Litecoin is a popular open source, peer-to-peer digital currency. Inspired by the groundbreaking development of Bitcoin, Litecoin was created to essentially be the “silver to Bitcoin’s gold.” Litecoin has experienced astounding success since its inception in October 2011, and through its 6+ years of existence it has grown to become a powerhouse in the cryptocurrency landscape. In fact, before the emergence of Ethereum, Litecoin was second in terms of market capitalization of cryptocurrencies behind Bitcoin.
Regardless if you call it LTC or Litecoin, it is a C++ program released under the MIT/X11 license on October 7, 2011. Just like most cryptocurrencies, LTC has caused a number of controversies… and most of its controversies revolve around the belief that it is a better alternative to the all-famous Bitcoin and many of the other altcoins that are in circulation today. Nonetheless, both have more in common than most people would like to admit. For one, Litecoin was the result of a fork of the Bitcoin core client. What this implies—for our non-crypto readers—is that Litecoin essentially copied Bitcoin’s technology before making several rigorous changes that affects the protocol and block technology behind the coin.
Meanwhile, the success of Litecoin as a means of sending and receiving digital payments has led to the creation of Litecoin casinos. We have previously explained Bitcoin casinos and Ethereum casinos, so—in a similar sense—Litecoin casinos are online casinos which accept deposits, withdrawals, or a combination of both via LTC. Let’s look further into the specific details of this concept of online gambling; here is a guide to specify the A’s and Z’s of Litecoin gambling.
The fact of the matter is that the number of online Litecoin casinos today is not breathtaking. Despite this, we passed the three casinos listed below through a perpetual assessment test before concluding our list. Each is trustworthy, secure, and pays accordingly—within the stipulated timeframe. The main ingredient of these casinos is reputation, fame, eminence, or whatever players like to call it. Reputation is not to be measured by the longevity of online casinos…but the percentage of players who are completely (and repeatedly) satisfied with their services.
And although we have stated that Bitcoin casinos are significantly more, Litecoin is still the second-in-command when it comes to gambling. Take Ethereum (ETH) as an example; ETH casinos are less than LTC coins mainly because ETH was released four years after LTC, which makes BTC three years older than LTC.
In summary, BTC is the king of crypto-gambling while LTC is its little brother. ETH, on the other hand, is just a distant relative… and Dogecoin is another popular coin but that is a story for another day. Further, Litecoin is used in more than just typical online casinos — there are specific gaming, slot, poker, Minesweeper, dice, sports betting, roulette, blackjack, and lottery websites that accept LTC alongside other coins and/or traditional fiat currencies.
As stated earlier, we base our list on reputation and nothing more. Not the fancy ads on Google, Facebook, or Bing — but real reputation derived from within the industry, authentic recurring customers who are well-pleased, availability of games, gameplay, the absence of genuine complaints, the responsiveness of customer support correspondents, and the overall value to the player. We understand how weighty it is to confide in an online casino so we have shortlisted nothing but the best, safest, and most secured online casinos. And despite the number of LTC casinos being dozens, these three are your best bets.
To reiterate the importance of gambling on safe Litecoin casinos, the operators individually decide a number of things. For one, some operators process payments faster than the industry standard and vice versa. Additionally, fair gaming and gaming options depend on the operator.
Pertaining the gaming options available, players can place wagers on Keno, Bingo, Dice, Roulette, Poker, Blackjack, and their many varieties. And there are more than 800 slot games which are provided by some of the biggest names in the gaming software industry: SoftSwiss, Pragmatic Play, Tom Horn Gaming, IgroSoft, Microgaming, Endorphina, Amatic, Playson, and GameArt. Also, FJ offers 15 casino games with Live Dealers.
As of 2018, FortuneJack is just four years old…and in four years, they have become one of the top online casinos out of the hundreds—if not thousands—available. This is a cryptocurrency-only casino with Bitcoin as its first coin. In a matter of time, FJ added more coins to its listing — with the most recent being in May 2017 when Monero and Ethereum were added. Litecoin has been accepted for awhile and has been one of the casino’s top three coins since its addition.
In addition to Litecoin, Bitcoin, Monero, and Ethereum, FortueJack also processes payments via four other coins: Dogecoin, Zcash, Bitcoin Cash, and Dash. And that is not all; FJ is a young casino and has been competing with older casinos since its 2014 debut…and has successfully created a name for itself during the process. For one, the website is fully licensed by the Law of the Federation of Saint Kitts and Nevis. Second, FJ welcomes players from anywhere in the world…and with a number of promotions: a p110 percent bonus up to 15 BTC and 250 Free Spins await a player on his first deposit and up to 1 BTC based on the next successive deposits.
