Litecoin is one of the most popular cryptocurrencies in the world. Hence, many say it is the second-best “coin” for online gambling. This digital currency is based on blockchain technology and was launched in 2011.
Litecoin is an Internet currency. The idea behind Litecoins is to enable instant online payments and transfers directly from peers to peers without an intermediary. In other words, to avoid unnecessary costs and to guarantee anonymity.
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As a quick and easy-to-use means of payment, Litecoin is becoming very popular, partly because more and more online casinos are accepting it for different financial transactions. Moreover, one small distinction between the two most popular cryptocurrencies, Bitcoin and Litecoin, is what sets the latter apart and makes it more popular with the online gamblers.
This small yet crucial difference is that Litecoin blockchain processes transactions faster (depositing and cashing out) and is capable of handling higher transaction volumes. Not only can it handle transactions more swiftly, but it is also cheaper than Bitcoin, so it’s no surprise that Litecoin is gaining momentum and being accepted in more online casinos than before.
To start, you first need to find a secure e-wallet in which to store your funds. There are many different options, from the mobile, web, desktop, and hardware wallets. Some of the most well-known are Jaxx, LiteVault, LoafWallet, Exodus, Ledger Nano S, and TREZOR. The last two are hardware wallets you can purchase separately. Hardware wallets are the most secure storage options. However, this superb security is coming with a “superb” price-tag: up to $100.
Another vital thing to know about Litecoin is the existence of Litecoin faucets. These are specific incentives, usually on a web page or an app, where you can earn small amounts of ‘litoshi,’ the one-millionth part of 1 LTC. Faucet’s aim is to educate people and popularize cryptocurrencies. You can finish some simple tasks, and some of them even allow you to decide how often to claim your prize. The most popular Litecoin Faucet is Moonliteco. Besides a faucet, Litecoin can be purchased with regular currencies and other payment methods.
How to Deposit via Litecoin?
First, make sure to check you have picked the cryptocurrency-based online casino with a live casino you like. Then find the cashier page and select the Litecoin to fund your casino account. You will be provided with a generated wallet address. Write it down as it is needed to finish the transaction. In some casinos, you will get a more suitable way of acquiring the wallet address – by scanning a QR code.
The next step is to enter the address the casino gave you into your e-wallet. Then specify the amount you want to deposit and confirm. It may take several minutes before the money is available for spending from your casino balance, but usually, the transaction is swift.
It is good to know that some casinos may reward the punters that make deposits in Litecoin with some generous bonuses, such as a welcoming bonus. Furthermore, a faucet is also typical in those casinos, as one more incentive to gamblers to collect more ‘litoshi’ and revisit the site.
How to Withdraw via Litecoin?
The vast majority of crypto casinos that allow deposits with these currencies will also allow you to withdraw the winnings the same way. However, be careful as there are exceptions, so before signing up with a casino, make sure to familiarize yourself with all the details regarding the cash-out.
The withdrawal is simple. Visit the banking page and select Litecoin as your withdrawal option. Enter the address of your wallet and choose the amount you wish to collect. The transfer should also be processed quickly.
Transfer Times, Fees, and Security
In most cases, the withdrawal procedure is fast, but in some online casinos, it may take a couple of days. A few gambling sites are offering instant payouts. Furthermore, it is not uncommon to see a casino imposing a minimum threshold to precondition the withdrawal.
As for depositing, the transfer is much faster, although there may be some delays, and the casino could charge a fee. The costs for depositing with Litecoin are insignificant. If you decide to buy a cryptocurrency on the market, you may incur certain costs.
The processing of a transaction lasts about 2.5 minutes thanks to the advanced blockchain technology. This is the reason why many gamblers prefer Litecoin to Bitcoin that needs 10 minutes to finish the action.
And finally, one of the biggest advantages of using these payment solutions is security. Cryptocurrency eliminates the need for credit cards, and, consequently, the need to use personal and sensitive data online.