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Litecoin is the second most popular cryptocurrency out there today, and it offers a lot of the same advantages and disadvantages of bitcoin. However, there are some key differences when playing at online casinos.
Litecoin is largely considered a derivative of the same software concepts that are behind bitcoin, and it’s the second most popular cryptocurrency out there. While it’s not as popular as bitcoin for casino deposits, there are still a lot of sites that offer it, and it has some distinct advantages that make it a viable option for players who want to use it to make deposits and withdrawals.
We want to point out that there is a little bit of a learning curve to using Litecoin as a payment option for playing in casinos online. However, you shouldn’t overestimate the difficulty of using it because the vast majority of players will be able to learn how it works and how to make deposits and withdrawals with it in a very short period of time.
A reasonable variety of Litecoin casinos will allow you to deposit and cash out with this currency. Most of them will convert this cryptocurrency over into a fiat currency like the US dollar or euro for play since most software developers don’t have their games set up to work using denominations of Litecoin. When it becomes time to cash out, however, you can convert your account balance back over into Litecoin for easy withdrawals.
As time goes on, more casinos have been incorporating Litecoin as a banking option, and we don’t see any reason why that trend will slow down at all as it gains more momentum and more popularity overall as one of the top two cryptocurrencies in the world.
As a cryptocurrency, some of the primary benefits of using Litecoin come down to privacy and security. You don’t have to worry about tying your banking information in with your account at an online casino when you use this banking option, so in the case of some type of data breach or other security issue, your banking account details would not be lost along these lines. Transactions are also super secure thanks to the software that is used to operate the currency.
A vast majority of the Litecoin casino sites out there do not hold your account balance in the cryptocurrency, and this helps to protect you from big swings in value while the currency just sits in your casino account. You’ll deposit using Litecoin, but your balance will typically be held in euros, British pounds or US dollars (or some other fiat currency), which means that if crypto goes on some big swings while you’re playing, you won’t lose value in the process. When it’s time to cash out, you’ll simply convert your balance over at the current market rate, preserving the value of what you’ve been holding in your casino cashier account.
When compared to bitcoin, there are other advantages for Litecoin that come to light. Transactions for Litecoin are verified a bit faster than bitcoin. The fluctuations that can come due to the volatility of cryptocurrency values tend to be lower for Litecoin than bitcoin as well, and this is a pretty big deal because it’s one of the main issues that people have a problem with for crypto deposit methods in general.
There are a few disadvantages of using Litecoin for deposits and withdrawals at online casinos that will affect some players a lot more than others. For one, there is a little bit of volatility that can come along with holding the currency for two long instead of just immediately depositing it, but that’s mitigated quite a bit since it’s not bitcoin (as mentioned above).
Players also have the disadvantage of the learning curve that comes along with learning how to use a Litecoin wallet, how to buy Litecoin and so on. This doesn’t take long to learn, but it’s easy to be mistakenly intimidated by it simply because it’s something new. Inside of an hour, you can easily go from knowing nothing about it to being completely proficient at learning how to use it, and considering that you only have to learn this once, we think that it’s completely reasonable.
Most of the time, you will not be hit with any type of fee at all for deposits or withdrawals in Litecoin. Occasionally, you’ll receive a very small miner’s fee when depositing that amounts to fractions of a percentage of your deposit just for their overhead costs of processing and confirming the transaction, but you won’t typically see any fees whatsoever on withdrawals, and these miner’s fees aren’t particularly common.
You can usually deposit very small minimum amounts (in the range of $10-15 worth) using this cryptocurrency. With that having been said, depositing to get bonuses may require a deposit that’s higher than this minimum. For withdrawals, you’ll typically be subject to whatever the withdrawal limit is for all cash outs in general without it being tied to the banking method used.
Make sure that the cryptocurrency exchange you’re using is okay with online gambling transactions. Some like Coinbase do not allow this, and they will ban you from using their platform if you deposit to or withdrawal directly from online casinos. Thankfully, there are many other exchanges available that will allow you to use them without any problems on this end of things.