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Litecoin is a fully decentralized digital currency created in 2011 by a former Google employee and MIT graduate Charlie Lee. An open source, global payment network based on cryptography and blockchain technology, it is in many technical aspects similar or identical to Bitcoin, however there are certain differences which might make it more easily obtainable and transferable. Much like its virtual counterpart, it is a peer-to-peer currency controlled and managed by individual users based on supply and demand, with a capped amount of units, and completely free of any central authority or banking institution influence. It was launched to outshine Bitcoin in terms of number and speed of transactions, using a scrypt as proof of work algorithm and different protocols to overcome the scaling and size issues of blockchain, and implement more appropriate transactions formats. The Litecoin network therefore produces more new units per block, handles higher transaction volume and allows faster transaction confirmation times.
LTC is an internet currency that is instantly available with little to no cost payment service to virtually anyone in the world. The global payment network is completely distributed and regionalized expansively without any form of central authority. Through mathematic measures it secures the entire network enabling individuals to have total control over their finances. As said, it is closely related to the Bitcoin currency concept and based off the same protocol with one main difference. Litecoin has the unique capability to resourcefully be mined with consumer-grade hardware. One of the focuses of this internet currency is to provide a mining algorithm that is compatible and will run at the same time as the hardware used for Bitcoins. The projected network schedule is to produce 84 million Litecoins that is 4 times more currency units than Bitcoin and is capable of handling a much higher volume of transactions.
How Does Litecoin Work?
Those initiated into the inner workings of Bitcoin, should not have any issues switching over to Litecoin or using both currencies simultaneously, as the latter is based on Bitcoin's open source code base and works on the same basic principles. It is best viewed as a complementing currency with a greater total supply.
The open-source software is released under the MIT/X11 license which allows individuals to run, modify, copy software and distribute modified copies. The transparency process of the software permits independent verification binaries and source codes. The advantage of network supports more transactions without having to modify the software in the future. This gives merchants faster confirmation times and receive further confirmations when selling larger ticket items.
Download the software compatible with Windows, Mac OS X, Blackberry, Android and GNU/Linux by first confirming the sites security certificate found in your browser preventing websites that are not authentically Litecoin. It is best to use bootstrap.dat to reduce installation time from 2 days to one hour.
Just like other cryptocurrencies, Litecoin resides on the blockchain, and to use it, the coins must be stored in a private digital wallet - an online or preferably a hardware version for greater security. To create a wallet, you must first open an account with a website or application which serves as an online exchange for buying and selling. There are numerous exchanges like CoinBase, Bittrex, Kraken and others, but it is important to choose a trusted one with a good reputation in the community. Wallets can be installed on tablets, mobile and desktops with all operating systems supported. Encrypt your wallet with a passphrase that is easy to remember to you only. Log into the Litecoin forums or IRC to introduce yourself and begin mining, development, trading or using your Litecoin currency.
Litecoin Security
Encryption secures your wallet from unauthorized users allowing you to see history of transactions and your account balance. Your account is password protected and in order to spend LTCs, clients must successfully login. An understanding check is required before sending payments. The security system protects against wallet-stealing viruses and Trojans.
Pros and Cons
Especially suited for smaller or micro-transactions for as low as $20. Litecoin is a good choice for gamblers to transfer funds to and from casinos. However, there aren't many operators who integrate the currency, simply because its use has not yet become widespread. In the future, merchants should find this option more beneficial than Bitcoin, due to faster transaction confirmation rates, meaning there's less time to wait and ensure customer payments have been received. Due to the confirmation rates of only 2.5 minutes and more frequent block generation, Litecoin can process more transactions in a given time frame.
Compared to traditional currencies, there are major advantages which make it potentially more suitable for gamblers. Being anonymous and independent is especially convenient for US players, but also all others who appreciate the self-serving cryptocurrency system. Provided a safe and trusted exchange is used, along with an encrypted hardware wallet, the safety of transfers will be on an even higher level than with banking accounts. You can send or receive funds instantly from anywhere in the world, at any time you choose. Furthermore, the network and software are dynamic, ever-expanding and changing, with numerous developers working to improve existing features or implement new tools.
| Litecoin payment method fees and facts | |
| Litecoin is popular in these countries United Arab Emirates, Australia, China, Germany, Spain, Finland, France, Hong Kong, India, Malaysia, Netherlands, Norway, New Zealand, Saudi Arabia, Sweden, Singapore, United States | |
| Link to terms & conditions | https://litecoin.com/en/legal |
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Step by Step Guide to Casino Deposits and Withdrawals with Litecoin
If you’ve ever wondered how to deposit or withdraw winnings using Litecoin, we’ve got you covered! This quick guide will walk you through each step of the process, making it easier than you might think.
