The Litecoin cryptocurrency is known as the early fork of the Bitcoin currency. It was created back in 2011 by Charlie Lee, who was a Google engineer. The cryptocurrency makes faster casino transactions possible, and it uses less and less mining power. It also has an encryption protocol that protects each money transfer on the Blockchain. It’s planned for Litecoin to reach as many as 84m. If you’re not familiar with the cryptocurrency world, you should check how each of them works before purchasing and using them.
Depositing with Litecoin is one of the easiest ways to do since cryptocurrencies are made faster than e-payment solutions. Actually, they’re an e-payment solution in a way.
There are a couple of steps to follow when depositing with cryptocurrency.
Open a Litecoin wallet outside of the online casinos or inside of them since some provide a wallet. This means that you don’t have to download one.
By opening up a Litecoin wallet, you receive your private key and public address for the wallet. The private key authorizes your online casino transactions, and your public address is given when someone sends you crypto. Note that you should keep your private key away in an offline device so that no one can have access.
Then, get Litecoins which you can buy from an exchange or someone else.
Once you do that, go to your Cashier page in your online casino account and pick Litecoin from the payment methods.
After you click on the DEPOSIT button, the casino’s public address will be shown to you in the form of characters or a QR code. You can copy and paste the characters into your wallet or scan the code.
Finally, you can type in how many Litecoins you wish to transfer and confirm the transaction.
You can expect the transaction to happen in the span of up to 10 minutes since this is the time that it takes for it to reach the Blockchain. There are no fees for depositing from the casino’s side. You might pay some small fees for the mining costs. The minimum and maximum deposit amounts are established by the casino and not by the cryptocurrency.
The good news is that you can use Litecoin for withdrawing, too. You just have to pick it as a payment method for withdrawing and ask your casino to issue the transaction.
The transaction usually takes up to 10 minutes to be added to the Blockchain.
Yes, you can deposit and withdraw with Litecoin in mobile casinos. There are mobile crypto wallets that you can download on your phone to keep your Litecoin safe and sound.
There are almost instant since you have to wait up to 10 minutes to confirm the transaction. This applies not only to deposits but also to withdrawing, as well.
Right now, the number of online casinos that accept Litecoin is not that big, but it's growing with the years that come. The end goal is for all casinos to start accepting, but only the future will show.
Cryptocurrencies are seen as suspicious payment methods by many countries, but the adaptation is starting to happen. You should check how the laws in your country accept cryptos.