Litecoin: A Safe and Instant Payment Option for Online Casinos
The introduction of Bitcoin has paved the way for many other cryptocurrencies including Litecoin, Dogecoin, Peercoin, and Ethereum. Litecoin is one of the more popular virtual currencies. It came into existence in 2011, three years after Bitcoinand was created by the former Google engineer, Charlie Lee.
Litecoin has become so popular amongst casino players that some online casinos have been developed specifically for the cryptocurrency.
Best Casinos for
It is easy to exchange Litecoin with traditional currencies such as the US dollars, Australian Dollars, and Euros. Evidence suggests that Litecoin is less volatile than the Bitcoin, thus, in turn, offers more benefits to its users.
What Is Litecoin?
Litecoin or LTC or Ł is a peer to peer virtual currency and is one of the widely used cryptocurrencies in Australia. In order to conduct transactions, it makes use of blockchain technology. It requires a different protocol to encrypt funds transfers at the blockchain; hence Litecoin needs less mining power and can make quicker online transactions.
In short, the processing time for Litecoin is less compared to Bitcoin. If the processing time for Bitcoin is 10 minutes, then it is only 3 minutes for Litecoin. In addition, Litecoin transaction fees are quite a lot less than Bitcoin transaction fees.
Litecoin is a cryptocurrency so you can download this paper wallet on to your personal computer or mobile device. You can then transfer Litecoin anywhere around the world and can also receive crypto coins from another user.
Is Litecoin Cryptocurrency Safe to Use?
Litecoin is an electronic currency that is encrypted by hashing algorithms. It features secure layers of cryptography, which makes transactions safe. Also, the encryption features make transactions with Litecoin a better alternative than other payment options.
Litecoin currency makes use of a decentralized control system over a blockchain that works like a database. A blockchain is a list of transactions that grows with every new transaction you make. Each transaction is examined through various sources to make sure that each transaction is legal.
How to Make Deposits at Litecoin Online Casinos?
It is extremely easy to deposit funds at Litecoin online casinos. You just need to follow a few simple steps.
- Create your Litecoin wallet. You will find wallets for every type of device including your desktop and mobile phone.
- After you have created your Litecoin wallet, you will receive your public address and private keys. You need to provide your public address to anyone that wants to transfer Litecoins to you, while your private keys work to approve your Litecoin online transactions. It is crucial to note down your private keys in a secure place and ensure that no one has access to them.
- When you have created your Litecoin wallet, you will need to fill it with Litecoin, which can be obtained from an exchange.
- Once your Litecoin wallet is created with sufficient Litecoins, you need to open your online casino account and browse its banking options to choose Litecoin as your preferred payment mode.
- After you click the ‘deposit’ button, copy the Litecoin address of the casino and open your Litecoin wallet to complete the transaction. You just need to paste the casino address and fill in the amount you want to transfer to the online casino you wish to play at.
- The transaction is quick and your funds will be successfully deposited at your online casino. With Litecoin you have to pay a small fee to cover the mining costs for encrypting. However, this fee is even smaller than in the case of Bitcoin.
The Minimum Amount You Can Deposit through Litecoin
Litecoin cryptocurrency has not set any minimum or maximum deposit limits at online casinos. However, it is possible that your online casino provider has certain minimum and maximum deposit limits for Litecoin. Thus, it is important that you contact the customer care support of your online casino to know more about this.
So, now you see how simple and safe it is to use Litecoin for depositing funds at an online casino. Once you have made your deposits, you can start playing your favourite pokies right away.
How to Make Withdrawal With Litecoin?
In order to make withdrawals using Litecoin, you will need to visit the payment section of the online casino and then choose the Litecoin option from the menu. You will then need to enter your Litecoin address and the amount you wish to withdraw from your online account. There might be a small fee applied through the casino. It is also likely that there will be minimum withdrawals limit set by the casino that you need to fulfil before withdrawing your earnings.
Which Litecoin Casino Games Are the Best to Play?
You can play your favourite online casino games and slots with Litecoin. A few of the best Litecoin casino games include blackjack, craps, slots, dice and video poker. Litecoin dice games are also very popular among casino buffs as they offer very high payouts of around 99%.
Litecoin Casinos in Australia
It is no surprise that Litecoin gambling is becoming more and more popular with Australians at online casinos. You can deposit your funds using Litecoin and enjoy their numerous advantages. If you are planning to play online, we recommend that you find the best and most reputable Australian online casinos that accept Litecoin as one of the payment options.