Litecoin

Litecoin (LTC) is one of the biggest cryptocurrencies on the planet and is globally accepted. It came about as a hard fork of Bitcoin; however, today, it’s one of the biggest alternatives to it, with a much higher hard cap of 84 million and faster transactions due to its capacity to handle over 50 of them per second. 

Being a cryptocurrency, Litecoin doesn’t come with jurisdiction limits and is only unavailable in less than a dozen nations where crypto is banned. This makes it an excellent option in crypto online casinos — in fact, it is now among the default coins in casinos that offer crypto payments. 

Why Should I Use Litecoin in Online Casinos?

The primary reason for Litecoin’s use in online gambling is the fact that it’s a cryptocurrency. Most cryptos are suitable for online casinos, as they are faster, cheaper, and often safer alternatives to fiat payments. As for Litcoin specifically, it’s primarily sought for its similarity to Bitcoin and faster transaction speed. 

However, if you want to gain a better understanding of why it’s used, you should consider the main benefits:

• Faster transactions — The Litecoin blockchain can handle over 50 transactions per second, which typically translates to a transaction speed of only a few minutes, rarely over 10. That’s how long you’ll wait for a casino deposit or withdrawal to get processed.
• Meager fees — Even though this depends on the transaction and how crowded the network is, you’ll usually see transaction fees of less than a single US cent, and if they do get higher, it will only be up to $0.02.
• High security — Litecoin uses the same underlying blockchain technology as Bitcoin, so you can expect high-security standards and a decentralized architecture that’s nearly impossible to break. 
• Broad accessibility — This is one of the major cryptocurrencies, meaning it’s available as a payment option in most crypto casinos. Moreover, since crypto is legal or unrestricted in the majority of countries, it’s widely available across the planet. 

How to Deposit LTC at an Online Casino

Once you’ve settled on a casino, here’s what you’ll need to do to complete a successful Litecoin deposit:

1. Create an account: Visit the casino's official website and click the Join/Register/Sign-up button. Follow the registration process to the end by providing all the required personal info (email, name, address) and ensuring the data is accurate. 
2. Verify your account: You’ll likely have to verify your email or phone number via SMS. If the KYC process is in place, it will come much later, before your initial withdrawal. 
3. Visit the Deposit section: Once your account has been verified, you’ll automatically be logged in and likely transferred to the Deposit section. If you’re not, you can access it yourself — you’ll find it next to your balance or within the Account area. 
4. Choose Litecoin: Look through the available payment options in the Deposit area and select Litecoin (LTC). It might be grouped with other cryptocurrencies, so select this section in order to find it. 
5. Scan the QR code or copy the address: Once you’ve opted for LTC, the casino will offer a written address or QR code for their own Litecoin address. Open your crypto wallet and scan the QR code. Alternatively, copy/paste the written address. 
6. Input the funds: Enter the amount you wish to deposit to the casino. Ensure it’s enough to cover the minimum requirement for the welcome bonus in case you want to claim it. 
7. Make the transfer: You can complete the transaction once you’ve provided all the details and double-checked everything. The funds should reach the casino within a few minutes — the average time it takes for an LTC transaction to get processed by the network. 

How to Withdraw LTC from an Online Casino

Withdrawals are even simpler than deposits. Here’s a generalized breakdown of the steps:

1. Visit the Withdrawal section: Log in to your casino account and visit the Cashier or Account area. Locate the Withdrawal section. 
2. Choose Litecoin: Find LTC among the available methods just as you did for deposits. 
3. Input your Litecoin address: Copy your Litecoin address from your wallet and paste it into the designated field in the casino. 
4. Input the amount you wish to cash out: Ensure you’ve completed the wagering requirements if you have any active bonuses, and input the amount you want to withdraw while making sure it’s within the limits the casino imposes. 
5. Complete the payment request: Double-check everything and complete the payment. The casino will likely have a system that automatically handles crypto withdrawals, so you’ll only need to wait for the LTC blockchain to process the transaction.

Litecoin Fees and Limits

Litecoin’s fees are usually below a single US cent. Naturally, the exact amount you pay depends on the value of LTC at the time and how clogged the network is. However, it will still be lower than $0.02 in most cases, which makes it a very cheap option for deposits and withdrawals. 

Note that these are the fees you pay to the Litecoin network — that is, to the miners for processing transactions. Online casinos rarely take a cut from crypto payments. 

The amount limits depend entirely on the casino. Litecoin, like most cryptocurrencies, doesn’t place a cap on how little or how much you can send or receive. However, most casinos will have a minimum requirement similar to its site-wide minimum, usually $10 or more. At the same time, the maximums will vary greatly, with some casinos letting you deposit or withdraw only up to $10,000 and others going as high as $1 million. 

Litecoin Pros and Cons for Casino Payments

Here’s a quick overview of the pros and cons of using Litecoin for online casino payments:

Pro:

• A very fast payment option for withdrawals
• Network fees typically below $0.01
• Generally offered as a payment option in casinos
• Rarely charged casino fees on LTC payments
• Offers a great deal of privacy and very high security

Contro:

• Volatile price
• Not as widely accepted as fiat options
• Uncertain regulatory situation
• Deposits that take a few minutes

How Does Litecoin Compare to Alternatives?

When it comes to traditional fiat payment methods, like credit cards and bank transfers, Litecoin is faster (at least in terms of withdrawals), and its fees are much lower. It also offers better privacy and broader availability since casinos have to respect stricter regulations when offering fiat payment options. The same can be said when you compare the coin to e-wallets, but the transaction speed is generally similar. 

The situation gets more complicated when LTC is assessed against other cryptocurrencies. For instance, Bitcoin and Ethereum are more prevalent, but fees are much higher, and transactions are slower. Tether can be a better alternative if you want a stable crypto value with fast transaction times. Dogecoin is also a good alternative, as it’s common in casinos, and the payments are faster, too.