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Litecoin payments available
Are you thinking about doing some gaming online? When most of us think about hitting the jackpot, we imagine a dollar or euro sign flashing in front of our eyes. However, for a select few, they imagine cryptocurrency symbols instead of dollar signs.
Cryptocurrency is taking off globally. More people choose to move away from fiat currencies like the dollar and euro, choosing to transact in crypto instead. Why let the financial authorities keep tabs on your money? With crypto, you have a way to circumvent the current economic system and get a payout you deserve.
This post will look at choosing Litecoin casinos for your crypto gaming experience. There are hundreds of venues available, and you have the option of selecting any destination for your gaming needs.
What is Litecoin?
Litecoin (LTC) is one of the world’s leading cryptocurrencies, originally developed by Charlie Lee, who is somewhat of a cult figure in the crypto ecosystem. Charlie founded Litecoin in 2013, hoping to build off the original Bitcoin algorithm and blockchain.
Until the release of the Ethereum token (ETH), Litecoin was the second most popular cryptocurrency for years. However, there is some controversy around the companies founder. Charlie was always a huge fan of crypto and bowed to do everything he could to set up Litecoin as the leading crypto.
He was famous for telling his followers to hold onto their crypto investments in volatile markets, telling them the “HODL” (Hold On for Dear Life) through the markets’ price action. However, when the crypto bubble of 2017 reached its peak in December, Lee sold his entire Litecoin stake.
Charlie’s sell order was suspicious, but the community seemed to brush it under the carpet and move on. However, the transaction did prompt a serious disruption of the crypto-space, and LTC started losing ground to the other top coins like ETH and XRP.
Today, LTC has a market cap of nearly $3-billion, with daily volume approaching 1.5-billion. Litecoin is one of the premier cryptocurrencies, and despite the founder’s unusual behavior, it remains popular with traders and crypto enthusiasts.
Are there licensed casinos using Litecoin for deposits and withdrawals?
There are hundreds of licensed casinos working with cryptocurrency around the globe. Litecoin is a popular choice, and it’s typically on the list of approved deposit assets at crypto casinos. If you run a search, you’ll find pages of listings for Litecoin casinos.
These casinos operate outside of the current financial system. They often don’t accept deposits in fiat currencies, choosing to work with crypto solely. You can deposit and withdraw in Litecoin from these establishments, without any hassles.
Who uses Litecoin and why?
Gamers use cryptocurrency to circumvent international and local financial regulations. Gambling is a hot issue with many governments around the world. They attempt to tax and control gaming to profit from the endeavor. You might think that the government sees gaming as a necessary evil. However, the reality is they make billions from gaming taxes each year.
Gaming provides you with a loophole where you could potentially launder funds, and the government wants to keep a close eye on the money your deposit and withdraw. If they feel you are using a casino to launder money, the authorities freeze your bank account.
While most gamblers are not money launders, they are always looking for new ways to avoid paying the taxman his due. Why go to the effort of winning money, only to give half of it to the government?
Gambling in crypto assets like Litecoin keeps you out of the eye of financial authorities. You make deposits and withdrawals in Litecoin, and as long as you don’t convert it to dollars or other forms of fiat, the taxman can’t take a look at your portfolio or take a piece of your profits.
It’s when you convert your Litecoin into USD, Euros, or other forms of fiat that the government starts sticking their nose in your business. If you can hold onto your profits in crypto and learn to use the crypto payments system, you’ll never have to worry about the taxman taking a cut of your earnings.
Why use Litecoin – the pros and cons
Litecoin is a “decentralized” digital currency. Decentralized means that it is not under the control of any central bank or issuing authority, like the dollar and the euro. Therefore, no government has direct control over the price action or distribution of crypto. It’s completely anonymous, and no-one knows what you own.
You store your Litecoin in a digital wallet, with encrypted keys. You then transact from this wallet, sending Litecoin to other wallet addresses.
When you’re funding your account with a Litecoin casino, you’re sending them LTC to a wallet address controlled by the casino.
One of the original problems with the Bitcoin protocol is its lack of transaction power. The BTC blockchain only processes a limited number of transactions per day. As a result, sometimes, payments can experience backlogs, resulting in costly transactions.
However, the LTC protocol cleared up all these transaction issues, allowing transactions to occur in real-time. As a result, you get fast, efficient transactions to fund your gaming account in seconds.
Here are the pros and cons of using Litecoin casinos for your gaming entertainment needs.
- No government tracks Litecoin transactions
- LTC is not a reserve asset or fiat currency
- LTC is a popular digital asset with good trading volumes and market cap
- LTC is suitable for gaming transactions online
- Litecoin casinos readily accept LTC deposits
- Using LTC helps you circumvent the financial system
- LTC offers cheaper transaction costs compared to fiat currencies
- LTC transactions are faster than bank wires
- LTC continues to grow in popularity around the world
- The founder sold his stake at the market high and left his followers in the lurch
- LTC is not as popular as BTC
What makes Litecoin a decentralized asset?
