Best Litecoin Online Casinos in Canada
Litecoin is one of the most popular cryptocurrencies in the world, and it’s accepted as a payment method in many online casinos. Some of these gambling platforms are available for Canadian players; therefore, if you live in the Great White North and own “digital silver”, you’ll be able to make quick deposits and withdrawals using LTC.
In the following guide, we’ll discuss what Litecoin is and how it works. Moreover, we’ll highlight some of the major advantages and disadvantages of using this option for online casino transactions. Finally, we’ll show you how to get LTC and guide you through the process of depositing and withdrawing funds using this cryptocurrency.
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What Is Litecoin?
Just like Bitcoin, Litecoin is a cryptocurrency. In fact, it was originally intended as an upgrade to BTC, as Litecoin’s creator, Charlie Lee, considered the original currency to be slow and unscalable. Eventually, LTC forked from the Bitcoin network and became a crypto of its own, with its distinct secure and low-cost payments. It’s also more scalable and accessible than its predecessor, as it uses a different underlying technology.
LTC was one of the first “altcoins” to appear in the sphere. Even though it has never experienced the popularity of Bitcoin, it has remained a viable alternative and is accepted by many online businesses and services, including web-based casinos.
Essentially, Litecoin is similar to Bitcoin, as it’s a decentralized network powered by blockchain technology. Moreover, both cryptocurrencies rely on the Proof-of-Work (PoW) consensus mechanism, although there are several differences in terms of how they utilize it.
The main distinction lies in the hashing function, which is SHA-256 for Bitcoin and Scrypt for Litecoin. The latter is more memory intensive, making LTC difficult to mine with ASICs, specialized Bitcoin mining machines. This was done to make “digital silver” more decentralized and scalable.
LTC has a supply limit of 84 million LTC, as opposed to BTC’s maximum limit of 21 million.
Litecoin’s block time is 2.5 minutes, meaning transactions are confirmed four times faster than on the Bitcoin network. This is another reason why Charlie Lee wanted to build LTC — he wanted a lighter version of Bitcoin that would be overall quicker and easier to use.
Litecoin fees fluctuate all the time, so it’s important to follow the latest changes. It is also important to know that they are determined by the size of the transaction in bytes, not by the number of litecoins being sent. The average transaction fee for Litecoin as of April 13, 2023, is 0.00013 LTC ($0.013), 0.00000039 LTC/byte, according to BitInfoCharts.
Overall, the transaction fees have been relatively low compared to the ones pertaining to various fiat methods. Online casinos usually don’t charge anything on their end when you’re depositing and withdrawing in Litecoin (or any other crypto).
Pros and Cons of Using Litecoin in Online Casinos
Cryptocurrencies have indeed brought about a revolution in finance. This also applies to online gambling platforms, where you can now use Litecoin and other cryptos to make secure deposits and withdrawals. However, using LTC in casinos also comes with some downsides. Let’s check out the significant advantages and drawbacks.
|Lower fees||Lack of regulation|
|Better security and privacy||Not all casinos accept LTC|
|Ease of use|
- Faster transactions — Litecoin is faster than many cryptos and even more fiat methods. It’s not the quickest payment option we know of (credit cards and e-wallets are still faster in many cases), but you won’t have to wait more than a couple of minutes for your transaction to be processed.
- Lower fees — Without intermediaries to take your funds, Litecoin remains one of the most affordable payment options for online casinos.
- Better security and privacy — Cryptocurrencies, in general, have much better security compared to various fiat methods. Moreover, they have enhanced privacy — players do not need to provide any personal or financial information to the casino, and their transactions are not linked to their identity.
- Ease of use — If you haven’t got a clue about how cryptos work, this might not apply to you. Still, once you make your first LTC deposit, you’ll understand how easy and convenient they are, as opposed to traditional payment options.
- Volatility — Cryptos are by their nature highly volatile. If they’re not stablecoins, you will see their value drastically change within a matter of days. This is something to take into account when depositing and withdrawing LTC.
- Lack of regulation — Cryptocurrencies are still not regulated, meaning players don’t have legal protection in case of a dispute with the casino of their choice.
- Not all casinos accept LTC — Despite being popular, Litecoin is still not massively adopted, so the number of gambling platforms accepting it is much smaller compared to the ones supporting Bitcoin, for example.
How to Obtain and Start Using Litecoin
If you need to gain experience using LTC, take a look at the guide below to see how to obtain the popular cryptocurrency.
Find a suitable LTC wallet
Like many cryptos, Litecoin is stored in a special digital wallet. Many of them accept LTC, some of the most popular being Atomic Wallet, Litewallet, Trust Wallet, and more. We suggest that you research the best option for you.
Join an exchange and purchase LTC
Some exchanges allow buying with fiat methods (such as credit cards and e-wallets), while others are crypto-only. If you don’t have any crypto assets, find one that allows fiat. Follow the instructions to buy and withdraw LTC to your wallet.
Find an online casino that accepts LTC
We feature some of the best Litecoin casinos in Canada in this guide. Feel free to choose one and start playing with “digital silver”.
How to Make a Casino Deposit with Litecoin
Here’s how you can make a deposit with LTC.
- Choose an online casino that accepts LTC and join it.
- Go to the cashier section and select Litecoin as a preferred payment option.
- Enter the amount you’d like to deposit, and the casino will provide a wallet address or a QR code.
- Enter the address in your LTC wallet, along with the deposit amount, and confirm your transaction. Alternatively, scan the QR code with your wallet to speed up the process and avoid copy/pasting.
- Wait for the confirmation that your deposit is successful.
- Have fun!
How to Withdraw with Litecoin in Online Casinos
Most Litecoin casinos also allow cashing out your funds in this cryptocurrency. Here’s how you can do it.
- Log in to your casino account and go to the cashier section.
- Go to the withdrawals section and select Litecoin as a preferred method.
- Enter the amount you’d like to cash out.
- Submit your wallet address and confirm the transaction.
In most cases, the casino will have to review and approve your withdrawal request first, which could take up to several business days. Check the casino withdrawal pending time before joining if this is important for you.
Alternatives to Litecoin for Online Casinos in Canada
If Litecoin doesn’t seem like the best choice for you, you could try some of the other popular cryptocurrencies accepted in online casinos in Canada, including:
Of course, you don’t have to use crypto at all. Many people still prefer sticking to traditional payment methods when making online casino deposits and withdrawals. Some of the most popular options among Canadians include:
To sum up, Litecoin remains one of the most prominent cryptocurrencies and is accepted in popular online casinos in Canada. It allows quick, convenient, and affordable deposits and withdrawals and provides enhanced security and privacy.
Feel free to explore the featured online gambling platforms that accept LTC in Canada and pick the one that meets your needs.
Are Litecoin transactions secure at online casinos?
Yes, Litecoin transactions are safe and private, thanks to the secure nature of the blockchain technology powering the Litecoin network.
Yes, in most cases, online gambling platforms in Canada accept LTC for both types of transactions. However, we recommend checking this before joining a casino.
Online casinos usually don’t charge any fees. The only fees you’ll have to pay are those charged by the Litecoin network.
Litecoin transactions are fast. It usually takes two to eight minutes for them to be processed.
Litecoin as a network doesn’t impose minimum or maximum transaction limits, but the casinos do. Each platform has different restrictions, so it’s best to check that when picking a site.
Yes, in some cases. Sometimes, online casinos offer enhanced bonuses for people who want to deposit using cryptocurrencies as a way to attract more crypto players.