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Online gambling sites are diversifying their methods of payment and shifting towards online methods of deposits and withdrawals at online casinos. Among the popular cryptocurrencies such as Bitcoin and Ethereum, Litecoin or LTC is gaining enormous popularity and has been accepted as a payment option by a wide range of platforms. However, in this article, we will see how it benefits online casino payments, and we will also look into some drawbacks. If you are looking for some casino recommendations, you can compare Canadian Online Casinos to play safely and conveniently for boosting your payroll.
Before beginning, let’s review Litecoin's background. It was introduced in 2011 and has lower fees, but the transaction time is a bit faster. Its block generation took 2.5 minutes.
The advantages of using cryptocurrencies for existing and new players are:
Litecoin’s use was tremendous during the first few years of its use, and it has been seen as the killer of Bitcoin. Crypto casinos started using it, and its usage continuously increased. The market capitalization of Litecoin is $5 billion and launched 13 years ago in the market. It is continuously gaining publicity in the crypto casino market.
Litecoin is the most secure and safe crypto payment method for non-fraudelent payment as there is anonymity in payments which decreases the chances of infringement. Moreover, with Litecoin, the data related to transactions is listed on a public blockchain, which anyone can view, so the transactions are of nonrepudiation. The crypto exchanges require two-factor authentication to process your transaction, so they offer enhanced security, and there will be no payment issues with Litecoin usage.
The deposits with Litecoin are instant, which means that you can start playing at an online casino as soon as you pay. The speed of Litecoin transactions is 50 transactions processed per second.
Along with fast processing speeds, the deposit limit for Litecoin is also minimal, which gives you the ease of spending as little as you want. Remember, high deposit limits are also there to make your gaming experience remarkable.
The transaction fee of Litecoin is very small, i.e., only a few cents on a $20 casino deposit. The transaction fees vary depending on the network and the transaction time, but these fees become high if the deposit amount is smaller.
Here are the utmost factors to consider before playing with Litecoin at the crypto casino:
First of all, make sure that the casino is licensed and regulated by trustworthy authorities. Look for reviews and feedback from other players before depositing funds.
The next step is to check the transaction fee and deposit fee associated with Litecoin transactions. Though the fee is generally less with LTC, ensure there are no hidden fees and unexpected costs.
If you want to convert Litecoin to fiat currency, understand the conversion rates because any fluctuation can have an impact on the funds, so stay informed beforehand.
Secure your wallet and enable two-factor authentication to protect your funds from cyber threats.
Step 1: Login: The first step is to log into your casino account with your details.
Step 2: Go to Deposit Section: Locate the page for deposits within the site.
Step 3: Choose Litecoin from the menu: Select Litecoin as your payment option.
Step 4: Copy Address: Make sure to copy the unique Litecoin wallet address provided by the casino.
Step 5. Transfer Funds: Transfer the desired amount of Litecoin to the copied address.
Withdrawing winnings in Litecoin should be easy and is achieved with just a few movements which means that Litecoin casino players do not have to wait long after they have completed their gambling activity before they are able to access their funds.
1. Access Withdrawal Page: Once logged in go to account settings and find withdrawal.
2. Select Litecoin: Choose Litecoin as your means of withdrawal.
3. Enter Wallet Address: Put in your Litecoin wallet.
4. Specify Amount: Indicate the total amount you want to take with you.
5. Confirm Transaction: Approve and send the withdrawal request.
Litecoin gives several advantages in online casino payments. Above all, the exceptional security and fast speed of processing transactions mean you have a lot of room for maneuvering your money. You can immediately deposit into your account and get started playing. And while you shouldn't encounter any problems at the stage of withdrawing, you are also spared from payment processing fees.
