With the advent of such a phenomenon as cryptocurrency, the financial capabilities and habits of many users have changed. It became clear that the world would never be the same after the "digitization" of currencies, and many spheres reacted positively by adopting crypto assets. It is quite natural that such an area as online entertainment, and more specifically online casino services, fell under the influence of general trends. Today, we can almost universally see cryptocurrencies along with fiat funds as a way to deposit and withdraw funds.
While in the beginning it was bitcoin that was on everyone’s lips, over time, other worthy, in every sense, crypto assets began to appear. And Litecoin can be called one of the most promising of them, as evidenced by its popularity on casino sites and the willingness of many to gamble using Litecoin. Nevertheless, beginners are still cautious about using this crypto method, so let's hasten to dispel your speculations and doubts and figure out what litecoins are and how to use them.
In the not-so-long existence of cryptocurrencies, which is just over a decade, the asset market has seen active growth and expansion with a huge number of new tokens. The competition is big, so staying on top, as Litecoin manages to do it, is not easy.
Litecoin belongs to the family of peer-to-peer cryptocurrencies and is one of the top five cryptocurrencies by capitalization. Therefore, it is not surprising that LTC casinos have long ceased to be a rarity. To understand how operations take place in Litecoin, you need to imagine a public chain of blocks (blockchain) in which there are nodes that process transactions, miners work to verify them, and a register of all transactions is kept securely. Litecoin is open source, offers great opportunities for decentralization and secure payments, and is a frequent choice for investors. Moreover, compared to Bitcoin, Litecoin takes less time to process transactions.
The thing is that the Litecoin network can involve more miners than Bitcoin since the network does not require such powerful computing equipment. This approach was deliberately used by the creator of Litecoin, a former employee of Google Corporation, Charlie Lee. Despite the fact that it is based on the code of the first cryptocurrency, it has been slightly modified in order to avoid the prevalence of large concentrated mining pools.
Litecoin runs on a PoW consensus algorithm, which means that blocks in the network and each transaction are verified by miners who receive a certain block reward. To receive such a reward, miners need to fulfill the hashing requirements and solve certain mathematical problems. Once the job is done, you can move on to the next block. In the Litecoin network, mining one block takes several times less time than in Bitcoin and is approximately 2.5 minutes.
While the processes described above explain the essence of the operation of the Litecoin network, many novice users may have such well-founded questions: do I need to participate in all this just to play LTC casino games? Is it possible to get litecoins in another way, for example, just buy crypto coins? The answer is as simple as getting litecoins - of course you can!
Before we move on to exactly how the processes of buying and selling litecoins work, including for possible subsequent registration on an online casino that accepts litecoin, let's go through the following features of "crypto silver":
- to engage in Litecoin operations you need to register a wallet;
- users can buy any quantity, including any part from 1 LTC;
- the main ways to obtain LTC are on the crypto exchange, using an exchanger, or by direct transfer, while buying assets on the cryptocurrency exchange is considered the most profitable option.
In general, the following ways to purchase litecoins are available:
- Using the services of third parties
Using your own LTC wallet opens the door to all the possibilities of litecoin transactions and is advised for long-term storage of currencies as opposed to, for example, cryptocurrency exchanges. For safe use, you can download the program from the official Litecoin website. In addition, the Play Market and the App Store have many solutions in the form of applications for mobile devices. Replenishment of wallets mainly occurs with the help of fiat funds or in connection with a selected crypto exchange.
The main purpose of opening a wallet is the safe storage of your funds. Exchange services may be needed to actually buy litecoin profitably and use any preferred means for transactions such as fiat currency and cryptocurrency. The most popular reliable crypto exchanges are Binance, Coinbase Exchange, FTX, Kraken, KuCoin, Huobi Global, and Bitfinex among others.
Cryptocurrency exchanges make all processes for users as easy as possible, from creating an account to directly performing funds transfer operations. Such platforms support multilingual versions and low commissions.
- in the absence of third parties
Transactions with litecoins do not necessarily occur with the presence of intermediaries such as exchanges - users can receive a transfer personally from the owner, relying on the absence of a commission. In this case, there is always a high degree of risk of being left without money. Those who want to try buying or selling litecoins in this way and quickly switch to the game in an LTC online casino can only negotiate a deal with a familiar person in real life. Among the risks is the sale of cryptocurrency at an overvalued rate, or the alleged occurrence of a technical error.
We are all used to the fact that the fiat currencies we use are broken into smaller pieces, that is, they have denominations. In dollars, for example, these are cents or pennies, and in the dollar bills themselves, this is 1 dollar, 2 dollars, 5 dollars... And what about the denominations in cryptocurrencies and is it possible to make transactions in Litecoin casinos not with a whole litecoin?
Of course, cryptocurrencies are different from fiat and have a slightly different framework that allows you to split your one litecoin into pieces. While, for example, the bitcoin system has a division into satoshi (named after the creator of the Bitcoin technology), many other cryptocurrencies do not have generally accepted names for denominations. In this case, the decimal division system is used up to eight zeros after the comma.
