If you’ve been curious about Litecoin as a payment method or where to find the best UK Litecoin online casinos, you’ve come to the right place. Gambling with Litecoin is easy and fun!
This Litecoin casinos guide will take you through all there is to know about Litecoin and what makes it such a popular cryptocurrency payment method. This includes information on deposits and withdrawals, possible fees, and benefits. Read full guide to learn more about online casinos that accept Litecoin.
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Using LiteCoin at online casinos
Litecoin has quickly grown into one of the most popular cryptocurrency payment methods. Litecoin was first released in October 2011 by Charlie Lee, who was a Google employee. The primary mission was to create a new altcoin that provides users with faster and cheaper transactions than Bitcoin and other cryptocurrency options.
As with Bitcoin, Litecoin is not rooted in banks, countries, or corporations. It runs precisely like Bitcoin and offers users an average transaction time of 2.5 minutes which is a gamechanger compared to the 10-minute transaction time Bitcoin offers. Suppose you’re looking for a cryptocurrency payment method with lower fees, faster pay-outs, and top security. In that case, Litecoin is a highly recommended payment method to consider.
How to deposit using LiteCoin
When making a deposit using Litecoin, you don’t have to worry about overcomplicated procedures. It’s a straightforward procedure that enables you to get instant access to your funds so you can start gaming.
The first thing you need to do is head over to your Litecoin online casino’s cashier section. Here you can click on Deposits and choose Litecoin as your payment method of choice. It’s important to note that the Litecoin option will fall under cryptocurrencies or a cryptocurrency wallet option in some casinos, so make sure you check the viable crypto payment options if you don’t see it right away.
The casino will provide you with a public wallet number (PWN) that you need to copy. You will then head over to your cryptocurrency wallet and start the transfer, where you will paste the PWN. Then you can put in the amount you would like to transfer and confirm the transaction. If the transaction is successful, your funds will be in your account within 20 minutes.
How to Withdraw With LitCoin
Withdrawing your winnings using Litecoin is just as quick and easy. When you’re ready to withdraw your winnings, you first need to head over to the cashier and click on withdraw. You can select Litecoin as your payment method and enter the amount you want to withdraw. You will then need to enter your Litecoin wallet address into which the funds will be transferred.
KYC process of LiteCoin
The online casino industry is ruled with an iron fist with strict regulatory requirements. And while there are still some hiccups regarding cryptocurrencies, the KYC process remains a requirement for crypto casinos, just like with any other online casino.
KYC, known as Know Your Client, is a verification process where the operator requires certain information to verify your identity and avoid any possible fraudulent activity. This can include proof of identification and personal details like your full name, date of birth, social security number, email address, and more.
Advantages of using LiteCoin at online casinos
Various advantages come with using a payment method like Litecoin to fund your iGaming adventures.
With Litecoin, you can look forward to bigger and better bonuses. One of the main reasons for this is that cryptocurrency payment methods are also lighter on operator pockets. Due to this, they can splurge a little more in terms of bonuses.
There are no fees for transactions at casinos, but there will be fees for Litecoin transactions. The good thing is that these are a lot less than other payment methods, which is why this payment method is a popular option among online casino players.
One of the main benefits of Litecoin is that you can look forward to speedy withdrawals. Litecoin is not linked to any banks, and transactions run through decentralized networks. Because of this, transactions are a whole lot faster than traditional options.
And let’s not forget the additional safety that comes from the use of blockchain technology. Due to this, there is an added layer of security protection that lessens the chances of your funds going missing or your account being tampered with.
A big perk for many users is that you can fund your account anonymously. You enter your public wallet number instead of your personal details. This ensures you never have to share your details.
Disadvantages of LiteCoin
As with any other payment method, you can expect that there may be some disadvantages to accompany the benefits. Here are the main disadvantages you can expect from Litecoin as an online casino payment method.
Not Accepted Everywhere
Litecoin is a cryptocurrency-based payment method and is not as widely accepted as many other traditional payment methods. The number of casinos that accept Litecoin is increasing.
Crypto casinos have one big disadvantage that works against them: they are not properly regulated. There is no licensing for crypto casinos; however, several licensed online casinos allow payment via Litecoin.
One of the things that any cryptocurrency has working against it is volatility. You can expect the value to rise and fall quite often with cryptocurrency, and it will not remain stagnant and stable for too long.
While you might have the ability to deposit and withdraw using Litecoin, most online casinos won’t allow you to play using crypto. You will need to use a wallet or exchange via the casino. Remember that exchange rates may vary and will not always be favourable.
Fees and Withdrawal Times for LiteCoin
When using Litecoin at an online casino, there are regularly no additional fees charged for your deposits or withdrawals. However, it should be noted that you may be charged fees for transactions via your Litecoin wallet. The amount charged for transactions will vary based on the crypto wallet you use. It’s best to scout the different options beforehand and opt for one with the lowest fees.
Withdrawals via Litecoin can be instant if you choose a reputable online casino that provides instant withdrawals. Make sure you use a casino with automated payment systems to ensure your account is credited the minute the blockchain validates the transaction. A big perk is online casinos that process withdrawals immediately to help speed up the process.