Best Crypto Casinos That Accept Litecoin (2022)

Litecoin is one of the biggest up-and-coming altcoins that has come onto the market. In fact, it is accepted in almost as many places as the original Bitcoin. This includes many online crypto casinos that offer great gameplay options.

In this article, we will look at the best crypto casinos that accept Litecoin. We will also look into how this crypto started, how it works, and everything else that you should know about it.

History of Litecoin

Officially launched in 2011, Litecoin was created by Charlie Lee-a former Google programmer who wanted an alternative to Bitcoin that was not so GPU intensive to mine. After publishing the open-source code for the crypto on October 7, the Litecoin network went live on October 13.

Since then, Litecoin has become one of the most popular cryptocurrencies. It also gathered wealth at an amazing rate-including a leap of 100% value in just 24 hours in November 2013.

How Litecoin Works

Litecoin works in much the same way as Bitcoin, even having the same Segregated Witness (Segwit) upgrade that was behind the birth of Bitcoin Cash.

The crypto is run in an unregulated and decentralized manner and makes use of a blockchain to track all transactions. This is the general ledger that is used to keep track of who purchased, owns, or has used Litecoin.

There are, however, two distinct ways in which Litecoin differs from the traditional model of crypto employed by Bitcoin. The first of these is the encryption used. Without going into specifics, which could take a while to explain, Litecoin cryptography makes the coin incredibly secure-even more so than BTC.

The second difference that Litecoin features is the regularity of which blocks are added to the blockchain. These blocks contain all recent transactions and are also used to release new Litecoin into the blockchain each time a new block is confirmed.

Unlike BTC (and BCH), which confirm a block around every ten minutes, Litecoin aims to process a new block every two and a half minutes. This makes transactions using Litecoin around four times faster than those using Bitcoin.

In fact, this speed is significantly highlighted when looking at the TPS (transactions per second) of LTC versus BTC. Bitcoin can only process seven transactions per second, whereas Litecoin is capable of processing 56 transactions every second.

Litecoin Fees

Due to the incredibly fast processing time for each new block in the blockchain, Litecoin enjoys very low service fees. This is because there is a constant supply of miners waiting to confirm transactions, the demand rarely peaks-having only really peaked before in 2013 and 2017.

The highest recorded service fee charged for a single LTC transaction was in December 2017 and cost US $0.84. On average, however, most LTC transactions cost between US $0.03 and US $0.04. This makes it significantly cheaper and faster than crypto king Bitcoin.

Litecoin Wallet Requirements

As is the case with most cryptocurrencies, there is no specific wallet that should be used to store your Litecoin. Instead, any reputable crypto wallet that supports LTC can be used.

However, there are some recommendations as to which wallet to use. These include storing larger amounts that are worth higher values using hardware wallets, cold drives, or paper wallets.

At the same time, it is generally a good idea not to store any excessive amount of LTC in any mobile wallet. While these offer greater convenience when it comes to spending your crypto-allowing easier deposits into your player account-they are much more easily hackable and could result in your LTC being stolen from you.

Pros of Gambling With Litecoin

Litecoin has certain unique advantages over some other cryptos. These include:

Fast Transactions

Because of the large number of transactions per block in the Litecoin blockchain, transactions are processed incredibly fast. This means that, should you not be playing with a crypto casino that allows instant deposits, your funds will clear into your player account incredibly quickly.

Secure

Because this altcoin is decentralized, it is very secure and can be used without worrying too much about your money being stolen. In addition to this, because of the unique encryption method used by the blockchain, each transaction is incredibly safe.

Proven History

Since its launch in 2011, Litecoin has become one of the most popular altcoins-bolstering development of the blockchain and investment into it. This means that it will probably be here for a long time and that your money should be secure if you choose to gamble using this crypto.

Widely Accepted Online

Because it is known as one of the most popular altcoins, Litecoin is already accepted by a wide number of online crypto casinos-including many that accept Bitcoin. This means that you won’t have to look too hard to find an online casino that you can spend your LTC on.

Cons of Gambling With Litecoin

Despite the above great perks of Litecoin, there are also some disadvantages. These include:

Often Confused with Bitcoin

One of the downsides to LTC is that many people confuse it with BTC. Making this mistake could lead you to registering a player account with an online casino only to realize that the site only accepts Bitcoin and not Litecoin. Therefore, it is always best to double check this fact before registration.

Volatility

Like any other crypto, Litecoin has a volatile worth that is affected by many different external factors. While this can sometimes work in your favor (such as when it jumps upward in value), it can also be detrimental if you win big and the value then decreases significantly.

Dark Web Association

Another con of using Litecoin is the fact that the altcoin is often associated with activities on the dark web. Because of this, the uptake of accepting LTC has been slower than some other cryptocurrencies. Therefore, finding a place to spend a large win using LTC may be slightly challenging.

Litecoin vs. Other Altcoins Comparison

The table below shows the main differences between Litecoin when compared to BTC and other popular altcoins:

Crypto Type

Block Processing Time

Average Transaction Fee (USD)

Specific Wallet Required?

Litecoin

2.5 minutes

$0.03 - $0.04

No

Bitcoin

10 minutes

$2 - $4

No

Bitcoin Cash

10 minutes

$1

No

Ethereum

12 seconds

$2 - $3

No

Dogecoin

1 minute

$0.65

No

Tether

Blockchain Dependent

$1 - $4

No

Litecoin - Conclusion

Created to do certain things better than Bitcoin, Litecoin is definitely a crypto that you should consider using if you are looking to gamble online.

Not only does it offer incredibly low service fees and fast transactions, but it is also widely accepted by many different places online-especially gaming and lottery websites. This lets you transact easily and without much hassle.

However, if you are planning on mining this crypto rather than purchasing it, we recommend that you do considerable research into the costs of mining LTC beforehand. Even with the risks, you may find that gambling may be a quicker way to gain more LTC than mining.