Litecoin Bingo Sites

History of Litecoin

Starting as a spinoff from Bitcoin, Litecoin first appeared in October 2011 from a creator named Chalie Lee. This Google employee is an American computer scientist who decided to write the code for a new cryptocurrency in his free time. It wasn't until 2013 that the Litecoin network was launched, and, nowadays, it is one of the top cryptocurrencies on the market.

Representing one of the first altcoins – cryptocurrencies other than Bitcoin – Litecoin has quickly earned the title of one of the most significant virtual currencies, partly because it focuses on faster and cheaper transactions while also emphasizing allowing average consumer-grade hardware to mine Litecoins instead of the specialized hardware required by Bitcoin.

Since Litecoin will always be seen as a reaction to Bitcoin, the two currencies have many of the same features. But, what we need to know is the distinctions between LTC and BTC.

The most noticeable one is the different cryptographic algorithms that each employs. Besides, Litecoin was founded to prioritize transaction speed, which is a significant reason for its popularity.

Like Bitcoin and all of the other decentralized cryptocurrencies, Litecoin is not issued by a government; instead, these coins are created by a detailed cryptocurrency process called mining, which consists of processing a list of Litecoin transactions.

When it comes to its value, in November 2021, one Litecoin was worth around $215.

How to Fund your bingo account with Litecoin

More and more casinos and bingo sites are working with cryptocurrency worldwide, and Litecoin is definitely a popular choice. What's more, most of them accept solely crypto without offering a chance to use flat currencies.

This decentralized peer-to-peer network has a public ledger known as the blockchain that verifies people's transactions and records each transaction.

So, if you decide to use your Litecoins at an online casino, then worry not, as the process is pretty straightforward. Just log into your casino account, go to the banking section and choose Litecoin as your payment method. After you decide the amount you want to deposit, you will get a unique wallet address to enter into your cryptocurrency wallet and confirm the transaction. Then, only a couple of minutes later, you are ready to play!

Note that deposits made with whatever virtual currency are ineligible for their welcome bonus at some online casinos.

Gambling Restrictions for LTC Casinos

The legal aspect of Litecoin casinos depends on the country a player comes from since while some states allow online gambling, others don’t. For example, online casinos are regulated state by state in the United States.

What’s more, casinos must be licensed by the state, and most don’t let you make payments with cryptocurrencies like Litecoin. However, players from the US can opt for offshore casinos that aren’t subject to the rules of individual US states.

Pros and Cons of Using Litecoin at Online Casinos

Pros:

• As is the case with all cryptocurrencies, banks are not involved in the transactions made with Litecoins.
• Speaking of transactions, the Litecoin network’s average transaction confirmation time is around 2.5 minutes. In comparison, the time for Bitcoin transactions is just under 9 minutes.
• The majority of Litecoin casinos don’t require verification documents.
• Most Litecoin casinos do not charge fees upon transactions.

Cons:

• Litecoin is still not as popular and as worth as Bitcoin.
• The value of cryptocurrencies fluctuates drastically.