The idea of cryptocurrency started with the inventor of Bitcoin, Satoshi Nakamoto. Nakamoto designed the Bitcoin protocol using bits of the CIAs SHA-256 encryption protocol. The first Bitcoins sold at less than a dollar, and someone famously paid 99-BTC for a pizza in the early days of Bitcoin. Today, that’s a $100,000 pizza – shocking!
No central bank, government, or issuing authority has a claim on the Litecoin asset class. It’s a currency that anyone is free to use. Since no country accepts Litecoin for payment of taxes, there is no tax-authority looking at LTC holders.
Therefore, you can avoid any taxes or government claims on your winnings, provided you don’t exchange your LTC to fiat currency.
When did online casinos start accepting Litecoin?
Online casinos started accepting crypto for deposits over the last 5 to 7-years. Crypto started gaining popularity in early 2013, and things ramped up after the market reached all-time highs in 2015. A year later, we would see the formation of the greatest bull run in history as BTC pulled all crypto assets along with it as it shot to the $20,000 mark.
The industry created online casino that accept Litecoin to appease the increasing demand for crypto use, and casinos started taking it as a form of payment. Most casinos started with Bitcoin deposits, branching out into different crypto assets like LTC and ETH. Today, crypto gaming is a multi-billion dollar industry and its growing.
As the crypto economy starts to build momentum into the digital age, more people are beginning to use it as a means of exchange. Litecoin ATMs are popping up everywhere, and more people are talking about this alternative asset every day. Check the Litecoin thread on Reddit, and you’ll find thousands of pages and millions of comments on this crypto asset.
Is Litecoin safe and secure for online transactions with Litecoin casinos?
Yes, LTC is entirely safe to transact online. You’ll remain anonymous with your transactions, but you’ll still have to give the casino your details if you want to make speedy withdrawals for large sums. Litecoin runs an independent blockchain.
The blockchain acts as a digital ledger, recording all LTC transactions in real-time. Miners and users maintain the blockchain by mining coins and confirming transactions. With this model, there’s no way anyone can commit fraud on the blockchain.
This transparency of the LTC blockchain is what makes it such as special financial asset. It also makes it impossible for hackers to break the encrypted network and steal your funds directly. Instead, hackers have to penetrate security systems in casinos to steal money. To date, there has yet to be a successful hack on an LTC casino.
How do i make a deposit or withdraw from a Litecoin casino?
You make your deposit at Litecoin casinos by heading to the cashier section of the site. There, you should find a list of deposit options, with LTC on the list. Click on the LTC button, and transfer your LTC from your private wallet to the wallet on the casino platform.
When your deposit reflects, the casino credits your account, and you can start playing your favorite games. However, it’s a bit different when cashing out your winnings. You navigate to the same casino cashier tab and select your preferred method for payment, being LTC.
Online casinos with Litecoin deposits typically work with payment thresholds, and they’ll need you to confirm your identity before completing your withdrawal.
What is the transfer times for Litecoin casino deposits and withdrawals?
Litecoin operates on an independent blockchain network with other cryptos. As a result, you get secure deposits and withdrawals, with fast transaction times. While the LTC network pales compared to the Visa or MasterCard infrastructure, it still offers timeous payments.
When signing up with your Litecoin casino, they should have information on the site relating to deposit and withdrawal times. Most casinos will credit your account immediately. However, deposits can take up to an hour to show in your account. The deposit time depends on the blockchain’s current usage and if there is a transaction backlog.
What are the fees involved with depositing and withdrawing from Litecoin casinos?
When depositing and withdrawing from Litecoin casinos, you don’t pay the casino any transaction fees. The fees occur on the blockchain for processing your transaction. The miners take a commission directly from your payout or deposit. Therefore, when depositing, you’ll need to account for this transaction cost.
The average transaction cost on the LTC blockchain is around ten cents, far lower than the fees for credit card deposit, which can be upwards of 4%. Bank wires will cost even more, and they can take up to 5-working days to clear, thanks to the slow movement of the international SWIFT payments system.
Can i receive bonuses or free spins depositing via Litecoin?
Yes, most Litecoin casinos offer you deposit bonuses when signing up on the site. However, there are different offers from casinos regarding free spins or matched deposit. It pays to shop around for a bit to find the best Litecoin casinos with the best deposit bonuses and free spins.
The Litecoin casino offers you free spins as a reward for signing up with their site. It’s through this marketing strategy that they source new players. However, casinos are always a way for players, and you’ll find they offer competitive offers for free spins and matched deposits. Check with your casino to ensure you’re getting the best deal possible on your deposit.
If a Litecoin casino isn’t offering you a free spin or matched deposit, find another venue that will – you have plenty to choose from online.
Are there mobile casino sites using Litecoin?
Mobile gaming is taking off around the globe. Today, more than 50% of all online traffic comes from mobile devices. With a mobile gaming app, you have entertainment on tap in your pocket. Your smart device allows you to play Litecoin casino games from the comfort of your couch or bed.,
Never have a dull moment in traffic or on your commute. Take a couple of spins while you wait for the subway to arrive at the station. Most gaming sites are mobile compatible, and it’s possible to transact in Litecoin from your phone directly.
