Litecoin Online Casinos Canada
In recent years, cryptocurrencies have been experiencing considerable growth. They differ from traditional money in that they are decentralized. In this sense, they are not governed by a central authority like a central bank.
These decentralized virtual currencies are now used in many areas. In particular, they can be used as a means of payment. As such, they are increasingly gaining the online casino sector. Indeed, Canadian gambling platforms allow virtual currencies as funds for deposit and also for withdrawal.
Among the supported cryptocurrencies, Litecoin is among the most popular. In fact, it is one of the first and most successful digital currencies of the moment. But how does it work? What are the advantages? How do you enjoy it? Here is our guide to Litecoin casinos in Canada.
Are crypto-casinos getting a lot of play in Canada?
Overall, a crypto-casino is a casino like any other. It is distinguished by the fact that it accepts cryptocurrencies as a payment method. Thus, it is possible to use Bitcoin, Ethereum, Litecoin, and other digital currencies as a means of deposit and withdrawal.
Canada is a country where online casinos are among the favorite of entertainment Canadians. As the regulations on cryptocurrencies are becoming more precise in the country, it is now legal to use virtual currencies in transactions. As a result, more online gaming platforms are using this modern payment method.
To answer the question: yes, Canadian players are increasingly adopting cryptocurrencies as payment solutions in online casinos. It is likely to become the primary method used within a few years.
What are the leading cryptocurrencies used in casinos in Canada besides Litecoin?
Although Litecoin is in the top tier of cryptos worldwide, it is not the only cryptocurrency popular in online casinos. There are many other virtual currencies, the most important of which are the following.
Bitcoin
Bitcoin is the pioneer of cryptocurrencies and also the most important. It is the most expensive virtual currency on the market, with the value of a BTC token ranging from $20,000 to $25,000. Bitcoin's fluctuation directly affects the change of all other cryptocurrencies. Due to its many years of existence, Bitcoin is accepted by virtually all Canadian crypto-casinos.
Ethereum
Ethereum is also a top 10 cryptocurrency on the market. The currency shares many similarities with Bitcoin and is also popular with online casinos that support cryptocurrencies.
Dogecoin
Like Bitcoin, Ethereum and Litecoin, Dogecoin is among the market's most prominent cryptocurrencies. Multi-billionaire Elon Musk is one of the personalities who have touted Dogecoin the most. This has helped the currency to quickly gain value and become one of the most prominent today.
Tether
Finally, Tether is a stable cryptocurrency, also referred to as stablecoin. Unlike other virtual currencies, its value remains stable, and the US dollar backs it. This kind of crypto-currency is mainly used to protect its other virtual currencies from the high volatility they are exposed to.
Why use Litecoin as a casino currency?
Litecoin represents one of the best payment alternatives in online casinos for several reasons.
Greater security
Litecoin runs on blockchain technology. This makes transactions more easily verifiable. There is no mediator such as a bank that is likely to manipulate your funds. Thus, the cryptocurrencies go directly from your wallet to the casinos.
Respect for anonymity
Cryptocurrencies, including Litecoin, allow you to play gambling games while remaining completely anonymous. No personal data or information is disclosed. All you have to do is enter your wallet address and validate the transaction.
A decentralized payment method
Using cryptocurrencies is easy. As mentioned above, there is no intermediary organization involved. There is no need to have a credit card or a bank account.
Low fees
Using Litecoin as a payment method in online casinos saves on transaction costs. This is because the absence of a middleman in the financial transactions reduces the fees, which allows you to spend less. Some casinos charge almost no fees at all.
Faster transactions
Transactions via Litecoin and other cryptocurrencies prove to be much faster than with standard payment methods. You can even find instantly validated transactions, which allows you to play directly after your deposit or access your winnings immediately after withdrawal.
How to choose the best Litecoin online casino?
There are today more and more crypto-casinos on the market. How do you choose the right one for you? Here is a list of some of the criteria to choose from.
The security offered
It is crucial to consider the different security measures offered by online crypto-casinos. The more of them there are, the better your assets will be secured. Among the important points, check the casino's license, the data encryption solutions, and the methods of securing your account (password, e-factor identification...)
