Litecoin is a very popular cryptocurrency for casino play given its balance of security, acceptance, and privacy.
Given that Litecoin was launched just two years after Bitcoin, many of the first casinos to accept Bitcoin soon started accepting Litecoin too, making Litecoin gambling a great alternative to Bitcoin.
Litecoin has long been a staple in the cryptocurrency ecosystem, and all reputable crypto casinos now allow gambling with Litecoin.
Litecoin gambling has come a long way in the years since it emerged onto the scene, with more convenient deposit/withdrawal mechanisms and the advent of provably fair gameplay combining with an ever-growing selection of games to make Litecoin casinos well worth a punt.
What is Litecoin?
Litecoin is a digital currency created for a single purpose – payments.
It was created by Charlie Lee, who admired Bitcoin’s design but wanted to create a blockchain that had faster transaction times and lower fees.
For this reason, Litecoin has long been called the silver to Bitcoin’s gold.
Litecoin is decentralized which means no single institution or government owns or operates it.
All transactions are recorded on a public ledger called a blockchain and new coins enter the supply through miners who are rewarded for adding the next block to the chain.
The engine in the Litecoin car, called the ‘proof-of-work’ consensus mechanism, is the same as the one that drives the Bitcoin protocol, with miners operating computers to solve mathematical puzzles to keep the blockchain running.
Litecoin is a pseudonymous cryptocurrency, with the entities at both ends of a transaction represented by strings of numbers and letters called addresses.
Litecoin can be used online just like real money, with everything from online shopping to casino play now possible.
Litecoin can also easily be cashed out for fiat currency at a large number of online exchanges.
Benefits of Litecoin Gambling
A big part of Litecoin’s attraction is the pseudonymous nature of the transactions.
When you take part in Litecoin gambling, all you share is a wallet address that doesn’t in itself link to you, or any particular person in the world.
Most countries don’t consider Litecoin to be a currency which means there are no laws against Litecoin gambling where there are laws against gambling with fiat currencies.
This opens the gateway to dozens of different Litecoin gambling sites for players, massively increasing user choice and improving the crypto gambling experience.
Litecoin is a completely decentralized cryptoucrrency, which means players have no legal eyes watching over them as they interact with their platform of choice.
Deposits into Litecoin casinos are fast, with new transactions taking only a few minutes to hit the network – from that point it depends how many confirmations the chosen Litecoin casino prefers.
In general, the higher the number of confirmations the more secure the transaction, but also the longer it takes to get there.
Some crypto casinos have 0 confirmation times on Litecoin deposits, which means the moment the blockchain instructs the casino that a payment is coming it credits it instantly.
This is different to other less reliable cryptocurrencies, where the casino would rather wait for the coins to actually arrive with them before it credits the player.
Litecoin gambling can also save you money.
Wins can be converted to cash without the involvement of a bank.
This negates transaction fees and, again, means that there are no prying eyes watching.
Litecoin casinos also almost always have bigger welcome bonuses than fiat casinos, with multiple Litecoins often available to players as opposed to the limits that are placed on fiat casinos.
This is another example of the greater freedom crypto casinos are able to afford their users.
Drawbacks to Litecoin Gambling
There is really only one drawback when it comes to Litecoin gambling, and that is the cost of transactions compared to other cryptocurrencies.
Each Litecoin transaction currently costs about $2.25, which is fine if you’re sending upwards of, say, $50 worth, but for microtransactions it’s not really viable.
Being an older cryptocurrency it’s not, ironically, the ‘lightest’ around anymore.
The fees are also relative to network usage, so you will be looking at higher transaction fees at busy times.
Some also argue that Litecoin gambling is problematic because of the transaction time, but this is really down to the casino.
Again, Litecoin does take a few minutes to add a transaction to a block whereas newer cryptocurrencies take just seconds, but Litecoin is a very secure blockchain – newer blockchains sometimes sacrifice security for speed and get hacked as a result.
What are Litecoin slots?
In many ways Litecoin slots are like the regular online slots, except stakes and wins are made in Litecoin.
The games are the same, the odds are the same, and the playability is the same, with the only major differences being that Litecoin games have higher limits than fiat games.
Players also have the ability to place microbets, sometimes as low as $0.01 or the equivalent.
Added to this, there is the benefit of knowing that players can, at any time, transfer their Litecoin back into their local currency and withdraw it.
What are Litecoin table games?
As with Litecoin slots, there are a large number of similarities between Litecoin table games and regular casino table games.
All the favorites are there – baccarat, poker, and blackjack for example – and with the benefits of betting with Litecoin, including pseudonymous play, bigger limits, and microtransactions, players can enjoy an even more enjoyable experience.
The best Litecoin casinos have top quality live action table games, with real croupiers keeping the gameplay coming.
Where can I buy Litecoin
Buying Litecoin has never been easier.
There are a number of quality online exchanges that allow you to buy Litecoin with a credit or debit card, and once it’s in your wallet you can send your coins to your Litecoin casino of choice.
However, there are one or two things you need to be careful of before you go entering your card details.
We can’t advise one exchange over the other, but make sure you research what the best exchanges that sell Litecoin are before you buy, or at least research any you have heard about.
Make sure, too, that the exchange you’re buying from allows you to withdraw the Litecoin you buy – some don’t, which of course is no good if you want it for Litecoin gambling!
Be aware, too, that fees will be taken off at source when you buy, so make sure you know what they are before you press the ‘buy’ button.
It’s often a fixed fee rather than a percentage, so bear that in mind if you intend to buy more than once.
Some Litecoin casinos do allow you to buy Litecoin from them, but the fees here are often higher, so make sure you do your due diligence before choosing that option.
Best Litecoin Gambling wallets
Once you’ve bought your Litecoin you will want to store it in a wallet.
Leaving it on an exchange is not a great idea for security reasons, while some exchanges do not facilitate the sending of Litecoin to online casinos.
There are lots of Litecoin-supporting wallets out there but not all of them are reputable, so, again, make sure you do your research before you plump for one.
There are different types of wallet open to you, each with a different balance of security and convenience – generally speaking, higher security = less convenience.
This guide breaks down the different types of wallets and their benefits and drawbacks, but some good examples to check out are Exodus, Electrum Litecoin, Trezor, and Trustwallet.
The key thing to remember about Litecoin is that you are your own bank – there is no customer service on hand if you send it to the wrong address or it gets stolen from your wallet.
For this reason you should take the storage, and sending, of your Litecoin very seriously.
Litecoin Gambling Conclusion
As we have explored, Litecoin is a great currency for gambling, and has been for many years.
Many Litecoin casinos have quality games and lots of chances to win big, and with Litecoin being accepted almost everywhere that Bitcoin is, the options for Litecoin gambling are only going to grow and improve.