Cryptocurrencies have silently crept into the online casino world, creating a niche the industry generally refers to as crypto casinos. A crypto casino is an online betting site that lets users stake using Bitcoin, Ethereum, Litecoin, and other similar digital currencies.

A segment of the crypto casino industry that doesn’t get as much attention as it deserves is Litecoin casinos. Litecoin is one of the friendliest cryptocurrencies for online casinos, explaining the upsurge in the number of Litecoin casinos.

In this article, you’ll learn how to start with Litecoin as a beginner. After highlighting the pros and cons of using Litecoin for cryptocurrency gambling, we’ll show you how to acquire and use the currency for deposits and withdrawals at the best Litecoin casinos.

What are Litecoin Casinos

Litecoin casinos are betting sites that process payments and withdrawals with the Litecoin cryptocurrency. To fully understand the concept, you must learn what Litecoin (and crypto in general) means and how it changes casinos.

Litecoin is a cryptocurrency from 2011, making it one of the earliest ever created. The cryptocurrency is a fork of Bitcoin created by ex-Googler Charlie Lee after learning about Bitcoin and its blockchain in general.

Little did Charlie know Litecoin would grow to become one of the biggest cryptocurrencies by market cap and one of the most practical for day-to-day use. The practicality explains why it’s so popular among online service providers, including online casinos.

Most Litecoin casinos available today are hybrid casinos, which is a term to describe betting sites that accept both traditional fiat and cryptocurrency.

Pros and Cons of Litecoin Casinos

The abundance of casinos that accept Litecoin is enough proof that it’s useful for many people, but there are also a few reasons to hate them. Here are the pros and cons of using a Litecoin casino to encourage or deter you from trying one.

Pros

• It’s a Common Cryptocurrency

Unpopular cryptocurrencies typically pose a problem for punters. Firstly, they are hard to come by, as there’s almost nobody selling them, and secondly, you almost can’t spend them. Thankfully, Litecoin doesn’t fall into the unpopular crypto category, making it an excellent choice for online casinos.

• It Facilitates Anonymous Gambling

Cryptocurrencies like Bitcoin and Litecoin carry no information about their owner, making them excellent tools for gambling anonymously. So, if you’re trying anonymous offshore casinos for the first time, you want to learn to use something like Litecoin because you’ll need it.

• You Can Get More Bonuses

This benefit isn’t directly dependent on the currency in question, but it’s an observation that online casinos have proven right over the years. When you sign up for hybrid casinos that accept both fiat and cryptocurrency, you typically get more bonuses when you deposit in the latter.

The reason is straightforward: with traditional fiat, online casinos must forfeit a tiny sum of your deposit to the payment processors as commission. Since that amount adds up over time, paying using cryptocurrencies can help them save a significant amount of money, which they return in bonuses.

• It’s Faster than Bitcoin

An online casino could use thousands of cryptocurrencies and crypto tokens, but Litecoin’s speed puts it above them all. Despite being a fork of Bitcoin, it’s several times faster, seven times precisely. Both digital currencies are fast enough for an online casino, but faster is always better.

Cons

• It’s a Volatile Asset

Despite the improvements to cryptocurrencies, one area that’s still imperfect is their volatility. Unlike fiat currencies like the US dollar, cryptocurrencies are insanely volatile, making them impractical for use in an online casino.

Most Litecoin casinos tackle this problem by converting your Litecoin to a traditional currency after a deposit and before a withdrawal. While that works, it also goes against the very principle of a crypto casino.

• Potential Fraud

The anonymity promise by crypto casinos may sound attractive, but note that you’re not the only untraceable party. Cryptocurrencies like Litecoin makes it easy for someone to set up a fraudulent online casino with little chance of getting caught.

How to Start Playing at Litecoin Casinos Today

The few disadvantages shouldn’t stop you from benefitting from the Litecoin casino revolution. However, if you have no prior knowledge of cryptocurrency, you’ll need to do some learning before mastering the novel concept.

To help with that, here’s how to start playing at Litecoin casinos today.

1. Sign Up for an Account

The first step is signing up for an account at any Litecoin casino. The user interface, support services, and bonus programs are some factors you must consider when choosing a Litecoin site to play games.

2. Acquire Some Litecoin

Next, you work on getting some Litecoin you’ll stake on the platform to play the available games. Litecoin and most other cryptocurrencies live on a crypto wallet, so you should get one before continuing. Then, you can buy the cryptocurrency from an exchange to continue.

3. Deposit the Crypto To the Casino

Depending on the casino, the deposit method may differ, but you typically get a long wallet address where you send the Litecoin equivalent of the amount you intend to deposit. Follow the online casino’s instructions for depositing your Litecoin.

In some cases, the casino will convert your Litecoin to the US dollar or some other fiat currency to cushion the volatility effects of the average cryptocurrency. Some crypto casinos don’t do that, so ensure you read the terms of service to prevent any unwanted occurrence.

4. Start Playing

Select a game from the online casino’s gaming catalog, set your stake, and start playing. You should be able to convert your winnings to Litecoin before withdrawal on a Litecoin casino if it also offers crypto payments.

Conclusion

Litecoin has all the qualities to be the next big payment solution in the online casino industry. It’s fast, popular, and private, the qualities most people need in a payment solution. However, the volatility and the fact that it’s popular among scammers are hindrances that prevent more widespread usage.