Page updated on 02.07.2020
LTC – Litecoin Casinos
In the past, playing at an online casino meant playing in euros, Canadian/New Zealand dollars, U.S. dollars, British Pounds sterling or some other primary fiat currency.
Nowadays, the number of accepted currencies has expanded to include cryptocurrencies such as Bitcoins (BTC), Ethereum (ETH), Dogecoin (DOGE) and of course, Litecoin (LTC).
Cryptocurrencies are digital currencies not backed by a country's central bank. Its value is mainly determined by supply and demand and can be extremely volatile. Like other cryptocurrencies like Ethereum and Bitcoin, Litecoin is an open-source and decentralised P2P digital currency. It is a relatively more liquid altcoin used in commerce, including online casinos.
Online Casinos for players using Litecoin
Online casino players after a casino that accepts Litecoin currency may be interested in some of our recommended casinos at FortunaOnlineCasinos.com. We provide an online casino review for each one where we look at their low wagering casino bonus, live casino bonuses, and/or casino cashback bonus. Our casino guide also covers accepted casino payment methods, slots/casino games/live casino games and player support.
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There are over 5,000 cryptocurrencies, and more are springing up all the time, but not all are equally as liquid meaning it may be hard to spend them, and their price may be more volatile. Payment fees in Litecoin are close to nil (0). Since it's decentralised, there are no banking intermediaries which also helps make it very swift.
The open-source nature of the technology behind Litecoin ↱ allows one to view the code, making it transparent and verifiable. You can store your Litecoins in a Litecoin digital wallet for safekeeping after purchasing them from a crypto exchange such as Coinbase, Kraken, Coinbase and Coinmama.
Other ways of getting your hands on Litecoins is through an international or local P2P network where you can purchase them, often with a credit card or bank transfer. Another way is by Litecoin mining which is the solving of an algorithm to process a block of transactions into the Litecoin blockchain. This method is very energy-intensive and not practical for most users. Finally, you can provide a good or service priced in Litecoins.
In many jurisdictions, gambling using Litecoin or any cryptocurrency for that matter is not explicitly illegal by a legislative framework. Very few countries, such as the United Kingdom, have expressly stated that it is legal to gamble with cryptocurrencies. Gambling with Litecoin is not illegal for many countries such as New Zealand, Canada, the United Kingdom and Czechia amongst others.
If you take some necessary precautions, online casinos that accept LTC can be as safe as other online casinos. The majority of crypto casinos, including Litecoin casinos, have a license from Curaçao, as opposed Malta (MGA), Sweden (Spelinspektionen) or United Kingdom (UKGC).
Onshore European licensed online casinos have a better reputation when it comes to player protection and anti-money laundering. The UKGC, Spelinspektionen and MGA have fined, issued warnings, suspended licenses and cancelled licenses.
It is commonly known that Curacao-licensed casinos are not as strict with their regulations. This means that you will need to be more cautious when choosing a mobile online casino accepting Litecoin. This does not mean that they are not safe, just that you need to do more homework.
A cryptographic technique called Provably Fair tests games of chance that use random number generators (RNGs) to ensure that the outcome of a round is free from manipulation.
Aside from fiat currency casinos, there are many altcoin casinos such as Bitcoin casinos, Ethereum casinos or Dogecoin casinos. While exchanging your Litecoins for another cryptocurrency or fiat currency might be the easiest route, this could cost you conversion fees.
If you're looking for an online casino accepting Litecoins, then we suggest you have a look at our recommended list here at FortunaOnlineCasinos.com
The best Litecoin casinos will allow you to make deposits to your player account and withdrawals back into your Litecoin wallet. To make a deposit, you'll need either the casino's QR code or Litecoin address. To transfer Litecoins to your player account, you'll also need your private key address.
Transferring Litecoins to your player account is very fast, taking only a few minutes. Before you know it, you'll be ready to play your favourite casino games, live casino games and slots for real money.
Withdrawing Litecoins from your player account back to your wallet also takes a few minutes but casino processing times vary from a few hours to a few days. To avoid needless delays, make sure that you verify your account by sending all requested documents right away. This process is for anti-money laundering purposes.
Yes - Many altcoin casinos, including Litecoin casinos, are likely to offer a welcome package. It might take the shape of a sign-up bonus, deposit bonus, cashback bonus, free spins or other. Some casinos even offer no deposit bonuses.
Often, qualifying for a bonus comes down to the casino's policy towards players from your country, currency and the payment method chosen. You should check the T&Cs to see if you qualify.
Remember that if you qualify, you may need to opt-in to receive the bonus and you may be required to input an alphanumeric bonus code. All bonuses come with terms and conditions, and you should read them carefully. For example, bonus money comes with a turnover requirement which you must satisfy before being able to withdraw it or your winnings.
Litecoins are increasingly used at online casinos because they are safe, secure, fast, have relatively lower fees and can be discreet. It gives you greater control of your altcoins as you determine the amount that you want to send. There is no need to use a banking intermediary, and the process is transparent.
Litecoin claims to be faster than Bitcoins due to the ability to handle higher transaction volumes.
Of course, as is the case with all cryptocurrencies, the price of Litecoin can be volatile and fluctuate in value intraday.