Whether you’re new to cryptocurrency transactions or a seasoned veteran, you’ll soon realize that it’s much simpler than it may seem! There are however a few things that you should know before we get started.
Pay extra attention when entering a wallet address as making the wrong entry could mean you losing your funds forever. Another thing that might seem tricky is setting up and managing a crypto wallet, as well as acquiring the wanted currency - Litecoin in this case.
How to Make a Casino Deposit with Litecoin
Given the rapid growth of popularity of cryptocurrencies, each day more and more online casinos allow players to make deposits in different currencies. This is a great thing as crypto offers players both privacy and security. On top of that, it is also one of the fastest ways to transfer funds.
- Log In to Your Casino Account
Make sure you are logged in to your online casino account. If you aren’t, you can log in by entering your credentials in required fields.
- Get to the Deposit Section
Once you have successfully logged in, head to your account’s deposit section. (sometimes it can be called balance, or straight up deposit)
- Select Litecoin as Your Desired Deposit Method
When you find yourself greeted by different deposit options, select Litecoin, as well as the amount you wish to deposit.
- Copy Casino’s LTC Address
After you complete the previous step, the casino will not only let you know how much LTC you need to send in order to deposit the amount you wish to. It will also give you the LTC address that you can copy. Make sure to enter the casino’s LTC wallet address correctly or you can risk losing your funds and not depositing at all!
- Start the Transaction from Your Wallet
Open your LTC wallet and choose the option to send LTC. Enter, or paste, the address of the wallet that the casino gave you. Be sure to, at least, double check the address!
- Specify the Amount You Wish to Deposit in Litecoin
Type in the amount you would like to deposit to your account but keep in mind any fees that can occur.
- Go Over Your Transaction and Submit
Carefully go over everything that you’ve entered - if you are depositing the right amount, the address of the casino and the fees! Once you’ve checked everything, you can send it.
- Wait for Confirmation
Once you submit your transaction, you will be notified that it is on the blockchain and waiting for confirmations. This process usually doesn’t take too long.
- Check Your Balance
Once you’ve been notified that the transaction is complete, check your casino balance. If everything went well, your funds should be deposited. However, if your funds aren’t there, contact customer support for further assistance!
How to Withdraw Casino Winnings Using Litecoin
Withdrawing your winnings isn’t too hard of a process either. While it usually takes a few minutes, keep in mind that withdrawals can sometimes take a few hours as well - sometimes even a few days! Once again, the most important thing to pay attention to is entering your wallet’s address correctly!
- Head to the Banking Section of Your Casino Account
Open the banking section of your casino account (sometimes it is called balance or something similar) and select withdraw.
- Select Litecoin as Your Desired Withdrawal Method
Find Litecoin within the payment methods and select it as your withdrawal method.
- Prepare Your Litecoin Wallet Address
Open up your Litecoin wallet and copy the address. Alternatively, you can retype the address, although be very careful when doing so as typing in the wrong address means you will not receive the funds you withdrew!
- Enter the Required Information
Specify the amount of LTC you wish to withdraw and enter your wallet’s address.
- Double Check the Entered Information
Before submitting the withdrawal, make sure to go over the entered amount you would like to withdraw, as well as the address of your wallet.
- Submit the Request
Once you have double checked everything, you can now hit the submit button and start the withdrawal request.
- Track the Confirmation Status
Once the casino has approved your withdrawal request, it can take up to a few days to appear in your wallet, although usually it takes way less than that.
- Check Your Wallet for Funds
Once the transaction is complete, the requested Litecoin should appear in your crypto wallet. Sometimes it can take a bit of time, although not too much.
As you can see, the process of depositing and withdrawing Litecoin to, and from your casino account isn’t that scary. Now you should be all set for your upcoming adventures. Good luck!