Cryptocurrencies have surpassed many other payment methods across Canadian casinos, due to many reasons, and Litecoin is one that is used the most, right after Bitcoin. This is actually one of the first cryptocurrencies that were designed on the same model as Bitcoin, therefore, it is on top of the list of leading digital currencies circulating on the blockchain. It is an improved version of the first-ever currency, offering several perks, which you’d greatly enjoy once you get started with it. What is Litecoin and why use it across Canadian online casinos?
Right after the first-ever cryptocurrency was launched, Bitcoin, many other digital currencies of the sort appeared, Litecoin being one of them. In fact, this crypto was designed and launched shortly after Bitcoin, to provide users with improved features and faster transaction times, getting the well-deserved position on top of the list of best cryptocurrencies.
When Bitcoin first appeared, it raised many questions as to how reliable and legit it was. People were sceptical about holding coins that could not be physically touched and used across land-based establishments and stores, discouraged by the fact that their money will only exist digitally. It took three years after Bitcoin’s launch in 2018 for Google engineer Charlie Lee to dare and create a “lite version” of it to offer to users, an open-source, peer-to-peer currency, we know today as Litecoin. The engineer played around with the first-ever crypto in hopes to make it safer and offer faster transactions, and that led to the creation of a customized and way more convenient digital currency Litecoin is today.
Lee took the Bitcoin features that worked and improved those that needed improvements, using the Bitcoin source code, its underlying blockchain technology, but also used a different cryptographic algorithm and set of principles for transfer approval and mining, to create a crypto of his own, which still works on proof-of-work consensus. He first wanted to use it for in-house business transactions with faster processing times, but when he saw that he created a crypto with four times faster transactions, he wanted to share it with the world.
That’s how Litecoin was launched in 2013, offering processing times of 2.5 minutes compared to Bitcoin’s 10 minutes per transaction. Two years later, the new crypto reached the $1 billion mark and got to the frontlines of the crypto market. To monitor his crypto closely, Lee moved to Coinbase, one of the top exchange platforms, and saw it trading seamlessly, with its value rising to hundreds of dollars. By 2021, it became one of the best 10 cryptos out there, co-existing with the first-ever crypto in a friendly climate, reaching a market cap of $13.7 billion.
Due to all of these reasons, it should come as no surprise to you that this crypto is accepted across most, if not all, international online casinos, Canadian sites included. It is certainly offered across all crypto casinos, so finding one to join would not be difficult at all. So, stay with us to learn how to get started with it and use it across Canadian online casinos.
Getting Started with the Solution
You should know right away that Litecoin works on the principles of Bitcoin, and many other cryptos out there, for that matter. So, first things first, you’d need to obtain some LTCs to get started with it. You can do that by visiting a superb exchange platform like Coinbase, Bitfinex or Binance, for instance. You’d need to create your account with such a platform and link your payment method to directly purchase some coins, using the equivalent fiat currency amount. This is, of course, the easiest way to get your hands on some coins, but you can also always go the old way, by mining coins. This won’t be necessary, though, as there are much more convenient ways to do it, as we said, like at exchange platforms.
Considering you’ve obtained your coins, the next step would be storing them. And while they can stay on your exchange platform’s account, the best thing to do is to store them in a crypto wallet. There are several types of crypto wallets, such as desktop, hardware, mobile and web-based eWallets, so you can choose the one that would work for you best. eWallets would be the best option for you as an online casino player, as you’d be able to transact with your crypto easily with them. Create an account with one of the top crypto wallets, and store your coins. You’ll receive a private and public key, alphanumerical sequences you’d need to use when transacting with LTCs, one for sending and one for receiving coins. Bear in mind that you need to keep these keys, addresses, safe, away from third parties, so that no one can tamper with your money.
Depositing and Withdrawing
Now that you know how easy it is to get started with this crypto, you’d want to know next how to use it across online casinos. First, you need to find a top casino to join. Many Canadian casinos here at CasinoReports.ca offer it, such as JackBit, ScatterHall, Winning Casino, 21Bit, and of course, LTC Casino, to name a few. New ones keep on introducing it as an option for payments, too, so you can rest assured you’d have plenty of choices. So, choose the one you’d want to go with and register your account with it.
