Litecoin Casinos 2021

martin-hillMartin Hill
3 min read
Litecoin Facts
litecoin-logo
Company: Litecoin Foundation Ltd.
Founded in:2011
Headquarters:Singapore
CEO: Charlie Lee
Website:litecoin.org
Available in:100+ countries
Available in Canada: since 2013
E-Mail:contact@litecoin.org
Best Litecoin Casino:20Bet Casino
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Litecoin, or LTC, began as a spinoff from Bitcoin in October 2011. Its creator, Charlie Lee is an American computer scientist. Lee was then a Google employee and wrote the code for Litecoin in his spare time. The idea was to build a cryptocurrency that is more efficient than Bitcoin and that could better serve smaller transactions. In 2013, the Litecoin network was launched. Today, it is one of the top cryptocurrencies.

worker-64x64.pngAfter creating Litecoin, Lee became the Director of Engineering at Coinbase in 2013. He left in 2017 to dedicate his time fully to the Litecoin Foundation.

With its emphasis on allowing average consumer grade hardware to mine Litecoins instead of the specialised hardware that Bitcoin requires, as well as a focus on faster and cheaper transactions, Litecoin has quickly become one of the biggest cryptocurrencies. It is estimated that there will soon be 84 million Litecoins, which is four times more LTC than BTC in circulation on the market.

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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.

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As one of the more established cryptocurrencies, Litecoin is now available in over 100 countries. Players in Canada can use their LTC at these online casinos. The casinos here are all licensed and regulated.

How to Use Litecoin at a Casino

LitecoinIf 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:

  1. Once logged into your casino account, go to the banking section
  2. Select Litecoin as your payment method
  3. Specify the amount you want to deposit
  4. A unique wallet address will be generated
  5. Enter the address into your cryptocurrency wallet and confirm the transaction
  6. 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.

Pros:Cons:
  • 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.

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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.

attentionTip: It’s also worth considering how long you think you will play with each deposit. The longer the timeframe, the greater the possibility for a significant change in exchange rate. It’s also worth remembering that you don’t always have to withdraw right away. You can also wait for a better moment when the rates are better.

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.

Litecoin Casino FAQ

  1. Are there fees for using LTC at online casinos?
  2. What’s the advantage of Litecoin over Bitcoin?
  3. Is it safe to use Litecoin at online casinos?
  4. Can I cash out with LTC?

1.) Are there fees for using LTC at online casinos?

Most online casinos do not charge any fees for deposits or withdrawals made in LTC or other cryptocurrencies, but cryptowallets will have transactions fees. These fees will vary between wallets. There are also fees to exchange LTC to Canadian dollars.

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2.) What’s the advantage of Litecoin over Bitcoin?

For those looking to get into cryptocurrencies, Litecoin’s price is lower than Bitcoin. That means you can get started with a lot less money.

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3.) Is it safe to use Litecoin at online casinos?

license iconAs long as you stay with licensed online casinos, it is perfectly safe to use LTC for online gambling. The casino’s licence ensures that games are fair and that the highest security standards are met. Gambling with cryptocurrencies is no different from regular online gambling.

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4.) Can I cash out with LTC?

Whether you can cashout in LTC will depend on the specific casino. Some casinos will convert your LTC to fiat when you make your deposit, while others such as 20Bet will keep it LTC throughout.

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The Expert Conclusion on Litecoin Casinos

thumb up iconThose who have been on the crypto scene for a while will know that Litecoin is a solid choice. It may not have had the hype around it like Bitcoin or Dogecoin, but it’s a well thought out and executed cryptocurrency. Designed to serve smaller, everyday needs, Litecoin also has a much more budget friendly price point if you want to get into it. And if you hold any LTC, you will find that there are enough good online casinos that will let you bank with it.

As with all things related to crypto and casino, make sure you keep an eye out for transaction fees charged by your wallet and the latest exchange rates. And with that, you’re good to go!

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Author: Martin Hill
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