Litecoin, on the other hand, got hold of its own name of the denomination - its particles are called Litoshi (one Litoshi is 0.00000001 Litecoin). Thus, you can get the best Litecoin casino experience by making transactions as small as the limits on the site itself allow.
When choosing a cryptocurrency for trading and spending, for example, for LTC gambling, users, first of all, pay attention to such an important indicator as transaction fees. Comparatively, Litecoin boasts fast processing times and low transaction costs. Its developers have provided for a level of transaction cost that is some thousandth of a dollar (approximately $0.007).
The next important point that needs to be discussed in a conversation about cryptocurrency and Litecoin in particular is the limits associated with it. They may primarily relate to your withdrawal funds. Since online exchanges are required to take measures to counter the illegal use of digital money, users are faced with a certain transaction limit and time restrictions and must also provide certain documents if we are talking about serious turnovers. It's better to learn about the rules applied on the platform itself where you are going to buy or sell cryptocurrency.
Speaking of Litecoin processing time, we can mention both the speed of transactions within the network and when it comes to transactions to other sites. In the first case, the time required for the network to process transactions fluctuates around less than three minutes, and more than one hundred thousand transactions are confirmed in Litecoin per day. And if you imagine that you find yourself on a Litecoin gambling site, this cryptocurrency method will be among the fastest for both depositing (often instant replenishment) and withdrawing funds (processing time usually does not exceed one day).
As you can see, Litecoin supporters have many reasons to stick with this crypto solution. Well, now let's take a deeper look at how the interaction with Litecoin is arranged on online casino platforms.
If we are talking about online casinos, of course we are talking about casino games. So what are the games presented on Litecoin sites? Do they differ in some way from the titles of regular casinos? Well, don't let the phrase "LTC casino" confuse you. While the banking options of some gambling platforms are diversified with cryptocurrencies, their game offering remains the same as on fiat sites. Would you like to play slots? Of course you can! Or maybe roulette, blackjack, or video poker? With Litecoin payments that take no more than 15 minutes to top up your game balance, any casino game is at your fingertips.
Now, one of the ways in which a modern player can benefit from using Litecoin as a payment option is to use the services of an online casino where special match bonuses are offered for deposits in cryptocurrency or a certain number of free spins in slots. Thus, the owners of online casinos help to break the ice so that more and more players can appreciate the advantages of Litecoin.
Even if you have found an online casino that lists Litecoin among its methods and has a range of games that caught your attention, first of all you need to make sure that such a site is reliable in itself. While there is no doubt about the security of Litecoin, the online casino itself must be guarded by an encryption algorithm such as the SSL security protocol, it must be licensed and provide the ability to contact support at almost any time. These and other factors are taken into account at El Royale Casino, which makes it a Litecoin casino worthy of attention.
The standard registration and account creation procedure takes a few minutes here and is necessary in order to make deposits, use bonus packages, and withdraw funds. By itself, El Royale Casino does not charge any additional fees when banking with Litecoin. So, in order to transfer funds on the site, you need to follow these steps:
- Click on Sign Up and complete the registration process in three easy steps. If you already have an account, just login.
- After logging in, you will find yourself in the casino lobby. In order to select Litecoin as your payment method, go to the “Cashier” section and then select a “Deposit” tab.
- If you are using a mobile device, you will see "Deposit" immediately in the lobby. After confirming the payment from your Litecoin storage, allow approximately 15 minutes for the funds to appear on the balance. Choose a game and good luck!
If you have any questions about Litecoin, the use of other cryptocurrencies, or any other inquiries, you can always clarify them with the El Royal Casino customer support service around the clock by chat, email, or phone.
The question of comparing these two cryptocurrencies often arises among players who find themselves in an online casino with litecoin deposit available. If you look at them from a general point of view, then they actually have a lot of similarities like all cryptocurrencies, but there are also differences, especially in terms of their blockchain.
For example, a total of 21 million Bitcoin coins can be mined, while for Litecoin this figure is 84 million coins. While this information may seem of little interest to the average customer, it is worth noting that the average transaction time for Bitcoin is 10 minutes, while for Litecoin the average time is 2.5 minutes. In addition, Litecoin and Bitcoin use different cryptographic algorithms: Bitcoin uses the SHA-256 algorithm, while Litecoin uses Scrypt, which is a newer algorithm and is not as "demanding" to special hardware solutions as Bitcoin's algorithms. This means that Litecoin is more accessible to users who want to act as miners.
In no case can it be said that online casinos offering Litecoin as a payment method means a signal of dishonest activity. In order to determine how transparent the operations of a particular site are, you first need to make sure that it is licensed in a recognized jurisdiction, has implemented modern methods of protecting customer data, and also uses a Random Number Generator for a provably fair game. In turn, Litecoin transactions are cryptographically protected thanks to the tamperproof blockchain, and banking information remains undisclosed to third parties (for example, banks).
Yes, sure. Some sites develop separate applications for mobile gadgets, others have an optimized site and offer access from browsers. If you want to choose the best Litecoin mobile casino, analyze its gaming range and try the games in demo mode as it is possible at El Royale Casino. This way, you will check out the offer of the platform without paying a cent and also evaluate the graphics in the games.