There’s no need to sit around a PC or laptop while you’re playing your favorite Litecoin casino games. With mobile technology, you get gaming at your fingertips, wherever you are in the world.
Are there live casinos with Litecoin?
Most live, brick-and-mortar casinos don’t work with cryptocurrency deposits. These establishments are under the regulation of the financial authorities. Therefore, they may only transact in fiat currency.
Many of the Litecoin and cryptocurrency casinos have operations based in tax havens. As a result, they don’t have to comply with international financial regulations surrounding the gaming industry.
However, a brick-and-mortar casino must meet all regulatory demands or risk the government shutting down the business.
Are there virtual reality casino sites with Litecoin deposits?
Yes, there are plenty of online casinos with Litecoin payments. Visit the cashier section of the casino and check if they support crypto payments. Most virtual casinos prefer if you make your deposit in crypto.
What makes a good Litecoin casino?
When searching online for a Litecoin casino, you should look for a few things in a prospective platform. We recommend looking for the flowing before making your deposit.
- Ensure the casino has a good reputation
- Check the deposit and withdrawal process
- Ask about deposit and withdrawal times; they should be instant.
- Ask about KYC requirements for processing withdrawals.
- If the casino follows all protocols and accepts the LTC deposit, you’re good to go. Make your deposit, and start playing your favorite games.
Are Litecoin casinos legal?
Yes, Litecoin casinos are entirely legal. LTC is a recognized cryptocurrency with a global following. No countries are banning the use of LTC for payment for goods and services. Check if your casinos have a good reputation before signing up for an account.
Take the time to research the casino on forums and social media. If you see complaints about rigged games, avoid the venue. However, the problem with crooked operations is not LTC; it’s the management. If you’re playing in a chop shop, you can expect to lose your money, regardless if you’re playing with dollars or Litecoin.
Vetting your Litecoin casino before you make your deposit is a prudent strategy to avoid disappointment.
Top software providers used by Litecoin casinos
All the top software developers work with Litecoin casinos. They utilize the same gaming technology, but they change the payout symbol; it’s as simple as that. Some of the top gaming software providers working with Litecoin casinos include the following.
- Evolution Gaming
You’ll find a full range of games in a variety of categories. Choose your favorite, make your deposit, and start playing!
Why play at top Litecoin casinos?
Playing at a Litecoin casino has a tom of benefits. Whether you’re rolling dice or playing cards, there are thousands of games to choose from at Litecoin casinos. You get to keep most of your profits if you get them in crypto, with no legal responsibility to notify the taxman off your winnings.
Litecoin casinos offer fast deposits and withdrawals, giving you instant access to your money. LTC casinos run encrypted networks, and there’s no chance of anyone hacking your cash. LTC transactions are faster than bank wires or credit card deposits, and they have lower processing fees.
Alternatives to Litecoin
There are plenty of crypto alternatives to LTC. However, the most popular options for gaming are Bitcoin and Ethereum. Some casinos accept Monero, dash, and Ripple.
Which countries can i use Litecoin for casino deposits?
There are Litecoin casinos available all around the world, from developed to emerging markets. Some of the locations where you can gamble with Litecoin include the following.
Best Litecoin Casino in US – US Litecoin casino accept LTC deposit and process LTC withdrawals.
- mBit Casino
Best Litecoin Casino in UK – UK Litecoin casino accept deposits and process withdrawals in LTC.
- Bitstarz Casino
Best Litecoin Casino in EU – EU LTC casino accept deposits and process withdrawals in LTC.
- FortuneJack Casino
You get all the traditional casino games available at Litecoin casinos. Some of the more popular games you’ll find are the following.
Litecoin Slots – Play all your favorite slots from Netent, Microgaming, Playtech, and Evolution Gaming.
Litecoin Roulette – Enjoy this casino classic, and bet with LTC!
Litecoin Blackjack – Get 21 before the dealer and receive your winnings in Litecoin!
Litecoin Poker – Try some Texas Hold ‘Em, and get your payout in LTC!
Litecoin Dice – Shoot some dice and bet with Litecoin.
Litecoin Lottery – Take a chance and let LTC make your dreams come true.
Litecoin casinos – final thoughts
Litecoin casinos are legitimate gaming establishments offering an alternative deposit and withdrawal system. They’re a great choice for avoiding tax on your gaming profits, and they offer secure, fast transactions.
If you’ve never used cryptocurrency, why not give it a try? Sign up with your favorite Litecoin casinos, and start playing with crypto!
You’ll have to check with the Litecoin casino. Different casinos work with different limits, and its worthwhile checking before you make your deposits.
We recommend using LTC for gambling at a casino for the following reasons – no government interference, secure transactions, easy deposits and withdrawals, easy to use, accepted at plenty of venues.
It’s a bit of a grey area. As long as you keep your profits in crypto, the government won’t take any notice. However, when you convert to USD or another fiat, you’ll have to declare your winnings on your tax form.
Either option is a good choice. When you bet with either asset, you’re betting in that crypto, and not with fiat. Therefore, you don’t have to worry about any price volatility in fiat currencies’ exchange rates.