As cryptocurrencies have become increasingly popular over the past decade, more and more Litecoin Casinos have also appeared online on the Canadian market. Litecoin casino is the online casino that accepts the cryptocurrency Litecoin as one of its payment methods. Whereas deposits and withdrawals previously could only be made with Visa, Mastercard, and bank account transfers, it is now possible to use various cryptocurrencies.
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What is Litecoin?
Litecoin is an internet currency, which means that it does not exist as physical money, but rather as a value on the internet. The exchange rate of such cryptocurrencies often varies greatly and can experience both significant upswings and significant declines. When using such currencies, payments take place directly between the payer and the recipient without intermediaries, and therefore the transfers take place immediately and almost without cost.
Litecoin casinos have started to appear globally since this is a very safe, cheap and fast method to spend money. The currency is open-source and is considered a global payment network without the involvement of central authorities. Litecoin’s blockchain also can perform high transaction volumes and is programmed to be prepared for high growth in the future. Compared with other cryptocurrencies such as Bitcoin and Etherum, Litecoin is notably faster when it comes to transactions. The transactions process in up to 3 minutes, 3-4 times faster than the competition, making Litecoin a popular choice for use as a cryptocurrency.
How does Litecoin work?
Litecoin works in the same way as other cryptocurrencies such as Bitcoin and Etherum, in the sense that it is a fully digital currency with no physical money. But similar to the stock market, it is essential to be aware of the exchange rate. Keep an eye on how it develops to buy Litecoin as cheaply as possible, and then sell it when it has the highest value for the best possible return.
As in all industries where one has to speculate, investing in Litecoin will involve high risk since there is considerable uncertainty associated with the exchange rate, at the same time, you can also earn large sums of money if you buy and sell at the right time. Litecoin also has wallet encryption that allows you to secure your digital wallet from unauthorized use, e.g. Trojans and viruses. Due to this encryption, account balance and transactions are viewable, but all payments will have to be confirmed with a password.
How do you use Litecoin at Casinos accepting Litecoin?
First and foremost, you have to find a Litecoin casino you want to use. A little further down in this article, you will receive advice on Canadian online casinos that accept Litecoin as a payment for betting. Once you have found a casino that accepts cryptocurrencies, sometimes referred to as crypto casino (or in our context crypto casino Canada), you need to create a player profile and create a password.
This game profile will be your user profile that contains a record of all your gaming, and all deposits and withdrawals. Winnings and bonuses are also in this account belonging to you. Please note that when depositing with Litecoin, the value of the money will vary based on the exchange rate. For example, if the price is CAD 1500 per Litecoin, you will get CAD 3,000 to play for if you deposit 2 Litecoin at a crypto casino. If the value is CAD 1200, you will get CAD 2400 to play for even if you deposit the same amount of Litecoin.
Casino deposits with Litecoin
To deposit at a Litecoin casino, you must first log in to your user profile at the Litecoin casino for Canadian players, and then you need to find your account. There you will find choices for payment methods and options for making deposits. These pages may vary in appearance between the different online casinos, but the technique is quite similar for the other sites and casinos. Once you have entered the overview of payment methods for depositing, you will need to find Litecoin deposit options, and from there, the page will ask you to enter the necessary information to deposit with Litecoin.
Casino withdrawals with Litecoin
When you withdraw using Litecoin, for instance from a crypto casino Canada, start by following the method you used for deposits; however, you will have to find the payment method for withdrawals on your account page. From there, you must choose that you wish to withdraw to Litecoin, and then the page will ask you to enter the necessary information and amount you want to withdraw so that the money is transferred and converted into Litecoin.
You may want to think about the time for deposits and withdrawals, as the value of Litecoin can vary from day to day and even hour to hour. Suppose you are interested and keep track of the currency’s development, you will be able to make deposits when the value of Litecoin is most favourable. And the equivalent when making withdrawals, to get as much Litecoin as possible for your money. For example, if you have a win of CAD 300 and want to withdraw them, you will get 2 Litecoins if the price is CAD 150, but 3 Litecoins if the price has fallen to CAD 100.
Is Litecoin safe to use at Casinos?
All Litecoin casino for Canadian players is safe to play at, and Litecoin is a well-encrypted payment method that is safe to use. There are very few costs involved in the use of Litecoin. The transactions take place directly between the buyer and the seller. Although all transactions are transparent, there is also no possibility to track who has bought or sold the cryptocurrency. With the extra secure wallet encryption, there is also extra security when paying with the currency. You do not allow viruses or Trojans into your account when using Litecoin.
All online casinos with Litecoin also require creating a user profile at the online casino before depositing. The user account and money are secured behind a password for the user. Many point to anonymity as a significant advantage since many countries ban online casinos. Also, when using cryptocurrencies like Litecoin, the transactions cannot be traced back to the person.
In this way, players in countries that prohibit online gaming can still play online casinos without being caught breaking the law. However, the user profile at the online casino itself is linked to the player’s email address and can, in theory, be tracked if there is an investigation. So, the user profile can be followed, but the transactions themselves can never be traced back to the player.
The Best Canadian Casinos that accept Litecoin
There is a vast selection of online casinos on the internet, and that’s why we want to help you find the best Litecoin Casino Canada has to offer. Although the casinos may not be based in Canada, it is vital that they are available to Canadian players, that they are approved under Canadian certification requirements, and that they are casinos that accept cryptocurrency in the form of Litecoin.
Please note there may be a difference in bonus and free spins you receive on deposits. A casino will, on its website, inform players about this (i.e. casinos accepting litecoin will specify if this is the case). The best Litecoin casinos for Canadian players (amongst litecoin Canadian casinos) in 2022 are Tsars Casino which offers Up to $3,000+ 200 Free spins, and Casoo offering $3000+ 200 Free spins. In addition, we recommend that you check out Bao Casino, 7Signs and Monte Cryptos, all offering grand bonus schemes and free spins on the first deposits made.
The Pros and Cons of Litecoin
One of the significant advantages highlighted by the use of Litecoin at online casinos is that it is an anonymous form of payment that allows both the buyer and the seller to remain anonymous in the transaction.
In this way, players can make deposits and withdrawals at online casinos even though they may not be allowed to play at online casinos in that country. In addition, there is a speedy payout since you do not have to have the money going through one or more intermediaries. Then you will have the funds available almost immediately after making a deposit or withdrawal at an online casino that accepts cryptocurrency (Read our Guide about the best Crypto casinos in for Canadian Players).
It is also a significant advantage that it is cheap to use, as you do not have to pay high fees to use the money, to sell or buy it. The downsides of using Litecoin at casinos are that it is not yet widespread everywhere. Although more and more online casinos have started accepting cryptocurrency as a payment method, there are still many that do not. Therefore, you have to look for casinos where this payment method is available to use the money, i.e. casinos accepting litecoin. There is also a high risk when investing in Litecoin since the exchange rate can fluctuate widely from hour to hour.
Please be aware that when investing in Litecoin, or another cryptocurrency, you risk being very profitable or endure significant losses.
Therefore, it is essential to pay close attention to currency fluctuations and make investments and sales when it is most favourable. You have to take chances that can turn out to be big wins if you are good at keeping up and have a good dose of luck.