Litecoin Casinos for US Players
Litecoin casinos are slowly gaining in popularity. The blockchain-based payment system that was based on Bitcoin offers faster, cheaper payments than its more well-known older brother. For this reason, it is often favoured for use at online casinos.
There are a host of other advantages to using Litecoin as a payment method. We’ll explain them all in the following article.
What is Litecoin?
Litecoin is a cryptocurrency that borrows most of its original code from Bitcoin. All transactions are recorded to the Litecoin public blockchain. You can think of a blockchain like an accounting ledger. Transactions are recorded to the blockchain by a distributed network of participants (known as miners).
This distribution of transaction validators makes Litecoin, Bitcoin, and other public blockchain-based digital currencies very different from conventional payment methods. It means that payments require no permission from a central authority, can travel across borders, and settle in minutes rather than days. All of these attributes make digital currencies like Litecoin very appealing to some online gamblers.
What is a Litecoin Casino?
A Litecoin casino is any online casino that accepts deposits via the cryptocurrency Litecoin. There are two different types of Litecoin casinos to be aware of.
- Litecoin and fiat casinos.
- Litecoin and cryptocurrency only casinos.
Litecoin and Fiat Casinos
Some established online casinos that accept traditional currencies and payment methods will also accept Litecoin or other cryptocurrency payments. These are still quite rare but their numbers are growing thanks to payment processing firms like BitPay and other companies.
Although this type of Litecoin casino represents another way to spend your Litecoin, it does not really represent the kind of breakthrough in online gambling that purely cryptocurrency casinos do.
Litecoin and Cryptocurrency Only Casinos
Some casino operators only offer payments in cryptocurrencies. Many of them will include a Litecoin option.
You’ll find many of the same games you would at traditional online casinos at these cryptocurrency iGaming venues. If you’ve ever played at an online casino at all, you should find the transition over to cryptocurrency casinos seamless. Other than the payment methods they support, they’re very similar!
Why Use Litecoin for Online Gambling?
Cryptocurrencies like Litecoin have several advantages over traditional currencies when it comes to gambling. We’ve listed some of the main ones below. Be aware that most of these perks are only realised when using a Litecoin or cryptocurrency only casino:
- Permissionless value transfer: Banks and banking application service providers can stop you transferring money whenever they like. In some parts of the world, a bank will restrict transfers to online casinos. There is no single entity capable of wielding such control over a transfer using a cryptocurrency like Litecoin.
- Borderless value transfer: Cross border transfers usually incur large fees when using a bank. This limits the number of casinos a player can feasibly use from a given geographical space. Litecoin takes no notice of borders and will arrive with the casino no matter where the operator is based.
- Faster withdrawals: When you make a withdrawal from a traditional online casino, the money usually takes between a day and a week before the player can spend it. With cryptocurrency, this isn’t the case. Litecoin withdrawals from online casinos take around 2.5 to 10 minutes (depending on how busy the network is at the time). This has huge implications for high volume players who might either want to change iGaming venue at short notice or feel uneasy about leaving large sums of money on a casino site.
- Great welcome bonuses: Since they’re so new, Litecoin casinos and cryptocurrency casinos are desperate for new players. They, therefore, offer some of the entire industry’s largest welcome bonuses. We’ve even seen whole Bitcoin (~$8,000) welcome bonuses!
- Improved RTP: Since cryptocurrency casinos don’t have to spend fortunes on payment processing networks and other operating expenses associated with running a traditional online casino, they can feature games with massive return-to-player ratings. It’s rare to see a slot paying out at 98 percent or above at most online casinos. They’re much more common at crypto casinos.
Disadvantages of a Litecoin Casino
- Volatility: The price of Litecoin and other cryptocurrencies is driven by demand. Since Litecoin has a known total supply and issuance rate, sudden increases in demand send the price soaring, and drops in demand send it crashing. Such volatility can represent too much of a gamble for even the most hardened slot jockey. You could literally go to sleep with a $1,000 casino roll and wake up with either a $800 or a $1,200 bankroll!
- Cumbersome onramps: Although it’s easy to get hold of some Litecoin, the process of buying it still represents an additional step for many. This makes it less convenient than many other payment methods at present.
- Unlicensed casinos: Many cryptocurrency and Litecoin casinos do not have any formal licensing arrangement with a reputable agency. This makes playing at a digital currency casino much higher risk than a traditional one. Before signing up to a new Litecoin casino, always research it thoroughly. Look for reviews and Reddit posts about the venue. There are loads of reputable ones but with it being an unregulated portion of the industry, you will also find some scams.
Why Should US players care about Litecoin casinos?
Unless you happen to live in one of the few states that allows legalised online gambling, you might be reluctant to visit online gambling venues as a US casino player. US financial institutions are likely to block transactions involved with gambling, with potential repercussions for the player.
Cryptocurrencies are perfectly legal to buy in the United States. As mentioned, they require no middleman to grant permission to make a transaction. That means no one can stop you using Litecoin in the same way a bank might try to censor a transaction involving an online casino.
How to Buy Litecoin
As a US citizen, there are a few options when it comes to buying Litecoin. Perhaps the easiest is using a brokerage service like Coinbase.
To buy Litecoin from a brokerage service. First signup for an account. This will be very similar to the signup process at an online casino.
The payment methods accepted will depend on the brokerage. However, most common are bank transfer, credit or debit card, and other cryptocurrencies. It is rare to see cryptocurrency exchanges allow deposits via e-wallets such as Skrill, Neteller, or PayPal.
Another way to buy Litecoin is to use a peer-to-peer marketplace. LitecoinLocal is one such service. These connect buyers with sellers. You will often find more varied payment methods accepted on peer-to-peer marketplaces.
Litecoin Casinos FAQ
Is Litecoin Legal in the US?
Yes, Litecoin, Bitcoin, and every other cryptocurrency is legal in the United States.
Are Litecoin Casinos Safe?
Unfortunately, very few cryptocurrency-friendly casinos hold any form of license. Many Litecoin casinos are perfectly safe and provide just as good a gambling experience as the very best traditional iGaming venues. However, there will, of course, exist some shady operations. Use reviews and Reddit posts to find a trusted casino.
Are there any US Litecoin casinos?
There might very well be cryptocurrency casinos based in the US. However, given the legal implications for running an outlawed gambling venue, those operating them would surely make every effort to conceal the fact.
However, it usually doesn’t matter where a Litecoin casino is hosted since the payment method is agnostic to borders. Litecoin casinos will often accept players from any nation.
Is Litecoin Legal in the US?
Yes. There are no laws in any state stating that an individual cannot own a cryptocurrency.
Can I claim a bonus at a Litecoin casino?
Most Litecoin- and cryptocurrency-friendly casino offer great bonuses. Being an entirely new market, cryptocurrency casino operators are keen to attract new customers with juicy promotions.