Litecoin Casinos with Wide Range of Slots
In recent months Litecoin has experienced the unprecedented growth and today it is the second/third most popular cryptocurency in the world, right after Bitcoin and Ethereum. When it comes to online gambling, Litecoin is getting more and more popular as the increased Bitcoin activity has lately raised transaction fees. In addition, the Bitcoin activity has been also clogging the network, so players have turned to Litecoin casinos as a faster deposit & withdrawal method.
In this article, we will provide you with more information on Litecoin or LTC including its history and features as well as instructions on how to get this virtual currency and make deposits and withdrawals using it.
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Litecoin History and Features
Litecoin was created in October, 2011 by former Google employee Charles Lee. As a cryptocurrency, LTC is also generated by mining and it is completely decentralized. There are numerous ways in which Litecoin and Bitcoin are similar, yet Litecoin turns out to be faster than Bitcoin with the LTC Network processing a block for every 2 and a half minutes whereas the BTC Network takes 10 minutes per block. That simply means that in a given period of time 4 times as many Litecoins can be generated. Transactions with Litecoins are also recorded in the blockchain and the LTC blockchain can process more transactions than its counterparts due to the faster block generator.
To make transactions with LTC, you will need a LTC paper wallet installed on your computer or smartphone. Just like with Bitcoin, you can sent Litecoin to any address and receive it. When it comes to purchasing Litecoins, it may not be as easy as buying Bitcoins since this digital currency has a less developed infrastructure. The fastest and cheapest way of purchasing Litecoin is to buy it with Bitcoin at any of exchanges, but you can also do it using traditional currencies.
How to Make Deposits and Withdrawals with Litecoin
There are more and more online casinos accepting cryptocurrencies and particularly Litecoin as a banking method. Make sure to find a reputable gaming venue and download a LTC wallet before you start gambling. Once you have created a LTC wallet and casino account, you can go to the cashier and make your first deposit by choosing LTC as a preferred payment option. Copy the casino’s Bitcoin address and open your LTC wallet to complete the transaction. All you have to do is to paste the casino’s address and enter the amount you want to send to it.
Withdrawals function the same way. You have to select Litecoin as a cashout method and enter the address of your LTC wallet to request a withdrawal from your casino account.
Advantages of Using Litecoin
Using Litecoin for deposits and withdrawals at online casinos has a few advantages including shorter deposit and withdrawal timeframes. In good casinos, you can enjoy almost instantaneous withdrawals using Litcoin. Besides, you will not be required to send documentation to prove your identity, which makes it more convenient method than traditional banking options.
Created as an alternative to Bitcoin, Litecoin tackles some of its downsides. For instance, it is easier to mine LTC than BTC and it process blocks faster. At the moment of writing this article, the Bitcoin transaction fee within the last 24 hours is $3.46 while the Litecoin transaction fee during the same period is only $0.02 USD.