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What is Litecoin and how does it work?

Litecoin (LTC), started off as a derivative of Bitcoin in October 2011. The cryptocurrency was created by Charlie Lee who is an American computer scientist. By then, he was Google’s employee and he started writing Litecoin’s code during his free time. His idea was to create a cryptocurrency that’s bigger and better than Bitcoin. He dreamt of a crypto that would be more efficient in serving even smaller transactions.

The Litecoin network was launched in 2013 and today, it has become one of the best cryptocurrencies around. After his creation, in 2013 Lee was promoted to the position of the Director of Engineering at Coinbase. By 2017, he left the company so that he could dedicate all his time to the Litecoin Foundation.

After years of developing and working on the Litecoin foundation, LTC has become quite popular worldwide. Unlike other cryptocurrencies Litecoin emphasises more on allowing the average customer to mine Litecoins. The company also focuses on faster and cheaper transactions. As a result, Litecoin has quickly become one of the most used cryptocurrencies. Estimation was done revealing that there will be 84 million Litecoins which is four times more than Bitcoins circulation in the market.

More and more sports betting sites and online casinos accept Litecoin due to its domino effect. It’s speculated that people will turn into using cryptocurrency one day and if that works out, you can count on seeing Litecoin being accepted by BC.GAME and many other gambling sites.

Pros vs Cons of Litecoin Deposits

  • Extremely secure
  • Exceptionally fast
  • Strong economy
  • Truly private
  • A bit inconvenient
  • Not widely accepted

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5 Things You Should Know About Litecoin Deposits

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  1.  Litecoin isn't tied to a bank
    Just like other cryptos, LTC isn’t tied to any central bank. That’s because Litecoin’s value is strictly based on the currency’s current trading value on exchange sites.
  2. PRIVATE, SAFE AND SECURE
    Litecoin is a blockchain and many people prefer blockchain payments because they give you a combination of privacy, transparency and security. You can always view every transaction you make but at the same time, you will remain anonymous.
  3. LITECOIN DEPOSITS WORK EASILY
    By choosing a Litecoin wallet that holds your coins, such as Coinomi or Loafwallet makes things easier for you. Once you have your LTC ready in your wallet, you can choose to deposit at any Litecoin casino.
  4. LOWER FEES
    Fees charged for LTC transactions is a fraction of what you’d pay for other traditional payment methods, as well as other cryptos like Bitcoin.
  5. BETTER BONUSES
    Most Litecoin casinos offer their customers free spins and big deposit bonuses any time they make a deposit using LTC.

How to Use Litecoin to Deposit at Online Casinos

Depositing money at a casino using cryptocurrency is more difficult compared to deposits made through the traditional methods. However, the process isn’t so difficult and any player can successfully deposit money into their Litecoin casino account easily. Here are the steps to follow:

How to Make a Litecoin Casino Deposit
Estimated Time
10 min
What You Will Need
Litecoin online casino account
Equipment Required
A PC/mobile device and a good Internet connection
My Account
1
Log into Your Casino Account
Log into your casino account, navigate to the cashier section and choose "Litecoin"
Litecoin option
2
Select Litecoin
Navigate to the cashier section and choose "Litecoin"
Wallet Address
3
Copy the Wallet Address
Copy the casino's wallet address and go back to your crypto wallet
Crypto Wallet
4
Paste the Wallet Addres
Paste the casino's wallet address into the "SEND" section of your crypto wallet
Deposit
5
Make the deposit
Enter the amount you want to deposit and click "Confirm"

Litecoin vs Bitcoin - What’s the Difference?

Litecoin is the silver to Bitcoin’s gold, transactions are much faster, you incur fewer fees and the currency is less volatile. Litecoin produces more blocks thus all transactions are faster and cheaper than Bitcoin and other cryptocurrencies. It has a near-zero cost. For these reasons alone, Litecoin is much better if you want to gamble online.

There is a growing number of online gambling sites that accept Litecoin. There are also other hybrid casinos accepting fiat and cryptos including LTC. This rapid absorption of the payment option in the gambling industry can be attributed to how fast, safe and secure Litecoin is. However, Bitcoin still remains to be ahead of all cryptos.

