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Last updated: December 14, 2024

Litecoin Casinos

Item: Litecoin
Rating: 5
Author: WizardofOdds

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Introduction

The world of finances is changing by the minute, and industries worldwide have been experiencing the benevolent effects of greater choices, improved services and consequently, optimal customer satisfaction.

From the early days, it has been the responsibility of banks and financial institutions to provide the top solutions for funds storage, transfer and best management. Over a longer period of time, such practices started turning the said establishments into a form of shared monopoly over this service industry.

Thus, attempts have been made to provide private individuals, as well as businesses across the globe with fresh and more diverse selection of new service format options. Some upcoming businesses came up with an intermediary processor, a payment channel that would allow customers to steer away from directly using their bank accounts and cards, focusing on the transfer process. Others were all the more comprehensive, as they were able to store the funds from your existing accounts to a new online location, and use them at demand.

Even so, the inability to detach from the dominance of financial institutions led progressive minds into a whole new direction – cryptocurrency. This is a non-material, fully digital currency model that allows its holders to make transactions in a given value, based on the specific currency’s exchange rate. Normally, very few instances of this model have managed to pose a viable challenge to the existing fiat currencies, but since the birth of the first one – Bitcoin – several of them have noted great progress. One such is Litecoin.

About the Cryptocurrency

All cryptocurrency has originated from the first such invention known as Bitcoin. Its inventor known solely under the alias of Satoshi Nakamoto first released it back in 2008, and later on provided the full open source code to emphasize its decentralized nature. Over the years, this currency has been studied, improved and customized to the needs of users on a more in-depth level. Through a better understanding of its basic mechanisms, and with the help of the openly provided source code by its own inventor, Bitcoin inspired other progressive minds into developing such solutions.

About three years after Bitcoin was born, Charlie Lee invented the Litecoin whilst working in the Google offices. According to past testimonials, his sole intention was to use it for minor in-house business transactions, but due to its advantages over Bitcoin, it managed to penetrate into the market frontlines.

What is even more interesting is that Charlie’s brother, Bobby Lee is head at the Hong Kong Bitcoin exchange. An introduction of a new cryptocurrency was bound to cause a stir in his field of work, yet the inventor claims that his intentions couldn’t have been further away from such results.

Either way, both cryptocurrencies ended up co-existing in a friendly financial climate. Litecoin took to the public fairly quickly, causing Charlie to switch job positions from Google to CoinBase, where his cryptocurrency started trading by the year’s end. Since this jumpstart in 2013, the soaring tendency continued in the following period, reaching the $1 billion mark in 2015.

Since then, the Litecoin cryptocurrency has been rising in value from tens to hundreds of dollars, which ultimately led the inventor to turn over his share at LTC holdings to avoid disputes. Nowadays, the unique payment format is further developing and serving a large pool of currency holders.

How Does it Work?

Considering it is based on the same principles as Bitcoin, some initial enthusiasts in the area will have no trouble mastering Litecoin operations and transactions. In fact, it is built on the same underlying platform known as the blockchain, only using a different set of principles for its transfer approval and mining procedures.

Nowadays, starting off payment practices with the Litecoin cryptocurrency has a somewhat set process you can follow and enjoy prime transactions. Naturally, it starts with obtaining some Litecoins in your ownership. Just like the case with any foreign currency, and other existing cryptocurrencies, interested individuals can go to an exchange platform, land-based or online, and practically purchase an amount of Litecoins using your existing funds.

In this regard, some may be concerned about the volatility of said currency, but more and more evidence prove that it is maintaining a stable growth rate. This actually means that, by the time you make up your mind to get into Litecoin, choose a platform and an e-wallet, the value of the coins you were meaning to get could partly increase.

Speaking of which, getting an e-wallet is the next thing you need to do. Sure, most exchanges offer their users to store the cryptocurrency they’ve obtained at their dedicated crypto e-wallet online solutions, but the options are much more diverse as you broaden the search. Litecoin holders nowadays are eligible to choose from online and offline software or hardware e-wallets compatible with all major desktop and mobile devices’ OSs, as well as paper wallet options. Based on accessibility, convenience and security preferences, each individual can choose their most suitable solution.