Supported cryptocurrencies
The number of supported cryptocurrencies is also essential. First, check if Litecoin is accepted as a payment method. Then, take a census of the other allowed cryptos. A wide variety will give you better opportunities in terms of transaction solutions.
The variety of games
Another point, check the list of games and developers on the online casino. The best crypto-casinos offer all the categories available at a regular casino. The titles should number in the hundreds, and reputable developers should offer their games there.
Exclusive bonuses
Typically, crypto-casinos offer exclusive bonuses to players using cryptocurrencies as a payment method. These can range from free spins to multipliers. Compare these bonuses and opt for the platforms that offer the most attractive ones. Also, scrutinize the bonus requirements. It is better to look for other casinos if they are too complex.
Technical support
Finally, customer support should be easily accessible and reachable at all hours. You may have questions about transactions if you are not yet used to using cryptocurrencies in online casinos. A support team that is present at all times will be able to help you adequately.
Why choose crypto-casinos?
Here are some reasons why you should choose crypto-casinos.
A way to combine cryptocurrencies and gambling
If you are both a gambling and cryptocurrency enthusiast, crypto-casinos are a great way to combine the two. This way, you can have fun while investing in cryptocurrencies.
A modern and revolutionary payment method
In recent years, cryptocurrencies have been gaining ground as a payment method. They have become a go-to solution for paying your purchases and bills. In order to keep up with the technological evolution, online gaming platforms are also offering them for deposits and withdrawals.
Crypto-casinos, the future of online casinos
With the growing popularity of cryptocurrencies, they will likely be the most widely used payment solution anywhere in the world within a few years. Online casinos will not escape this trend, and we could see crypto-casinos take over from traditional casinos.
What are the steps to deposit at Litecoin casinos?
Here are the main steps to follow if you are considering depositing at an Litecoin casino:
Buy the Litecoin crypto-currency beforehand from an online broker;
Have a digital wallet in which you will store your crypto-currency;
Register with an online casino that supports LTC crypto;
Choose Litecoin as the payment method when depositing;
Set the address of the wallet containing your LTC;
Carry out the transaction by defining the deposit conditions, including the amount of crypto LTC to be deposited.
Some figures on Litecoin online casinos
To give you an idea of the boom that crypto-casinos are experiencing, here are some statistics that demonstrate the evolution of this sector between 2020 and 2021:
Cryptocurrency betting increased by almost 28% between the second quarter and the third quarter of the year 2021;
Comparing the third quarter of the year 2020 to the third quarter of the year 2021, the increase in the use of cryptocurrencies increased by more than 180%;
During the third quarter of 2020, the use of cryptocurrencies in gambling was 15.7% compared to 84.3% for fiat currencies. The figures rose to 43.3% for cryptocurrencies versus 56.7% for fiat currencies during the third quarter of 2021.
Advantages and disadvantages of LTC casinos
Before we conclude, here is a list of the main strengths and weaknesses of Litecoin crypto-casinos.
Advantages
Secure and legal casinos;
Respect for your anonymity;
Decentralized system;
Lower fees;
Fast transactions;
Interesting exclusive bonuses.
Disadvantages
The price of an LTC is too high compared to other crypto-currencies.
FAQ
Is gambling with Litecoin legal?
Playing with the Litecoin crypto-currency at Canadian online casinos is entirely legal. You must ensure that the casino has a license issued by the relevant authorities, and you can freely deposit your LTC with the platform.
Can I make withdrawals in Litecoin?
Yes, it is possible to make withdrawals in Litecoin. To do so, you need to enter the address of the wallet where you want to send the LTC and the amount to be sent. Generally, transactions are done quickly, even instantly.
How do Litecoin casinos work?
Litecoin casinos work in much the same way as traditional casinos. The only difference is that you use the Litecoin cryptocurrency as a means of payment (deposit and withdrawal) instead of using fiat currencies.
What is the value of an LTC token?
The value of the Litecoin cryptocurrency tends to fluctuate a lot due to its high volatility. For many years, the price of Litecoin has been quite high, exceeding $60. It has even approached $270 at times.