Litecoin Online Casino Withdrawals
Litecoin, or LTC, is a cryptocurrency used by thousands of people worldwide for fast and secure transactions, including online casino withdrawals. Like other cryptocurrencies, Litecoin is not tied to any bank, country, etc. Instead, a network of computers vets the users’ transfers in real-time.
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History of Litecoin
This currency started life in 2011 when computer scientist Charlie Lee created a code for an alternative to Bitcoin. Lee’s goal was to make it more efficient and better suited to smaller transactions. Two years later, he launched the Litecoin network.
There are a few significant differences between Litecoin and Bitcoin. The first one is easier to mine, and miners can use regular consumer-grade hardware without the necessity to use specialized equipment, like in the case of Bitcoin. Besides, LTC has a higher transaction speed. Also, LTC’s market cap is much smaller than that of BTC.
In November 2013, LTC’s value doubled in just 24 hours. However, it has also been part of a couple of altcoin crashes. Generally, LTC has always been one of the top altcoins.
Withdrawing from Online Casinos with LTC
To make a Litecoin payout from an online casino, you should possess an online wallet for storing this cryptocurrency. Here is a quick guide on how to withdraw LTC from a gambling site:
- Log into your casino account, visit the casino’s Banking page and choose “Withdrawals.”
- Select “Litecoin” from the available options. You will probably find it in the “Cryptocurrencies” section.
- Indicate the amount you want to withdraw, provide your public wallet number, and confirm the transaction.
- Wait for the funds to reach your wallet. Depending on the casino, the processing time for such requests may take between a few minutes and a few days.
Pros and Cons of LTC Casino Withdrawals
Here are the main benefits and drawbacks of using Litecoin for online casino withdrawals.
Pros:
- Quick transactions
- Low fees
- High security level
Cons:
- Not all casinos accept this method
- Some casinos that accept LTC are not properly licensed
- Loss of LTC’s value is possible
FAQ
Do I have to pay extra fees for withdrawing with Litecoin?
Most Litecoin casinos do not take additional fees for withdrawing with LTC. However, some sites do. Besides, you will likely have to pay some low fees to your cryptocurrency wallet.
Does LTC offer anonymous transactions when I withdraw from online casinos?
Not exactly. Unlike traditional payment methods, LTC transfers do not expose the user’s personal data. However, since it operates on a public blockchain, all transactions are stored there, and the transaction history of every wallet can be traced.
Are Litecoin online casinos legit?
It depends. As always, when looking for an online casino to play your favorite games, you should check the site’s license and some reviews. You can choose an online casino with a flawless reputation from our list of recommended gambling sites.
What are the main benefits of using Litecoin for casino payouts?
The key advantages of LTC for withdrawals from online casinos are quick transactions, low fees, and a high level of security.