Once you’re fully geared, it is rather easy to get started with Litecoin transactions – just choose a platform that offers it as a payment method. These may range across diverse online merchants, e-commerce and similar service providing websites, employing and job sites, or even gaming and online gambling casino floors. These last types of operators were actually among the leading ones to benefit from Litecoin, and cryptocurrency invention in general.

Litecoin as an Online Casino Payment Method

The similarities between this and the initial cryptocurrency Bitcoin has consequently caused most of the major features of the original to transfer to the new invention. Once they were identified as beneficial for the online gambling industry, all other similar payment methods were just as eagerly expected and added to the respective Banking sections.

Due justification can be found in the quite stringent regulations across various jurisdictions. In a response to these legislatives, top US online casino operators and others from similarly complex territories have largely turned to crypto.

Its decentralized nature is the main feature of these currencies – they revoke all centralized banking and financial institutions and perform a peer-to-peer funds transfer without focusing on any one authoritative figure. This, in turn, has speed up the wait time for transaction processing, since peers could mutually support their funds transfer instead of waiting on a single figure to authorize the operation. Another resulting feature is the cost of Litecoin transactions – practically insignificant since other crypto holders like yourself are the ones getting paid to facilitate your transfer.

Read on to learn how to enjoy all these perks in practice, and you should be as good to go as anyone.

How to Make an Online Casino Deposit?

Step 1: With a given amount of the currency in your possession and securely stored, as explained above, a final prerequisite to Litecoing online gambling is finding the best platform that meets your needs. The cryptocurrency is still in its early stage, yet a growing number of websites have added it to their list of banking methods. Just choose the one that offers your favourite game software from the top providers and get started.

Step 2: You can register for a new account or log into your old one depending on your previous experience at the platform. Either way, once you are at the casino floor, simply head to the Banking/Cashier page and select the respective cryptocurrency as your payment method.

Step 3: The process of funds transfer is rather simple, yet requires concentration. All you need to do is copy your casino player e-wallet address and mark it as a final destination for a specified amount of the currency from the whole stored in your separate e-wallet. This address is a complex alphanumerical sequence, which is why it is crucial that players get it right before transferring their funds permanently.

Step 4: Due to the improved functionality of the currency’s underlying blockchain mechanism, validation of such transactions is performed through proof-of-work contracts. With these and several additional improvements, there is hardly a payment method that will see your funds reach the player account faster than this one. When all is in place, players can choose any of the games at the cryptocasino platform to enjoy real-money gameplay.

Withdrawing from Litecoin Online Casino Sites

The same convenient adjustments, as well as the underlying unique features, are to be credited for the method’s ability to perform online casino withdrawals along with deposits. This type of transactions has always been of highest importance to players looking to cash out their winnings, yet the range of withdrawal payment methods has always been scarcer due to legal restrictions.

In the mentioned US jurisdiction, it is the UIGEA Act which forbids regular banking institutions from facilitating online gambling payments, while other markets have similar laws. This format of a decentralized currency with its own transfer processor capacity is perfect to bypass such limits, and allows players to withdraw specific amounts of their winnings.

The actual process is performed much the same way as the deposit transaction, only with the funds moving in the opposite direction. Ensuring you have input the proper e-wallet address is just as pivotal, however, or even more so considering you are expecting to see funds land in your personal possession.

Advantages & Disadvantages of Litecoin Online Casino Transactions

The benefits of this online casino banking method mostly arise from its general features. Much like Bitcoin, security of transactions is guaranteed due to anonymity, peer support and impeccable underlying blockchain platform. Moreover, instantaneous of payment processing is a notable feature – deposits are practically processed in real time, while withdrawals can take a little while longer. Nevertheless, this is due to the verification procedures at the casino, and not the actual processor. And with its generally defying stance towards official banks and financial establishments, it is a top revolutionary example of the modern era.

On the other hand, everything that is new can be dangerous as much as exciting. Thus, many enthusiasts are put off from obtaining the cryptocurrency due to its volatility. The fact that governments reject endorsing these currency formats continues to influence their exchange rates, and this is most evident in a recent cryptocurrency like Litecoin. The similarities with Bitcoin have aided ease of use, but alternately complicate the wider picture, as many sceptics are waiting for Litecoin to experience the same drastic exchange market fluctuations.

All in all, there is no denying the power of these new payment processors and entire currencies. With expansion into strong and progressing industries such as online gambling, it is yet to reach its climax.