Further, the most important part—which is safety and fairness—is something FJ takes even more serious. The website has been verified secure by McAfee SECURE and GoDaddy Website Security, and uses a defined Provably Fair system so players can verify the fairness of all games themselves.
In contrast to FortuneJack, BetOnline is as ancient as the wise old owl. The year 2004 marked its debut in the online gambling market and has garnered a tremendous amount of reputation since then. Think our criteria, and think BetOnline. And the longevity is smooth as well; from 2004 through 2018, the company—as a whole—has never been attacked by any public controversy or stunt whatsoever.
Moving on, BetOnline initially accepted Courier Cheque, MasterCard, Neteller, Book-to-Book, Person-to-Person, Bankwire Transfer, MoneyOrders, VISA, and Skrill before adding Bitcoin, Litecoin, and—most recently—Ethereum. And in addition to casino games (such as Blackjack, Roulette, Craps, Baccarat, and Slots), players can place wagers on sporting events, Video Poker games, and horse races…and Live Betting is also available.
Further, there are promotions for casino players. The first is a first time 50 percent bonus of up to $25 for playing at BO’s Live Dealer Casino. The second is a 25 percent bonus by using LIFEBONUS as a promo code. The third is up to $25 Free Play if a player’s player prop wager turns out to be any eligible loss. There are even more promotions but the most impressive one is for high rollers — the wagering requirement is a whopping $75,000.
Nevertheless, the eminence of BetOnline can be traced to its endless fairness, security, and safety. And because of that, we have found that BetOnline is one of the few casinos where players can easily and confidently deposit and withdraw Litecoin while enjoying their favourite games.
Powered by the SoftSwiss casino software, BitcoinPenguin is a cryptocurrency-only online casino which accepts payments via Bitcoin, Litecoin, Dogecoin, and Ethereum. Originally, BitcoinPenguin was a Bitcoin-only until Litecoin and Dogecoin were added to its catalog shortly.
When it comes to payment processing, BitcoinPenguin processes cryptocurrency deposits and withdrawals (almost) instantly, depending on the speed of the coin actually. This is mainly because the casino uses a unique system: BP gives each account holder a unique address so the holder can transfer the desired amount to the address. As a result, the amount would reach the casino account directly, quickly, and without any mess.
Further, high-encrypted SSL certificate is issued for the website by COMODO RSA Domain Validation Secure Server CA for PCI (Payment Card Industry) compliance and to prevent data theft like eavesdropping.
Pertaining the availability of games, BP features more than 200 high-definition games by BetSoft, Mr Slotty, GameArt, Belatra Games, SoftSwiss, Amatic, Ezugi, and Habanero including Slot, Poker, Roulette, Blackjack, and Baccarat games. iTech Labs, additionally, verified the games to be provably fair.
Concurrently, BitcoinPenguin is not so impeccable; the customer support options available are email and live chat, so phone support is not supported. The correspondents respond in a timely manner, however, so this is not an overwhelming drawback. In contrast, BitcoinPenguin has four interesting promotions: up to $900 based on a 100 percent first deposit bonus, 30 Free Spins on Fridays, a gross 20 percent refund on qualified losses on Mondays, and for Saturdays, the top 10 slot players receive great amounts of money.
Let’s try not to compare LTC casinos with BTC casinos. The market is similar but different in size and acceptance rate. Basically, there are more Bitcoin casinos than Litecoin casinos. This has been the case since the debut of cryptocurrency gambling and will continue for a while (and might continue for a long period of time.) In fact, until a handful of years back, all cryptocurrencies existed in the shadows of Bitcoin. As a result, Litecoin casinos were generally considered Bitcoin casinos before their breakthrough – and till this day, most crypto-casinos stick with the all-time favorite and ditch other coins regardless of how large their market share gets. BTC promises security and has seen more ups and downs than any other coin.
Nevertheless, remote operators are gradually accepting LTC and therefore, more Litecoin casinos (and other gambling websites) are expected to sprout in the coming days. The year 2018 looks promising for the cryptocurrency industry…oh, except the matching blanket ban on initial coin offering (ICO), cryptocurrency exchange, cryptocurrency wallet, and other cryptocurrency-related ads.
The United States federal and state authorities, Chinese authorities (complete ban in this case), Facebook, Snapchat, Google, Twitter, Baidu, Yandex, and Weibo have either passed the blanket ban, ready to pass the ban, or rumoured to take the action soon. While this is a public blow to the industry, however, reputable cryptocurrency businesses are not afraid of these bans as the overriding focus is to eliminate—or at least limit—the rate at which cryptocurrency scams are escalating. Consequently, these bans will annihilate scams and indirectly promote legit businesses.