Litecoin Casino Games

At the heart of any Litecoin gambling site lies an extensive selection of games. The excitement begins with the ever-popular slot games, where themes and graphics vary from the simplicity of classic slots to the engaging narratives of video slots.

You can expect to find traditional table games in a Litecoin online casino as well. Here, classics like Blackjack, Roulette, and Baccarat are reimagined in the digital space, offering players the luxury of a real casino experience from the comfort of their homes.

For those who favor a blend of strategy and chance, Video Poker stands as a testament to the fusion of traditional poker and slot-style play.Further enhancing the gaming experience, Litecoin online casinos also delve into specialty games like Keno and Scratch Cards, offering quick-play options for those in search of instant gratification.

However, the crown jewel of the best Litecoin gambling sites are the live casino games. These games break the virtual barrier, bringing players face-to-face with live dealers in real-time, all while maintaining the comfort and anonymity of online play.

There are various Litecoin casino bonuses meant to motivate gamblers to play Litecoin casino games more often. The special offers include welcome bonuses, deposit bonuses, and loyalty programs.

In essence, LTC casino games offer a rich and diverse gaming experience, tailored to the modern player. The combination of a wide range of games, Litecoin-specific bonuses, and the intrinsic benefits of using Litecoin, positions these casinos as a compelling choice for enthusiasts of online gaming and cryptocurrencies alike.

Litecoin Casino Safety - Is Depositing With Litecoin Secure?

Litecoin is encrypted, so your money is always safe as you move it around. Ever since it’s launching, Litecoin has never been hacked and this is thanks to the high security protocol employed by the company.

The greater concern is the safety of the crypto casinos. Many gambling sites come and go, so you have to engage yourself with the reputable ones. You will often see complains online from players who have withdrawn money from their accounts, but never received it.

To avoid such instances, only join the best online casino sites that have been around for a good number of years. Such Litecoin Gambling sites operate legally and are very secure. Most of them use the latest encryption technology to protect customers’ accounts and funds.

How to Withdraw Your Casino Winnings Using Litecoin

Withdrawing money from Litecoin casinos is different from the normal process used to withdraw at other online casinos. There are a few extra steps you have to complete so that your withdrawal goes through. Below is the step-by-step guide on the withdrawal process:

Log in to your casino account
Go to the cashier section
Ensure that you've fulfilled all withdrawal requirements
Enter the amount you wish to withdraw
Provide your wallet address and confirm the transaction
Your LTC wallet will be credited with the amount within minutes
Choose Litecoin as the withdrawal method

Litecoin & Taxes - Do UK Players Need to Pay Taxes for Litecoin Deposits?

In the UK, the rules are very straightforward about cryptocurrencies and taxation. As per Her Majesty’s Revenue and Customs (HMRC), you have to fill out tax on all your Capital Gains and profits acquired from assets. According to the HMRC, crypto is considered to be a digital asset. Therefore, if at any point you make profit by selling any crypto, you have to pay tax on it.

Generally, you only pay tax whenever a taxable event occurs. For instance, in the event your sell your Litecoin for fiat currency or exchange it for a different crypto, then you have to pay tax. But, if a taxable event doesn’t occur, you shouldn’t pay any tax. That means that if you deposit or withdraw Litecoin from online casinos you won’t pay tax.

3 Tips for Making the Most out of Litecoin Casino Deposits

If you are into crypto gambling, you should know that there is a lot to gain or lose depending on the currencies exchange rate. To translate it into casino terms, you should check if your casino converts your LTC to fiat currency once you deposit, or whether they keep it as LTC. The best Litecoin casino sites will keep your LTC throughout until you cash out.

Another tip is that you should always look out for Litecoin bonuses. One of the big pluses of Litecoin casinos is that they will offer you a deposit bonus upon depositing using LTC. Bonuses are a great way of enjoying and profiting while playing your favorite casino games.

Before joining any casino, you should go through their terms and conditions and check their rules on fees and charges. The good news is that most Litecoin casinos don’t charge any fee for deposits made.

