Top Litecoin Casinos 2022 – NZ Casinos That Accept Litecoin
Litecoin is one of the most traded digital currencies, making it a sensible crypto investment. Its affordability compared to others like Bitcoin, Ethereum, and Bitcoin Cash makes it an ideal place to start the cryptocurrency journey. Also, almost every casino that supports crypto gambling accepts the currency, so you do not have to look too far to find an ideal destination. Its stack difference from fiat currencies does not change the ease of depositing and withdrawing from casinos, and it can also be used to claim bonuses and promotions. However, like with all cryptocurrencies, Litecoin remains a highly volatile asset. Accordingly, limit your investment in it to a small fraction of your net worth.
💳 Litecoin Review
Whether new to or well-versed in the world of cryptocurrencies, you have probably heard of Litecoin. The cryptocurrency was an early Bitcoin spinoff launched in 2011 and is technically near-identical. Litecoin was introduced as an alternative due to concerns that CPUs were becoming an obsolete and worthless resource for mining Bitcoin. Terebrix was the first crypto to replace Bitcoin’s algorithm to resolve the issue, but users criticized developers for claiming 7.7 million coins at no cost. Charles Lee created another option, Fairbrix, which laid the foundation for the scrypt mining algorithm used by Litecoin and returned the finite money supply of Bitcoin, with a maximum circulating supply of 84 million. In 2022, Litecoin was upgraded with a soft-fork network that enabled sending confidential transactions whose amount is revealed to the sender and receiver only.
💻 Opening an Account with Litecoin
Litecoin is similar to Bitcoin in many ways, starting with the fact that they are both open-source projects that verify transactions and reward miners with coins using a proof of work system. The Litecoin network produces coins when miners solve complex mathematical problems known as hashes, earning them the right to record new blockchain. The network awards 12.5 LTC to the first miner that correctly solves the hash associated with each transaction through the proof of work consensus. As easy as it sounds, Litecoin mining requires immense computing power and cannot be run out of one’s living room due to the energy and space required. Therefore, the venture is reserved for those with mining farms full of sophisticated hardware.
Another vital element of how Litecoin works is halving, which controls its supply, considering only 84 million coins can exist. This procedure decreases the Litecoin blockchain at intervals whenever 840,000 transactions are completed. When LTC was first launched, miners were rewarded 50 LTC for each hash they solved. Due to halving, this value has dropped to 12.5 LTC. The next halving is expected sometime in 2023.
Litecoin Acquisition and Storage
The purchase of Litecoin, or any crypto for that matter, begins with getting a wallet where the coins can be stored. There are several choices available, including;
- Hardware Wallets – These digital asset storage options use hardware devices to store private keys linked to the assets and allow owners to interact with their wallets without exposing the stored data. They can be connected to a mobile or PC device to transact with the Litecoin network.
- Mobile/ Desktop Wallets – Also known as hot wallets, these options are widely preferred for their easy use. However, they are more vulnerable to online hacker attacks, and extensive research is necessary on the reputation and security of the selected wallet.
- Paper Wallets – These are cold wallets that store coins offline, accessible with private keys and recovery phrases.
- Crypto exchanges – Popular Litecoin purchase points have wallets for the cryptocurrency and online items it buys. However, it is also susceptible to hacker attacks since it stores coins on the network.
After choosing a wallet, Litecoin can be purchased from cryptocurrency exchanges like Gemini, Kraken, ByBit, KuCoin, and Coinbase. Some exchanges support purchases using fiat currencies sent through e-wallets like PayPal or mobile apps like Google Pay and Apple Pay.
🪙 Depositing with Litecoin
The real money gambling experience is similar when using Litecoin as it is when using traditional currencies. Casinos supporting the currency generally include it in a banking section, and the depositing procedure goes as follows:
- Create an account or log into a Litecoin-accepting casino
- Open the banking section and select ETH or the provided crypto merchant processor
- Open your wallet and send LTC to the wallet address provided by the casino
💲 Transaction Speeds with Litecoin
Litecoin processes a block in near-real-time, taking up to 2.5 minutes for each one to be approved. This means that deposits reflect in casino accounts almost instantly, and withdrawals are received at the same speed once the gambling den’s pending period lapses.
Litecoin transaction fees are significantly lower than credit processing and other cryptocurrencies. The crypto charges roughly 0.06% of the transacted amount compared to Bitcoin’s 3.92%.
✔️ Upsides of Litecoin
The longevity of Litecoin in a highly volatile niche is attributed to several upsides, and they include;
- Litecoin provides services, exchanges, and up-to-date statistics on how it operates and where it is used, easing the burden for beginners. There are also numerous communities to help, like Litecoin Forums, Reddit Litecoin, Litecoin Telegram, and IRC FreeNode network channels
- Its use of open-source software gives users the power to run, modify, copy, and distribute the copies, allowing independent verification of transactions and binaries as well as their corresponding source code
- Without any extra tech layers added to the Litecoin blockchain, it processes transactions faster than Bitcoin
- The Litecoin network is capped at 84 million coins, controlling its inflation and devaluation over time
- It is a peer-to-peer exchange, which removes third parties like financial institutions and governments; this eliminates redundant transaction copies and the risk of money being held, frozen, or seized.
- Litecoin wallets do not require personal information to open or run, which means playing for real money does not come with the risk of financial breaches.
Frequently Asked Questions
What is Litecoin?
Litecoin is a peer-to-peer electronic currency that allows instant, affordable payments worldwide. The open-source global payment network runs on blockchain technology and is fully decentralized, free of control by central authorities like governments.
How can I purchase Litecoin?
Litecoin can be purchased using traditional currencies on several crypto exchanges like Gemini, Kraken, and Coinbase. Geographical and currency restrictions may apply.
Can I use Litecoin to play for real money in casinos?
Yes, you can. A handful of online casinos accept cryptocurrencies, with Litecoin being among the most popular. After opening an account with an ideal casino, deposit the desired crypto value, and choose the game to play on its portfolio. In some games, the betting credits appear as LTC, while in others, they are converted into fiat currencies.
Can I use Litecoin to claim casino bonuses?
Claiming bonuses using Litecoin depends on the casino. Most crypto casinos have special incentives for LTC users or leave the regular packages open to claim using digital currencies. However, in others, using cryptos disqualifies you from taking up incentives.
How long does it take for Litecoin deposits and withdrawals to be processed?
Litecoin transactions are processed almost instantly since it eliminates third parties between casinos and players. However, withdrawals can take longer if the respective gambling den applies a pending period to verify the requests.
How much does it cost to make Litecoin transactions?
Litecoin is one of the most affordable cryptos, with transaction fees as low as 0.06% of the amount transferred. The amount can fluctuate according to the currency’s market value and transferred amount.
Final Remarks on Litecoin
Litecoin is a decent place to start to get familiar with the ins and outs of the cryptocurrency world. Other viable blockchain digital currencies have cropped up over the years with faster transaction speeds, but Litecoin maintains its relevance. If you plan on using the crypto exclusively for gambling, only buy enough to use, which should be within the limits of what you can lose comfortably. While Litecoin usage comes with worldwide support, anonymity, and absolute control, it has yet to gain the acceptance and stability of fiat currencies. Therefore, if possible, speak to a financial advisor on how to realistically invest in the fashion money depending on your unique financial goals.