Launched on October 13, 2011, Litecoin or “LTC” took a while to gain in popularity and only became known during the great “cryptocurrency gold rush” of 2017. Once the world’s attention was on “Alt Coins” it was quickly adopted by online casinos as a solid alternative to Bitcoin deposits if you wanted to use crypto but not BTC.
Every type of Alt Coin will usually have many things in common with one another and Litecoin is of course no different. It’s a peer-to-peer currency that is exchanged over the internet almost instantly, with very minimal fees for both those who are sending it and those who are receiving it. Also, it is “open source” meaning that no one company or person controls it so it’s truly a global payment network that is completely decentralized and unmonitored by central authorities.
Litecoin was first released through an open source client on GitHub by Charlie Lee, who has a very impressive resume with previous positions at Google and Coinbase, where he worked as an engineer. A short two years later in November 2013, the aggregate value of LTC leaped 100% in just 24 hours, reaching a $1 billion market capitalization – the new crypto had officially “arrived”.
The other historical month for Litecoin was May 2017 when it became the first of the Top 5 (by market cap) Cryptocurrencies to adopt Segregated Witness, and then immediately after that it enjoyed the first Lightning Network transaction ever completed, transferring 0.00000001 LTC from Zürich to San Francisco in under 1 second. With excellent industry support, robust trade volume, and abundant liquidity, Litecoin has proven itself to be one of the better coins out there today and a valid medium of commerce.
How to Deposit at Online Casinos with Litecoin
If you want to deposit at an online casino with Litecoin you have to begin in the same way that you would if you were going to use Bitcoin. First and foremost you have to open up a third party “wallet” at a coin exchange in order to facilitate the transactions – think of this as your “coin bank”. You will then have to learn how to buy and sell cryptocurrency, which takes no time at all to understand and you’ll quickly get the hang of it after a few transactions.
The exchange functions exactly like PayPal or any other eWallet: you simply transfer money in and then post an order for how much crypto you’d like to buy. Once you do the exchange of USD for LTC you can then contact the gambling website and ask them for an “address” of where to send the funds to. They will give you a long string of characters that will be both numbers and letters which you will then copy and paste into your exchange when you create the transfer request.
Remember that this is a totally unique address and there isn’t another one like it in the world so you have to make sure that you copy it correctly. There are no maximum or minimum amounts that you can transfer with Litecoin and just like when you deposit with Bitcoin at an online casino, the fees depend on the amount of mining required for the transfer.
As with any online account, but especially crypto, do not lose your login details. If you do, you will never be able to access your wallet again because there isn’t a reset procedure that you can initiate. It’s a totally anonymous account that’s untraceable, which is of course one of the main strengths that people like about it. However, it is advisable not to have too much money in your wallet at any one time in case you do in fact lose your password – make sure to write it down and keep it by your computer.
The Pros and Cons of Litecoin
There are many pros with Litecoin since it is the 3rd most-listed Alt Coin after BTC and ETH at all of the major exchanges. One of its main strengths is that it has faster transaction speeds than other cryptocurrencies, making it more useful for smaller transactions, with the confirmations coming more quickly to complete the process.
With these faster “block creation” times the amount of time between blocks is so small, more miners (the people who facilitate the transactions and make the blocks) get the opportunity to mine a larger number of blocks, thus earning more rewards for their efforts. These rewards should therefore be theoretically better-distributed among the community and, by extension, should make LTC even more decentralized than its competitors.
There are no real cons with Litecoin to speak of, however, one of it’s weaker points is that the block creation time is so fast that it occasionally results in the creation of more detached or “orphaned” blocks. This simply means that as you go along the production chain, miners sometimes don’t finish all of the steps needed to complete a transaction, leading to slower processing times. Which is obviously quite ironic since a main strength of LTC is that it has the inherent quality of being lightning-fast, as was just explained above.
Other than that, the main restriction with Litecoin, and all cryptos in general, is that unless you can find a crypto ATM, you have to transfer back and forth between your personal accounts and wallets in order to move money around. However, almost 60% of all existing crypto ATMs support LTC which is higher than both Ethereum (45%) and Bitcoin Cash (33%), so once you find a machine you should be good to go.
Litecoin VS. Bitcoin
Although they are similar in many ways, there are definitely some important differences between Litecoin and Bitcoin, and depending on which factors you choose to place more value on there will be one that’s better suited to your needs. As mentioned above, with LTC there are faster transaction times compared to BTC, coming in at 25% of the time at 2.5 minutes VS. 10 minutes, so those concerned with speed may have their answer.
Litecoin and Bitcoin are nearly identical from a technical standpoint, with the latter having a script in its “proof-of-work algorithm”. This is a sequential memory-hard function requiring asymptotically more memory than an algorithm which is not memory-hard, making things more complicated and expensive than mining for BTC. This obviously leads to generally higher fees for Bitcoin transactions.
There is an inherent stereotype with LTC however, and once the industry took off and Alt Coins became popular, BTC was anointed by early adopters as the “gold standard” of crypto while Litecoin was given 2nd place and considered to be an “everyday currency” that would be used for smaller online transactions. Although those designations are certainly true today, it’s impossible to know what the future has in store for either of them.
Best USA Online Casinos for Litecoin
There still aren’t that many options when it comes to USA online casinos who accept Litecoin as a deposit and withdrawal method, but there are a few select ones who do have it listed in their cashier. These websites have been professionally reviewed by our team of experts and they’ve all proven themselves to be 100% trustworthy.
Most of the Deck Media network of sites accepts Litecoin, however, they only offer table games and slots and don’t have a sportsbook like BetOnline or GTbets, and out of those two only BOL has a poker room. Therefore, due to their numerous gambling products and strong reputation in the industry, we have to say that BetOnline is the best USA casino for Litecoin and they are our #1 recommended website for this particular cryptocurrency.