule of thumb make sure to confirm if your chosen casino charges any fees, especially for withdrawals. Additionally, your chosen digital wallet may or may not charge you to convert your coins into other currencies.
4. Do Litecoin casinos accept other banking methods?
Yes, we haven’t seen any Litecoin casino that does not accept cards, vouchers or other cryptocurrencies.
5. Can I deposit with Litecoin and use another banking method for withdrawals?
Most casinos allow you to change the withdrawal method but it is better to confirm that before you request a withdrawal with their customer support agents or in a FAQ page, if available.
6. What are the best alternatives to Litecoin?
If you want to stick to cryptocurrencies, there are several other options, such as Bitcoin, Ethereum, Monero, Dogecoin, Ripple and Tether, to say a few. You can know more about other alternatives in our crypto casinos page.