Litecoin is a cryptocurrency for online transactions use. Very popular for its speed and efficiency and is dedicated to smaller transactions. This electronic currency is widely used in the world of gambling and especially in online casinos. How does it work, what are the advantages of a Litecoin casino, and is it possible to validate bonuses with this payment method? We will tell you everything you need to know in this review.
Online casinos are known for having a multitude of payment methods. From traditional credit cards to wire transfers to prepaid tickets, there's something to suit every player's requirements. Cryptocurrencies joined the circle a few years ago and are increasingly being used for many benefits.
Litecoin uses a peer-to-peer system and offers a very smooth operation. It can be found on many Litecoin roulette sites, you can check here. They have selected the best.
What is the Litecoin payment method?
Litecoin is a virtual currency that works based on a peer-to-peer process. It was created in 2011 by Charlie Lee to make smaller transactions. This currency offers better efficiency and is suitable for everyday use, unlike Bitcoin, which is used for heavier and long-term transactions.
Thanks to blockchain technology, Litecoin allows for multiple transactions between multiple computers or even multiple companies. Its decentralized payment system is not subject to any government control.
How does Litecoin work?
Litecoin is based and inspired on the same operating principles as Bitcoin. Payments are made from any computer capable of generating many units. It uses a mining system and differs from Bitcoin's ability to reproduce up to 4 times more monetary units.
In fact, it takes 10 minutes to confirm a block with Litecoin, whereas for its cousin Bitcoin, it takes about 30 min to confirm a block. Litecoin also uses Atomic Swaps technology, whereby exchanges between crypto-currencies are independent of an exchange platform.
How to use the Litecoin payment method?
Even though Internet users do not know this virtual currency very well, you can find it on several gaming platforms such as sports betting sites or poker. Nevertheless, some online casinos have adopted Litecoin to benefit from its speed and efficiency.
How to deposit at a Litecoin casino?
To deposit at a casino using Litecoin, you must first set up a Litecoin wallet. Depending on your device (computer, smartphone), there is a specific wallet. Some online casinos will make it available to you directly, so you don't have to download it.
The e-wallet gives you a public address from which you can receive transactions. You will also have secret codes that will allow you to authorize any transaction with Litecoin. Once you have purchased your Litecoin, you can use it to make your deposit. The process at this point is straightforward:
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You activate the deposit button;
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Choose Litecoin as your payment method;
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At this point, the public address of the online casino or its QR code will appear;
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You will then have to scan the code or retrieve the address to make the payment by indicating the amount.
How do I withdraw my winnings with Litecoin?
Just like deposits, it is possible to withdraw your winnings from an online casino with Litecoin. The process is quite simple and ultra fast, as you can simultaneously make a deposit and a withdrawal. All you have to do is:
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Select Litecoin as the payment method for withdrawing funds;
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You will then need to fill in your public address, which will allow your account to be credited;
The processing time of the transaction is a tremendous advantage because, after 10 min, you will see the funds appear in your account.
The advantages and disadvantages of a casino with Litecoin
The Litecoin payment method offers multiple advantages, with speed being the most prominent. Transactions are ultra fast. Whether you want to make a deposit or a withdrawal, the time frame is 10 minutes. You can play at an online casino immediately after initiating the transaction. The same goes for withdrawals, which are not as fast in a bitcoin casino.
Transactions are anonymous. If you're a stickler for discretion, payments with Litecoin will allow you to remain anonymous. Your public address is the only information you will provide to the platform for all transactions.
There are no additional fees for transactions except for a minimal retrieval fee.
You have the option to make deposits and withdrawals using the same payment method.
Of course, there are some drawbacks to using Litecoin for online casino transactions. As a virtual currency, it is risky because of its volatility. In addition to being backed by a blockchain system that is not based on global regulation, it is constantly changing.
Litecoin Casino Bonuses
The question about bonuses is a significant concern for all online casino players. Yes, getting bonuses when playing at a Litecoin casino is possible. You will find a bonus on all Litecoin deposits at many casinos. Others offer bonuses to loyal players who belong to the VIP circle. In addition, you will usually get a welcome bonus on your first deposit.
How secure is Litecoin?
With Litecoin, you must keep your secret codes safe to limit any risk of hacking. The recommendation is to keep them on a device that is not connected to the internet.
Furthermore, to confidently trade in an online casino, you must ensure that competent institutions regulate it. Only the security measures put in place on the platform guarantee its reliability.
Fortunately, you won't have to put in much effort, as we have selected the best online casinos that allow payments with Litecoin.
Our opinion on Litecoin
At the end of this review of the Litecoin payment method, it is clear that it is a fast and easy way to make your transactions at online casinos. This cryptocurrency allows both depositing and withdrawing funds on the platforms in a short turnaround time. It is particularly appealing to players because of its confidential nature, which enables them to remain anonymous.
However, like all virtual currencies, Litecoin is quite volatile and thus presents a risk to users. However, if you only use it for your online transactions and in a sensible way, it should not be a problem. Its security at online casinos depends on the platform you are on.
Frequently asked questions
How long does a Litecoin transaction take?
Deposits and withdrawals made with Litecoin are processed within 10 minutes. This is one of the most significant advantages of this currency.
What is the minimum requirement for depositing with Litecoin?
Litecoin is free to use and does not require a minimum for transactions. However, online casinos usually set a minimum amount for transactions.
Can I use Litecoin at all casinos?
Not all online casinos allow payments with Litecoin. This method is not very popular with Internet users.