|Information about Litecoin|
|Year of Publication:||2011|
|Support:||Litecoin Foundation Ltd.|
|Best Litecoin Casino:||Stake|
First released on October 7, 2011, Litecoin, which is often abbreviated to LTC, is the brainchild of American computer scientist Charlie Lee. To this day, he is considered the chairman of the now established Litecoin Foundation and is responsible for new projects and the further development of blockchain technology.
Interesting fact: Lee worked at Google until 2013, and only then did he switch to Coinbase, where he then came up with the idea for LTC.
In 2017, the majority of all coins had already been sold, but it had been decided to expand the LTC "ecosystem". Today, it is estimated that there are approx. four times more LTC than Bitcoins on the market.
While it is known that Litecoin is based on the protocol of the more widely used Bitcoin, the cryptocurrency nevertheless differs from its "role model" in several respects at once.
- For example, the hash algorithm was generated completely from scratch for the coin.
- In addition, there is a upper limit, which is significantly higher than for the BTC.
- Likewise, the block transaction times are not comparable with those of bitcoin.
To release the cryptocurrency, developer Charlie Lee used an open-source client from GitHub. The major commonality with BTC is the Peer-to-peer network, over which all transactions take place. Balances and expenses are listed here.
New blocks are generated by the network every 2.5 minutes, which is a total of four times faster than the better-known cryptocurrency. Today there are said to be around 70 million Litecoins in circulation today. are in circulation.
Table of Contents
- The best Litecoin casinos
- How Litecoin works in online casinos
- Advantages & disadvantages of Litecoin casinos
- Tips & tricks for paying with Litecoins
- Litecoin FAQs
- Conclusion about Litecoin Casinos in Australia
The best Litecoin Casinos in the test
In the meantime the peer-to-peer currency, also called cryptocurrency, has established itself in Europe – as well as in more than 100 other countries.
The Paying by LTC is possible today, for example, in the following online casinos via corresponding crypto wallets:
How Litecoin works in the online casino
The basic prerequisite for depositing in the casino with LTC is, of course, to be in possession of the cryptocurrency. Various wallets are suitable for use as exchanges at the same time. For example, on Bitpanda a any amount of euros can be converted into Litecoins. be converted.
Here are all the steps in a nutshell:
- After successful registration in the casino, you need to open the cashier
- Select Litecoin as the payment method
- Enter the amount that corresponds to the set limits
- Click continue – a new wallet address will be generated automatically
- Log in to your personal LTC wallet
- Enter the address and confirm the transaction
- Go back to the casino, the credit should now have taken place
At times, there are quite few online casinos that allow direct transfer of Litecoins, including, for example, the 20Bet Casino or also Playamo, just to name a few. Mostly, the way leads through the unique address generated by the company, which is also valid only once. Through this, the booking can be traced exactly and the amount can be correctly assigned to a player.
Advantages & disadvantages of Litecoin casinos
- What are the advantages of Litecoin as a casino payment method?
- What are the disadvantages of Litecoin casinos?
1.) What are the advantages of Litecoin as a payment method in the casino?
Probably the biggest plus point is that Litecoins can still be bought at buy Litecoins at comparatively low prices. can be bought. Those who already stocked up on the cryptocurrency in December 2014 were possibly able to take advantage of the increase in value, because LTC could be bought for only 4.77 USD. Today, the value is significantly higher.
Setting up a Litecoin wallet is comparatively simple. Coins can be purchased there like on an exchange platform. Another advantage is that cryptocurrencies as a whole are becoming more and more popular. This is just as true for LTC as for e.g.
- Bitcoin Cash
The most important advantages of Litecoins at a glance:
- Fast settlement via provider-generated address
- Banks are completely out of the picture
- No disadvantages in case of market crashes
- Real-time transactions possible
- Low purchase price
The question of legality can be answered quickly. In established online casinos, value has always been placed on respectability – especially with regard to payments. Accordingly, as a player, you can expect to find only those options that are permitted in this country. Even well-known wallets like Skrill and Neteller now allow payment with cryptocurrencies, but here it is primarily bitcoin.
2.) What are the disadvantages of Litecoin casinos?
LTC is not as well-known as Bitcoin, but we assume that many people are familiar with the cryptocurrency by now. While the price is lower than the big role model, we have to mention at this point the Fees in the crypto wallet have to be mentioned. However, these beat for all cryptocurrencies so they are not unique to Litecoin. On the contrary, LTC is one of those digital coins with the lowest network transaction costs..
And also in terms of distribution, the gap to Bitcoin – at least in the crypto gambling scene – is not too big anymore: many casinos that accept Bitcoin also allow transactions with Litecoin. So the disadvantages are quite manageable.
The disadvantages at a glance:
- Exchange fees in the wallet
- Exchange rate losses due to price fluctuations possible
When we asked 20BetCasino, one of the pioneers in crypto payments, they told us that the winnings are always paid out in the currency that was used by the player when depositing. So, if you fill your player account with LTC, you will also get it back if you win.
Here, however, one must bear in mind the sometimes significant exchange rate fluctuations in the back of your mind. Currently, Litecoin may be relatively stable. However, there have already been times when the coin value has fallen by around 70%.
Tips & tricks for paying with Litecoins
The most important thing is to deal with the offered wallets before choosing a crypto casino. Not every one is equally good in this regard. This becomes clear in particular with Look at the already mentioned fees for an exchange. Customers can deposit in most real money currencies after opening their personal account.
How high the costs are, in turn, can vary significantly depending on the wallet. It makes a difference whether the exchange is charged with 10 or 20 percent, so it is advisable to make the comparison beforehand and ask the support if necessary.
