Best Litecoin Online Casinos in South Africa
Litecoin (abbreviated as LTC) is often referred to as “silver to Bitcoin’s gold”. In terms of technology, both are regarded as peer-to-peer digital currencies, exist in the electronic format only with no physical banknotes available, and are based on blockchain confirmations. Litecoin was created by Charles Lee, a former worker at Google, and went live in 2011. Its network is supposed to create a final total of 84 million currency units, four times larger than bitcoins.
The altcoin did not cost much in the beginning, with 2017 being the watershed year for the crypto: in early 2017, 1 LTC was worth $4, surging a hundred times above that by the end of the year. As any other crypto, Litecoin is a super volatile asset as its value can alter greatly from one hour to another, and it still keeps hitting a new high occasionally.
Online casinos that use Litecoin
The new cryptocurrency was intended as a cheaper and faster alternative to Bitcoin, and it succeeded in it right from the onset. An average confirmation time in the Litecoin network is 2.5 minutes, and a sender has to pay a small miner fee of about $0.03 to $0.3 (compare it to 0.0003 Bitcoin, which is about $10–$15). Broadly speaking, online casinos with Litecoin work the same way as any other gambling site, except that they allow the crypto online banking.
Visiting a Litecoin casino, you are still required to sign up, submit some personal details and fund your account before you can begin playing for real money. There are also video slots, table games, live games and bonuses which are arranged similarly on the site. Besides, typical security aspects are present, including a Curacao, MGA or other gambling license allowing the casino to operate legally.
How to buy and store Litecoin
As for any other crypto, there are at least three ways of getting your hands on Litecoin:
- Buy LTC on https://litecoin.org/ or any crypto exchange. You can pay with a credit card or e-wallet just like you buy anything on the internet
- Mine some by yourself
- Get some crypto on a LTC faucet. There are surprisingly dozens of faucets online in the form of a site or mobile app which allow for claiming free fractions of LTC hourly or daily. The crypto is dispensed without any strings or as a reward for simple tasks (clicking on ads, etc.)
Cryptos are stored in a safe and secure wallet of some sort. There are web-based wallets hosted by an exchange; mobile wallets, desktop wallets and hardware wallets. You should just see about picking the one that is right up your alley.
Litecoin payments with online casinos
To make a Litecoin deposit to the online casino, you need to sign up there. Then the following steps should be taken:
- Go to the Cashier and pick Litecoin as an online banking option
- The online casino will show you its public wallet address which consists of mixed numbers and letters. You need to copy it
- Head over to your crypto wallet, paste the casino’s public key, and enter the LTC amount you want to transfer
- The funds will be delivered in about 15–20 minutes, provided there’re enough cryptos in your wallet
Litecoin withdrawal follows about the same course as that of deposit, aside from the fact that you are to insert your crypto wallet’s private key into the Withdrawal form in the online casino. LTC will come through within 15–20 minutes but before that you will have to wait 1–3 days for the casino to complete KYC driven verification.
Pros and cons to Litecoin
Litecoin is still in its infancy, but it is here to stay because of the many advantages it can offer to online casino players:
- Very fast transaction times
- Low-cost transactions. Casino sites typically do not charge fees on Litecoin transactions but there can be quite low network fees (if the network is very busy at a given time) and service fees imposed by some crypto wallets
- Bigger bonuses than registering using dollar, euro, etc.
- You can withdraw more of your winnings with higher limits
- Increased security. The blockchain technology is less sensitive to fraud and your money is unlikely to be misappropriated
Below is a short list putting a damper on players who think everything is rosy about Litecoin payments:
- There’re still very few online casinos that accept Litecoin. In practice, most sites allowing to pay LTC will exchange the crypto to a fiat one (dollar, euro), so you will actually be playing with anything else but not LTC
- High volatility implies that your 1 LTC worth $200 deposited in the morning, will drop to $100 in the evening because of a sudden price movement.