To make a deposit with it, you’d need to do the following:
- Visit the casino’s Cashier/Deposits page.
- From the logos available on the page, press Litecoin’s.
- You’ll see the casino’s public key here, so copy it.
- In the new window, log into your crypto wallet.
- Request a transaction specifying how much you’d like to deposit and paste the casino’s key.
- Double-check whether the public key and the coin amount are in order.
- Confirm the transaction and watch the coins arrive on your balance in an instant!
It is important that you go through step 6, since transactions with this crypto, and any other for that matter, are irreversible. One wrong digit or letter of the complex alphanumerical sequence, and your coins are gone for good!
We said that this crypto’s strong suit is the four-time faster transactions, so you should not be surprised that you’ll have your deposit on your casino balance basically in real-time!
Withdrawals are possible with the crypto, of course, and you’d be happy to hear that they are also as fast. While the procedure is basically the same as the depositing one, you’d need to copy and paste your own wallet address here, though, meaning your private key, when requesting a withdrawal. Again, remember to double-check all the details you’ve entered, not to lose your coins.
Top Litecoin Casinos
Some small fees apply when buying and selling LTCs, but also for transactions with them. The fee would depend on many factors, mainly on the exchange platforms involved and the market at the moment.
But don’t worry, this fee won’t be huge, but only a fragment of your entire transaction. For instance, for a 0.001 LTC withdrawal, you’d need to pay a withdrawal fee of 0.0000042 LTC at Coinbase. That’s near-zero cost, compared to other payment methods.
You know that the LTC is the token, and you can purchase the coins in virtually any worldwide currency available.
You can use Canadian dollars, but also US dollars, Australian dollars, euros, British pounds, Swiss francs, Indian rupees, and many others. There’s no limit to the currencies that can be used, depending on the exchange platform you decided to go with.
Being a decentralized digital currency, this crypto is a global solution that anyone, from any place in the world, can use it. That means you, as a Canadian player, most certainly can. Especially if from Quebec, where you’ll get many casinos accepting cryptocurrencies.
However, we cannot neglect the fact that some countries have strictly forbidden the use of cryptocurrencies, so there is, in fact, a restricted countries list available out there, including Russia and North Korea, to name a few.
There’s an official Litecoin.org site you could visit to learn more about the crypto, how it works, where to buy coins, news regarding it, and whatnot. But this is a site developed by the community, and you won’t precisely get to contact someone in case you’re having trouble with your transactions. Since it is decentralized, without authority or bank overseeing transactions made with it, and in fact, transactions with it are irreversible, there won’t be anyone who can help you out with that.
For general questions, try contacting the team using the Contact Us email address, email@example.com. For any questions regarding how to make a deposit or a withdrawal, make sure you contact your casino’s Customer Support team, as they’d be glad to guide you through the process.
If you’re into crypto, as a Canadian online casino player, you’d greatly enjoy using Litecoin. This is one of the top cryptos out there, offering the fastest transactions and near-zero fees. It is accepted in Canada and you can purchase your coins using your native Canadian dollar currency. It is easy to get started with and use for deposits and withdrawals, so the first opportunity you get, make sure you start using it!
Of course, you can. This is a digital currency, emphasis on digital, so you can make transactions with it via any mobile and desktop device, as long as it is connected to the internet.
Sure thing! As said, this is one of the top 10 cryptos available out there, so it would certainly be an option for you across the best crypto sites.
While the crypto itself does not impose transaction limits, you should expect the online casino you’ve joined to set some limits, due to regulatory reasons. You’d need to check with your chosen casino to see how much you can actually deposit and withdraw if you chose it as your payment method.
We haven’t mentioned that in the review, since it goes without saying, because this is, after all, a digital asset, so naturally, its value will fluctuate, just like with any other crypto. Although it has been maintaining a stable growth rate in recent years, you should expect ups and downs.
Are there many Litecoin communities I could join to be on track with all the news and developments?
There sure are. You can visit many forums, but also check the Telegram, Reddit and Twitter profiles. Just look it up on Google and you’ll find many social media options to find support across the ever-growing number of communities.