Why use Litecoin for gambling?
Litecoin gambling has seen significant growth over recent years. More and more online casinos are adopting the coin as a preferred method of payment thus making it increasingly popular amongst crypto-gamblers and the reasons for this are obvious.
Litecoin was largely developed to address the speed and scalability issues that hampered Bitcoin. LTC betting offers a speedy transaction process that takes 2.5 minutes compared to Bitcoins 10 minutes. This allows Litecoin players to move their money to where it is the most useful very quickly. For example, if a bettor wants to place an in-game bet at a crypto casino where time is of the essence, Litecoin is a great form of money.
Transactions using LTC offer very low fees making it a cost-effective way to gamble. These fee savings can be used for extra betting value, particularly for those playing at the lower stakes.
Lastly a major reason that LTC online gambling has become so popular is that while it holds similar volatility as Bitcoin it does not hold the same value. Litecoin gamblers are able to place best with a cryptocurrency that is lower in price. Often gamblers are reluctant to let go of Bitcoin as it is of high value (and perceived future value), opting instead to use LTC for their gambling adventure and lowering the risk of big losses.
Litecoin Casino Reviews
Some of the best casinos in the cryptocurrency gambling industry offer LTC deposits and withdrawals. These Litecoin casino reviews are rated for their game selection, user experience, security and support (among other things).
Top 5 Litecoin Casino Reviews
Getting Started at a Litecoin Casino
Making an LTC deposit at your chosen casino couldn’t be easier. If you’re at all familiar with Bitcoin deposits and withdrawals then Litecoin is practically the same. For those new to Litecoin or cryptocurrencies in general, here’s a quick guide to getting yourself setup:
Download a Litecoin Wallet
In cryptocurrency land, a wallet is a piece of software that stores your funds. Different cryptocurrencies have different wallets and some wallets support multiple different cryptocurrencies. Fortunately for Litecoin bettors, there are a whole host of Litecoin wallets available to gamblers.
To help make your decision easier, the type of wallet best for gamblers are web wallets and desktop wallets. However, those looking to bet a mobile crypto casino will find the experience a little easier with a mobile wallet.
For now, you can ignore Litecoin’s hardware wallets (ultra secure and difficult to use day-to-day) or lightning wallets (there are currently very few lightning casinos available).
To gamble with Litecoin you have to own Litecoin. Visit any of the top Litecoin exchanges and make a purchase of your choosing. Some of the most well respected exchanges for buying Litecoin include:
- Coinbase (and Coinbase Pro)
Those residing in the United States can make a purchase at either Coinbase or Binance’s US subsidiary, “Binance US”. Players from anywhere else in the world can typically use any one of those Litecoin exchanges listed above.
Depositing LTC at your Casino
With a wallet chosen, funds purchased and a casino account registered, it’s time to make a deposit! Load up your casino’s Litecoin wallet and find its address. You can now copy that address and paste it into the send field of your LTC transaction.
Before making the deposit, be sure that you’re sending the transaction from the wallet software that you’ve just downloaded. Many users opt to interact with their casino directly from their exchange wallet but this is not recommended. The reason we advise against this is that some exchanges do not want to associate themselves with gambling. In these instances, exchanges have been known to close accounts relating to casinos and sportsbooks.
With your Litecoin transaction now sent from your brand new Litecoin wallet, the casino should receive your funds in approximately 2.5 minutes – not bad! You can always follow your transaction at a Litecoin blockchain explorer like Blockchair.com.