Litecoin Casinos 2024

peter_schmidtPeter Schmidt
4 min read
Litecoin Facts
litecoin-logo
Creator:Charlie Lee
Launch:2013
Abbreviation:LTC
Development:Litecoin Foundation Ltd.
based in:Singapore
Website:litecoin.org
Best LTC Casino:Stake Casino

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.

Play with LTC at Stake

Contents

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.

litecoin-crypto-currency-mobile-downloadMoreLess

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.

cloudbet-litecoin-welcome-bonusOne exception is Cloudbet! New customers get a Welcome Bonus up to 5 LTC.MoreLess

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?
  5. Can I get a bonus 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 any other cryptocurrency. But crypto wallets will have transactions fees for buying, selling, and exchanging. That means there will be a fee associated with your deposits and withdrawals. And there are also fees to exchange LTC to Canadian dollars or any other fiat, if you are looking to eventually make such a trade.

feeAs for the specifics, these fees will vary between wallets. And sometimes, between the different digital coins. In general, however, the good thing to note here is that Litecoin is known to have a low transaction fee, which is one of the distinct advantages of choosing to bank with LTC.

Back to FAQ

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

Bitcoin is obviously still the more popular cryptocurrency, and the one whose name is essentially used interchangeably with the term crypto itself. However, Litecoin does have a number of advantages over Bitcoin.

The most obvious one is the fact that Litecoin's price is significantly lower than Bitcoin. That means you can buy Litecoin with a lot less money, so there's much less of an entrance barrier.

And since its purchase price is multitudes lower, if you already own Litecoin, its inevitable volatility will be less painful should the currency's value go down, resulting in only a few dollars lost rather than thousands with Bitcoin.

In addition, LTC generally has cheaper transaction fees, and is quicker in that it can handle more transactions per second than BTC. Litecoin also has a larger supply of tokens, which means its network is considered more liquid than Bitcoin's.

Back to FAQ

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

As long as you choose to play at a licensed online casino, 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. In reality, gambling with cryptocurrencies is no different from regular online gambling.

warning iconJust make sure when you do a Litecoin transfer (or any crypto transfer) to get the address right. Otherwise it will be near impossible to track your funds and recoup them should you make an error.

Also, of course, keep your LTC safe by storing it properly. Many would say hardware wallets are the most secure option for storage in general. Though what's called a hot wallet is often better for storing crypto that you're planning on using in the near future for casino gambling or other purposes.

Back to FAQ

4.) Can I cash out with LTC?

Yes, of course, you can absolutely cash out in Litecoin. It is, after all, treated exactly like any other currency by the casino.

transactionJust keep in mind that most crypto casinos, just like standard online casinos, will only let you conduct transactions in the same currency for both directions. So just like you would expect to deposit and withdraw in say CAD, you can deposit and withdraw in LTC. If you made your deposit in a different digital coin, needless to say, you could not then switch to LTC for cashing out. But you could simply cash that crypto out, and then swap it for Litecoin on any given crypto exchange.

Back to FAQ

5.) Can I get a bonus with LTC?

The welcome bonus has become somewhat synonymous with online gambling. And most online casinos offer at least some sort of match deposit bonus to get you started; sometimes even throwing in some free spins to spice things up.

That being said, this is probably where you'll notice the difference between crypto and traditional online casinos most. That's because while you can find a crypto welcome bonus, that is not always going to be the case. If however, the casino does offer one, then in all likelihood, if it also accepts Litecoin as a payment method, you can claim your welcome bonus in LTC too.

Back to FAQ

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: Peter Schmidt
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