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. 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 Bitcoin’s circulation in the market.
Litecoin is now widely accepted by online casinos 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 many gambling sites.
Pros vs Cons of Litecoin Deposits
Hacking this blockchain is literally impossible due to the way it’s been built.
Any payment done on a Litecoin casino should arrive in minutes if not seconds
Litecoin has a lower purchasing price compared to other cryptos such as Bitcoin
Banks are not involved in the transaction, and no one but you and the casino knows about it
A bit inconvenient
Extra work is needed to transfer Litecoin, especially if you are a new user
Not widely accepted
You might also struggle to find online casinos accepting LTC
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5 Things You Should Know About Litecoin Deposits
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.
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.
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.
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.
Most Litecoin casinos offer their customers big deposit bonuses any time they make a deposit using LTC.
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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
Log in to your Litecoin casino account
Navigate to the cashier section and choose Litecoin
Copy the casino’s wallet address
Go back to your crypto wallet and paste the wallet address in the ‘Send’ section
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 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.
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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 online casinos. Many gambling sites come and go, so you have to engage yourself with the reputable ones. You will always see complains online from other players who have ever 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 sites operate legally and they 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
Your LTC wallet will be credited with the amount within minutes
Provide your wallet address and confirm the transaction
Choose Litecoin as the withdrawal method
Ensure that you’ve fulfilled all withdrawal requirements
Go to the cashier section
Enter the amount you wish to withdraw
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 online 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 deposit bonuses upon depositing using LTC. This is a great way of enjoying and profiting while playing at online casinos.
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 transfer. Here are the most popular alternatives you can use:
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.
How to Deposit with a Card
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.
How to Deposit with PayPal
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.
How to Deposit with Paysafecard
Alternative Cryptocurrency – Can You Use Crypto Besides Litecoin at Online Casinos?
There are many cryptocurrency alternatives to Litecoin. The most popular alternatives accepted by online casinos being Bitcoin and Ethereum. Below are some of the most commonly accepted cryptocurrencies:
Bitcoin is the most used cryptocurrency at online casinos and that’s why it’s referred to as the “King of cryptocurrencies”. In many ways, Bitcoin isn’t much different from Litecoin since the latter is considered to be the former’s brother.
One of the main benefits of playing using Bitcoin is that you have total anonymity. You also enjoy fast deposits and withdrawals.
How to Deposit with Bitcoin
Ethereum follows Bitcoin in popularity among online casino players. It’s accepted by many online casinos around the world. Ethereum offers even faster transactions that BTC and you enjoy safety and anonymity at the same time.
Ethereum casinos have lower transaction fees and this has made the method a popular option.
How to Deposit with Ethereum
Ripple is another alternative to Litecoin. A major benefit of using Ripple as a payment method is that you can use it to deposit and withdraw large sums of money at online casinos.
The cryptocurrency is very versatile and it has a lot to offer in terms of wallet availability and exchange rates.
How to Deposit with Ripple
Frequently Asked Questions About Litecoin Deposits
How to check If an online casino accepts Litecoin?
Litecoin is picking momentum and nowadays you will hardly miss Litecoin casinos. You can check this by going to a casino’s 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 gambling industry is wide and most casinos are untamed. Since there are many Litecoin casinos out there, some legit and others illegitimate, you have to be keen. As always, check if the casinos is licensed and read the reviews posted online.
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.
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.
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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