Ever since online casinos started offering various cryptocurrencies as a viable payment option, players naturally became curious. If you are one of those players, you have come to the right place!
In this article, we wanted to talk about Litecoin casinos, how they function, their advantages and disadvantages, and so much more that should interest every Canadian player.
By the end, you’ll have a clear picture of how Litecoin and Litecoin casinos work, so you’ll know exactly how good of an option they are for you.
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Litecoin Casinos Explained
Litecoin casinos are mostly like all other crypto casinos or online casinos in general. The main difference is that they offer Litecoin as a payment option, which is why we need to talk about Litecoin as well. However, you should know that, unlike Bitcoin and Etherium casinos, you won’t find any Litecoin-only casinos. There are only online casinos that offer Litecoin as one of the several payment methods.
Litecoin is usually among the top ten cryptos in the world when the market cap is considered. As is always the case with cryptocurrencies, Litecoin is also very volatile, but its price has been around C$50 in recent months.
The coin was designed to be an alternative to Bitcoin, and it was made to overcome a lot of Bitcoin’s shortcomings that have propped up over the years. It proved to be largely successful in this regard, which is why it’s the most popular alternative to Bitcoin nowadays, and the ‘silver to Bitcoin’s gold’. That being the case, it’s only natural for online casinos to offer it, just like they do with Bitcoin.
What’s more, you can expect Litecoin casinos to function in the same way as Bitcoin casinos. In essence, choosing either Bitcoin or Litecoin has become a matter of preference among casino players, as the two are quite similar. However, most people still prefer Bitcoin, which is why the number of Litecoin casinos is not big.
Even though the number of Litecoin casinos is not as large as the number of Bitcoin or even Etherium casinos, those that do exist are still a viable option, and you’ll soon see why.
Is It Legal to Play in Litecoin Casinos?
Before we explain why Litecoin casinos are a good option for players, we must state that Litecoin casinos are perfectly legal in Canada and most other countries. Litecoin is decentralized and is not controlled by the Canadian government or any other body. The same goes for most other popular cryptos.
Due to this, using Litecoin for gambling is perfectly legal in Canada, as long as the online casino you’ve chosen is legal as well. Unfortunately, since online casinos are illegal in Canada, players can only play in offshore online casinos. Unfortunately, the number of offshore casinos that cater to Canadian players and offer Litecoin as a payment method is not high.
Thankfully, the few Litecoin casinos available to Canadians are all very good, but you still need to be careful before joining. Doing sufficient research on any offshore online casino is a must, so check out a review or two before you register and deposit your first Litecoins.
Advantages of Litecoin Casinos
One of the main advantages of Litecoin casinos is the speed of Litecoin transactions. As you already know, cryptocurrency transactions are processed much faster than fiat currencies. However, Litecoin transactions are even faster than many other cryptos, including Bitcoin.
What’s more, Litecoin transactions also have lower fees than Bitcoin transactions, and certainly lower than fiat currency purchases. The general rule is that cryptocurrencies don’t have high fees because they are not centralized like fiat currencies, so there is no need for a single party, like a bank, which adds processing fees. For that reason, crypto casinos, including Litecoin casinos, don’t have to add fees to transactions, and if they do, they are usually very low.
Another advantage of Litecoin is that you can remain anonymous, just like you can with Bitcoins. All transactions in Litecoins are visible due to the blockchain’s nature, but they cannot be linked to a specific person. What’s more, the transparent nature of crypto transactions also means that they cannot be reversed. This is good news for casino players, as you don’t have to worry about the casino deciding to take back what you’ve won for one reason or another.
It’s also worth noting that the house edge is much lower with Litecoin casinos than with traditional online casinos, so you have higher chances of winning.
Disadvantages of Litecoin Casinos
The main disadvantage of Litecoin casinos is that they are rare and that the price of a Litecoin is constantly fluctuating. Litecoins are inherently volatile, just like all other cryptocurrencies, and some players consider this to be a disadvantage, but some believe this is a positive feature because it enables them to earn more by holding on to their Litecoin wins and exchanging them when the price is high.
As for the number of Litecoin casinos, nothing can be done here. Thankfully, more and more Litecoin casinos are propping up every day. Many of them are worth playing in, so we can expect that the number of Litecoin casinos for Canadian players will be very high one day.
How To Start Playing in a Litecoin Casino?
So, now that you know most of what you need to know about Litecoin casinos, you’re probably wondering what the procedure is for joining and playing in them.
The good news is that it’s as simple as it is with all other casinos. All you have to do is pick a good online casino that offers Litecoins as a payment option and register. Once that’s done, all that’s left for you to do is deposit Litecoins and start playing. The games you get to play are mainly the same as the games you have in all other online casinos.
However, you still have to own Litecoins before you join a Litecoin casino. To get Litecoins, you can purchase them for fiat currency on one of the cryptocurrency exchange sites like Coinbase, Kraken, Bittrex, and a few others. Then, you have to get a good crypto wallet, like the one Coinbase offers, or one of the several widely accepted crypto wallets like Electrum. The wallet is used to store Litecoins and pay for products and services using the crypto coin.
As you can see, none of these steps are complicated, so you’ll be able to start playing your favourite casino games at a Litecoin casino in no time!
The Bottom Line — Are Litecoin Casinos Good?
All in all, Litecoin casinos are a good alternative for those who like Cryptocurrencies, even though they are not as widespread as Bitcoin casinos are.
However, thanks to the fact that Litecoin transactions are faster than most other crypto transactions and that the fees are some of the lowest on the market, Litecoin casinos certainly have their charm and are definitely worth joining.
What are Litecoin casinos?
Litecoin casinos are regular online casinos that offer Litecoin as a payment method. Many casinos that offer other popular cryptos as a payment method tend to offer Litecoins as well. However, their number is not very high.
Can I gamble with Litecoins?
Yes, of course. Just like you can gamble using other cryptocurrencies, you can do the same with Litecoin. On top of that, Litecoin is perfectly legal in Canada, just like any other cryptocurrency. However, online casinos are not, so you will have to find an offshore casino that offers Litecoin as a payment method.
Do Litecoin casinos offer bonuses?
Litecoin casinos offer a wide variety of bonuses, just like many other casinos do, so this shouldn’t be a problem when you’re looking for a Litecoin casino to join. You’ll only have to choose the one that offers the best bonus.
Are Litecoin casinos safe?
Yes, completely. The inherent nature of Litecoins is such that all transactions are 100% safe. This is the main advantage of Litecoin, Bitcoin, and many other popular cryptocurrencies.
How do I withdraw my earnings from a Litecoin casino?
Withdrawing Litecoins from an online casino is no different from withdrawing any other currency. All you need to do is go to the Cashier and choose Litecoin as your withdrawal method. All that’s left is to select the amount and the Wallet. Remember that once the transaction is on its way, there’s no going back, so make sure you’ve chosen everything right.