Introduction
Bitcoin is understandably seen as the king of the cryptocurrency world, however, there are a few other digital currencies also making waves at the moment. One of them is Litecoin, which is becoming accepted at more and more websites, including many online gambling sites. It’s an incredibly safe and secure way to deposit money, plus it’s also simple to use. Some might be concerned that it’s a newer name on the scene, however, we guarantee that it’s a fantastic way to deposit and withdraw funds.
For those looking for a new and exciting way to deposit and withdraw, this payment option could be perfect. Why not find out more about this banking option by reading through the comprehensive guide on this page? Then take a look through our reviews to find the top casino accepting this depositing and withdrawing method.
Getting Started
Before it’s possible to start making deposits at gambling sites, you’ll need to get your hands on some of this cryptocurrency. The first thing to do is head online and find a wallet, which can be used to store all reserves of this virtual currency. There are plenty available, and a couple of really good wallets are Exodus and Jaxx. A hardware wallet can instead be purchased, such as the Ledger Nano S wallet, which many think offers superior security, however, this will cost around $100. Once the wallet has been obtained, follow the instructions to set it up properly and securely.
Now it’s time to buy some currency, and this can be done at many different exchanges, including Kraken and CoinBase. Cryptocurrency can be purchased using a range of different traditional currencies and payment options. Remember that the price of this cryptocurrency fluctuates constantly, so keep an eye on the market and try to buy at the right time. By doing this, the value of the currency could rise before you’ve even made it to an online gambling site.
There is also another way to get some of this currency, and it’s by mining it. This certainly isn’t easy though, therefore only those with detailed knowledge of cryptocurrency mining will attempt this. Special equipment will also be needed to mine for this digital currency. So, for most people, this isn’t a good choice, however, it is still an option for some.
Once you have purchased or mined some of this currency it should be placed in your wallet straightaway, being careful to follow all instructions properly and enter the correct details. The money is then ready to spend at one of the many online casinos accepting deposits of this type.
Deposits
Now it’s time to use our reviews to find the best site accepting this payment method. Once a choice has been made, sign up with them and then head to the depositing page, before selecting the Litecoin option. The site will then generate a wallet address – write this down, as it’s going to be needed to complete the transaction. Sometimes there’s a QR code, which can be scanned to get the address.
Next up, head to your wallet and input the address previously given by the gambling site. After this, choose how much money to deposit into the casino’s wallet. Then confirm the transaction, and the money will be transferred. It can sometimes take a few minutes for the funds to be transferred, especially if a site requires a number of confirmations. It is generally slightly faster than making a Bitcoin transaction though.
Once the money is in your account, it can be used to play a whole range of different games, including slot machines, blackjack, and roulette.
Withdrawals
If you’re fortunate enough to win while playing a game, it’s also possible to use this method to withdraw funds. What’s more, the process is exceptionally easy. Firstly, head to the banking page and then select the correct withdrawal option. Then simply enter the address of your wallet and choose exactly how much to withdraw. The cryptocurrency will then be transferred. There will sometimes be a delay, as casinos often take a couple of days to process withdrawal requests, however, there are some sites that offer instant payouts.
Not all gambling sites accepting deposits of this type will also allow withdrawals in this way. If this is the case, a different option will need to be selected. This might mean withdrawing using something other than a cryptocurrency – something that will concern some players. Everyone will be safe withdrawing at any site we recommend though.
Advantages
There are many different advantages to using this payment method, however, the biggest is security. There’s no need to ever enter card details at an online casino, and some sites will even allow people to play anonymously using this currency. This anonymity also means that those from countries that have banned online gambling can still play. Of course, you play at your own risk if using this method to get around the laws of a country.
It’s also the case that you won’t have to pay many fees. In fact, the fees for depositing using this method are negligible and aren’t even worth mentioning. This means as much money as possible can be spent playing the games at casino sites. Some fees might have to be paid when purchasing your currency at a marketplace though, so take this into consideration when deciding to play using this banking option.
Those who deposit using this currency can often claim some generous bonuses, including big welcome bonuses. This is clearly a good thing, as a nice welcome bonus gets you started at a site on the right foot. Many casinos accepting this method also have something called a faucet. This gives out small amounts of currency on a regular basis to every player at the site, as an encouragement to visit regularly. The amounts are small, but free money really can’t be argued with!
Finally, this payment method allows for both deposits and withdrawals, unlike some other banking options. This is important for some people, as it allows them to keep a good track of how much they’re spending and winning when gambling online. As already mentioned though, not every site allows withdrawals with this method though, so check this before signing up with a casino.
Disadvantages
The biggest disadvantage is the fact that there aren’t as many casinos offering this payment option as there are Bitcoin casinos. This means that many might not be able to use this option at some sites that have taken their eye. There are still a good number of top Litecoin casinos though, many of which have been reviewed right here on this website.
You’ll also find that purchasing this currency can be a risk. This is because the value of the currency could suddenly nosedive – something that is unlikely to happen when playing using traditional currencies, such as USD, GBP, and EUR. Of course, the currency value could also go up too though, which can lead to a nice profit – just look at the amount of money early Bitcoin investors have now made.
Finally, while many casinos allow deposits to be made in this way, they sometimes then convert the funds into Bitcoin, forcing players to play using this currency instead. This means that you’ll need to find a site that uses a fair exchange rate. What’s more, depositing in one currency and then playing in another can be confusing, making it tough to monitor gambling as easily.
FAQs
How does this currency compare to other cryptocurrencies?
This is the second most popular cryptocurrency in the world, second only to Bitcoin. It offers private and secure transactions, like most other cryptocurrencies. Transaction times are often quicker than Bitcoin though, plus the fees are lower.
Can I trust this payment method?
Yes, this payment option can certainly be trusted. It might not be as popular as some other methods, however, many people still use it, and there have been few reported problems. All gambling sites we recommend can also be trusted, making this payment option an even safer one. Visit this website for more in-depth information.
How can I ensure that the value doesn’t go down?
In short, you can’t. By its nature, the value of this currency can fluctuate, just as the values of other cryptocurrencies can too. By monitoring the market and buying at the correct time though, you will give yourself a better chance of not losing money.
Why don’t many casinos accept this payment option?
Many gambling sites haven’t quite made the transition to cryptocurrencies yet, and those that have tend to focus on Bitcoin, the industry leader. We expect more and more sites to start accepting this payment method soon though.
What’s the best casino for this payment method?
There are a few great casinos allowing deposits and withdrawals using this method. But how do you find the best one for you? The answer is simple: just read through the many reviews found right here on this website.