Alternate Deposit Methods - Litecoin Alternatives

Apart from Litecoin and cryptocurrencies, there are many other payment methods accepted by online casinos. You will even find that Litecoin casinos accept traditional payment options such as e-wallets, debit cards and bank transfers. Here are the most popular alternatives you can use:

 Debit Cards

Debit cards offer the easiest and fastest way to fund your online casino account. There are several debit cards including Visa, Mastercard, Maestro and Visa Electron. Whenever you use any of these cards, money should appear in your account within moments. They are very safe and secure.

Infos on Debit Card Casinos

 PayPal

The vast majority of Litecoin casinos also accept PayPal as a payment method. PayPal is an e-wallet, whereby you own a virtual account that isn’t connected to any bank. This makes the method safer and your gambling transactions are kept off your bank statement.

Read more about PayPal Casinos

 Paysafecard

Paysafecard is a prepaid voucher system that can be used to purchase services online. It’s accepted by many casinos worldwide since it allows you to deposit money easily. The method doesn’t allow you to withdraw money through it meaning you will have to give your card details from withdrawals.

More on Paysafecard Casinos

Alternative Cryptocurrency - Can You Use Crypto Besides Litecoin at Online Casinos?

There are many cryptocurrency alternatives to Litecoin. The most popular cryptocurrencies accepted by online casinos are Bitcoin and Ethereum. Below are some of the most commonly accepted cryptocurrencies:

Frequently Asked Questions About Litecoin Deposits

Casino.online FAQ

What are Litecoin Casinos?

Litecoin casinos are online gambling platforms where you can play casino games using Litecoin, a popular cryptocurrency. These casinos offer various games like slots, table games, and live dealer games, similar to traditional online casinos but with the added benefits of using Litecoin.

How to check if an online casino accepts Litecoin?

Litecoin is picking momentum and nowadays there is no shortage of Litecoin casinos. You can check whether a casino accepts Litecoin by going to their official site, then go through the banking section and check if Litecoin is listed as a payment option.

Are Litecoin Casinos Legal?

It depends. The best Litecoin casinos are legit and reputable, but some gambling sites that accept Litecoin may be illegitimate, so you have to be keen. As always, check if the casinos is licensed and read the reviews posted online.

Are Litecoin Casinos safe?

Yes, most Litecoin casinos are safe. They use advanced encryption and security measures to protect your transactions and personal information. However, it's important to play at reputable and licensed casinos to ensure the highest level of safety. Look for casinos with a good reputation, a wide range of games, generous bonuses, strong security measures, and positive user reviews. Ensure the casino is licensed and regulated.

Can Litecoin be hacked?

Litecoin is highly secure, thanks to the good foundation of its block size and time. Hacking any blockchain is virtually impossible due to the complex architecture. LTC’s network is distributed across numerous computers and nodes, eliminating a single point of failure.

What are the benefits of using Litecoin at online casinos?

Using Litecoin offers faster transaction times, lower fees, increased privacy, and sometimes exclusive bonuses at online casinos.

How do I start playing at a Litecoin Casino?

To start playing, you need to have a digital wallet with Litecoin. After choosing a Litecoin casino, create an account, deposit Litecoin from your wallet to your casino account, and you're ready to play.

What can I do if my casino doesn’t accept Litecoin?

If your casino doesn’t accept Litecoin you have one option which is joining a Litecoin casino. You just have to look for another casino that accepts LTC, register for an account and start playing. Note that you can still keep your other casino account.

How long does it take to withdraw winnings using Litecoin?

Unfortunately, withdrawals are a little trickier than deposits depending on your choice of casino. But generally, Litecoin transactions are very fast and the clock in at around 2 to 3 minutes on average. However, some Litecoin casinos will take longer to credit your funds.

What is the minimum amount needed to withdraw or deposit Litecoin?

Litecoin doesn’t establish the exact limits in regard to the deposits or withdrawals you can make at online casinos. The casino operators are the ones that provide such limits and it’s upto you to confirm the minimum and maximum limits.

Is it free to open a Litecoin wallet?

The best and safest way to store your cryptocurrency is by getting your own crypto wallet. The most common LTC wallets are Electrum for Litecoin, LoafWallet, Jaxx, Coinomi and Litecoin wallet. Opening any of these wallets is free of charge.

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Joshua Rawlings Written by Joshua Rawlings