On top of that, there are no Litecoin-only casinos in existence. In comparison, ETH-only casinos are on the rise because Ethereum uses a distinct technology compared to BTC. LTC. On the other hand, Litecoin’s technology is very similar to BTC so operators prefer to accept a fusion of both than to pick a side. The entire percentage of LTC casinos accept the currency alongside other virtual currencies (like BTC, DOGE, BCH, and ETH), fiat currencies (like GBP, USD, and EUR), or a mix of both.
Speed: one of the perks of cryptocurrency. Interestingly, when it comes to speed, Litecoin is approximately four times faster than Bitcoin as it takes BTC 10 minutes on average to complete a block while LTC completes one in 2.5 minutes. However, the casino or cryptocurrency exchange often determines the speed by requiring that a transaction has a certain number of blockchain confirmations before the funds are “spendable” in your account.
In general, Litecoin transactions are faster than Bitcoin transactions…Ethereum transactions, on the other hand, are on another level entirely. And concerning transaction fees, each block transaction of BTC has a transaction fee of around .00064 according to bitcoinfees.earn.com. Concurrently, each LTC transaction has a transaction fee of approximately $0.04 according to BitInfoCharts. Therefore, LTC is cheaper and faster to transact than BTC. This is why a lot of casinos have LTC as a payment method; Bitcoin’s overriding fame cannot be disputed but LTC is a reasonable alternative.
Moreover, casinos process LTC and BTC payments similarly. LTC uses a similar P2P (peer-to-peer) network, so details of transactions are shared via a blockchain. The blockchain serves as a balance sheet but works digitally for miners—those who mine Litecoin with their high-end hardware. The hardware, or computer as a whole, serves as the bank by mining Litecoin and confirming transactions—in 2.5 minutes. So, the entire system is without a single administrative miner or computer—which means it is decentralised.
After Litecoin is mined, miners transact with exchanges and individuals. This is where players and casinos come in; the player buys from an exchange or miner and then transfer the desired amount to the casino’s address; the casino confirms the amount and credit the player’s casino account, so the player can then play his favourite games. When it is time to cash out, players would request for the payment and—depending on the casino—will receive the payment in his exchange account, wallet, or have it exchanged to real currency, thereby crediting his bank account.
The primary rationale for such unparalleled eminence of cryptocurrencies in the online gambling industry points to six factors: ease, speed, security, anonymity, low house edge, provable fairness, and irreversibility. (Yes, transactions cannot be reversed; this is a win for both players and operators depending on the situation.) These perks have made virtual coins popular today and, in fact, it is harder to find casinos that accept BTC than those that do not.
However, virtual currencies (just like real currencies) differ greatly from one another. They use different algorithms, blockchain protocols, have different confirmation times, block sizes and other cryptocurrency mumbo jumbo. For instance, LTC has a coin limit of 84 million while BTC has just 21 million. In addition, BTC uses the SHA-256 algorithm while LTC uses the Scrypt proof of work.
Excluding the algorithm—which is in favour of BTC—LTC is technically better than BTC. This is just one of the numerous reasons why LTC is roughly as accessible as BTC. Accompany that with the fact that LTC and BTC are similarly generated by miners. Furthermore, the greater percentage of exchanges exchange LTC for fiat and/or virtual currencies. For example, players can easily buy any amount of LTC on Coinbase and have the equivalent debited from their bank account or debit/credit card. There are other exchanges (such as CEX, Gemini, Kraken, Binance, Bitfinex, bithumb, HitBTC, BitPanda, and Bitstamp) where you can either buy—with a bank account, bank transfer, debit card, credit card, or Skrill—or exchange BTC, ETH, or any other coin for LTC.
Alternatively, you can get an easy-to-use Litecoin wallet where you can oversee your private keys if your country is not supported or prefer this method. Some good recommendations are Trezor, Ledger Nano S, Liteaddress, Jaxx, and Litecoin Core. And with whichever method you select, you can conveniently deposit to a Litecoin casino at any time. However, withdrawals could go two ways; you can either request your cash out in LTC (if LTC withdrawals are supported by the casino), in another coin like BTC, or in a fiat currency. (Yes, some casinos do not process LTC or cryptocurrency withdrawals.)
In conclusion, LTC might not be as popular as BTC or as controversial as ETH but its acceptance in the online gambling market is evident. A lot of Litecoin casinos already exist and more are definitely on there way.