It is also worthwhile to keep an eye on the always keep an eye on the value of the LTC. If you are planning to play with Litecoins in the online casino, it is best to buy some when the rate is just down. As already explained, the fluctuations are hardly as dramatic as they were at the beginning of the market launch. Nevertheless, especially with a larger investment in LTC, every euro difference can be decisive.
"Even in the preferred online casino that accepts cryptocurrencies, there are some things to consider. Important for many players is the question whether a deposit with Litecoin is still entitled to the welcome bonus. This is usually clarified directly. If not, a short live chat with customer service will help in that case as well." Kevin Lanson – Casino Expert and Author
Litecoin meets similar security standards as the Bitcoin and more and more online casinos are accepting it as a payment method. The general conditions, especially limits, should be checked more closely in advance. Mostly significantly higher transactions are possible than with payments in real money currency. We have listed some of the most important user questions and answer them in our Litecoin FAQs.
- Is the Litecoin deposit in the casino subject to a fee?
- Is there a Litecoin bonus at the casino?
- Is it worth buying Litecoins for casino games?
- Is it safe to pay with LTC in the casino?
- Can I withdraw casino winnings with Litecoin?
- What Litecoin alternatives are offered at the casino?
1.) Is there a fee for depositing Litecoin in the casino?
The most popular crypto casinos charge for the transaction in the casino account with Litecoin no fees. This applies to deposits as well as to the withdrawal of winnings.
However, one should not compare the processing fees usually not assessed by the casino with the fees incurred on crypto wallets when making crypto payments, this also applies to LTC. network transaction fees confuse. The respective gambling provider has no influence on the latter Gambling provider has no influence on the latter.
Likewise chargeable is itto exchange real money currencies for Litecoin on the preferred crypto exchange. This step is required for all those who do not own Litecoin and want to make a deposit with LTC to the casino. The costs depend crucially on the preferred wallet.
In addition to the network transaction fees incurred, the timing of the timing of the exchange is crucial. It makes perfect sense to wait for a favorable "rate moment".
2.) Is there a Litecoin bonus in the casino?
It all depends on which online casino you choose. Some providers exclude various payment methods. Best known are Neteller, Skrill and partly also the newer Jeton. Likewise, it can happen that transactions with Litecoin do not qualify for bonus credit, as is the case with Playamo, for example.
For example, if you are interested in companies like Bitstarz for example, will definitely benefit from a welcome offer – even if the deposit is made via LTC.
3.) Is it worth buying Litecoins for casino games?
If you are new to cryptocurrencies, Litecoin is certainly a good choice. On the one hand, there are more and more online casinos that accept the digital currency. On the other hand, a LTC is significantly cheaper than the well-known Bitcoin.
Price fluctuations (see chart below) are, as with all cryptocurrencies that are not stable coins, of course common and to be expected. However, Litecoin is considered to be well-respected, is popular within the crypto scene and has been among those digital currencies with a particularly long holding period. All this gives reason to believe that Litecoin will be able to maintain its position for a longer period of time.
4.) Is paying with LTC in a casino safe?
Nowadays, peer-to-peer networks, on which Litecoin is also based, are protected according to the highest standards. Thus, the payment is not only reliable, but also encrypted. Thus, it is almost impossible for unauthorized persons to specifically access one's own LTCs.
Accidental" payments are also secured, according to Litecoin.org. Before a booking is made – to the casino or to other wallets – it must be confirmed by an encryption password. This, of course, no one knows except the customer himself. Transfers are not possible without a password. However, without it, you have access to the current account balance and can also track when which bookings were made.
Interesting: The Litecoin Foundation focuses on teaching customers how to handle their capital consciously. One should consciously decide for a payment and be able to consider through the history whether such a payment in the planned amount actually makes sense. All in all, LTC payments to online casinos are safe.
5.) Can I withdraw casino winnings with Litecoin?
In general, it is possible to withdraw casino winnings with LTC. The prerequisite for this is that the chosen provider accepts Litcoin as a means of payment, the deposit was made with this coin, and the winnings achieved are withdrawable (i.e. are not still tied to bonus turnover conditions, for example). An exchange of the token is possible at any time after the distribution has been made in the preferred crypto wallet.
Good to know: The payout is also made in LTC when it comes to crypto casinos that display balances in euros or other real money currencies for the sake of simplicity.
6.) What Litecoin alternatives are offered in the casino?
Litecoin is accepted for payment in more and more casinos, but there are quite a few alternatives, especially in crypto casinos. The most common cryptocurrencies, which are already accepted by more and more providers, are: Bitcoin, Bitcoin Cash, Ethereum, Ripple, Tron Dogecoin, Tether and Eos.
However, there are also platforms where the choice is even far greater. At Stake, for example, you can choose from 19 alternative coins in addition to Litecoin.
Conclusion about Litecoin Casinos in Australia
- Paying with LTC is absolutely safe.
- The crediting of a deposit takes place in real time.
- Advantageous is also the fact that Litecoins are significantly cheaper in the acquisition than the better known Bitcoins.
TIP: If you are a little familiar with the matter, you even have the opportunity to mine LTC. One block currently has an equivalent value of 12.5 Litecoins.
The bottom line is that we are not only dealing with a reliable payment methodbut also with a lucrative source of income – although that is, of course, another matter.
Highest security standards are a matter of course with Litecoin. Especially in view of this fact, the method is becoming attractive for more and more players in Australia.
However, when considering making deposits via LTC, one should by no means disregard the transaction fees. Better conditions would be desirable, which are quite realistic if Litecoin continues to establish itself in the gaming industry and on the market in general in the coming years.
More reputable casinos with Litecoin
Author: Kevin LansonEvaluated: LitecoinAuthor Rating: