About Litecoin

Litecoin (LTC, Ł) is a fork of Bitcoin that was created and launched by Charlie Lee in late 2011. Designed to be more useful as a currency than Bitcoin and boasting specific differences to BTC in a few key areas, LTC is otherwise almost identical to the original cryptocurrency. It was the first altcoin (ie. alternative to Bitcoin) to be released, with 1 LTC currently worth around $44 (compared to ~$22,400 for 1 BTC).

How Litecoin Compares to Bitcoin

Though Litecoin is based on the Bitcoin Core client and thus is practically identical to Bitcoin, there are several key differences between the two:

• Block time: The time it takes for 1 Litecoin block to be mined is just 2.5 minutes, which is much faster than Bitcoin's 10 minutes.
• Algorithms: While Bitcoin uses SHA-256, Litecoin uses the Scrypt algorithm, which is more secure and eliminates the threat of 51% attacks.
• Block reward: The reward for mining 1 Bitcoin block is currently 6.25 BTC (~$140,050) while mining 1 Litecoin block awards 12.5 LTC (~$551).
• Supply limit: Bitcoin's supply is limited to 21 million coins while Litecoin's supply totals 84 million coins.

The Benefits of Using Litecoin

If Litecoin is only 20th on the list of cryptocurrencies by value, why is it so popular? The altcoin has managed to carve a niche for itself thanks to a combination of several attractive features:

• Faster transaction times: Compared to Bitcoin, Litecoin's transactions are processed 4 times faster, with each block taking only 2.5 minutes to create, while Bitcoin's take 10 minutes.
• Lower fees: It costs much less to complete transactions in Litecoin compared to other payment methods.
• Better security: Thanks to Litecoin's Scrypt algorithm, the threat of a 51% attack by mining farms is eliminated, making transactions much safer.
• Liquidity: The ease with which traders can buy and sell Litecoin for various fiat currencies makes the altcoin one of the most popular on the market.

How To Pay With Litecoin

Making payments with Litecoin is just as easy as with fiat currencies. There are four main ways in which you can use Litecoin as a payment method:

• Direct payment: Use Litecoin to pay wherever accepted at online and offline retailers.
• Virtual cards/apps: Several cards and apps now exist that let you pay for things in the same way you'd use a debit card (eg. BitPay Card).
• Gift cards: Many retailers allow you to buy gift cards using Litecoin.
• Transfers: You can also send Litecoin to anyone with a wallet.

Where To Spend Litecoin

So you have some Litecoins to burn, but where exactly can you go to spend them? Litecoin has grown in popularity to the point that an increasing number of retailers are now accepting LTC as a payment method.

Here's a look at some of the places you can spend your Litecoins.

eGifter

eGifter is an online platform that allows you to buy gift cards for use at over 300 retailers such as Apple, Domino's, Dunkin' Donuts, Macy's, Target, Uber and many more. You can use a variety of cryptocurrencies to buy gift cards at the site, including Litecoin, and many people do exactly that as a way of avoiding transacting in fiat currencies.

In addition, the site also offers the ability to set up company employee rewards programmes and you can even use Litecoin to buy a Vanilla Visa card, which you can use to buy anything wherever Visa is accepted.

Travala

Highly rated travel booking platform Travala is another popular location for spending Litecoins. The site allows users to book flights and hotel rooms and even pay for holiday packages, all with a range of cryptocurrencies, including Litecoin. Regular members also benefit from a rewards programme.

Twitch

The popular live streaming site Twitch is also compatible with Litecoin. The platform works by providing hosting for video content creators to air their creations and attract subscribers. Usually used for online gaming streaming, Twitch allows subscribers to tip their favourite content creators in a variety of currencies, including cryptos like Litecoin.

Carolina Hurricanes

Popular NHL team the Carolina Hurricanes also allows people to buy with Litecoin. Fans can spend their LTCs on a range of top Hurricanes merchandise simply by selecting their favourite cryptocurrency at checkout.

American Red Cross

Even charities and nonprofits are starting to allow donations in cryptocurrencies, one of which is the American Red Cross. Donors can support various humanitarian projects undertaken by the organisation by choosing their preferred cryptocurrency. Bitcoin, Bitcoin Cash, Ethereum and Dogecoin are all accepted directly, with others including Litecoin accepted via 80 or so compatible crypto wallets.

RE/MAX

It's even possible to buy and rent a property using Litecoin thanks to forward-thinking companies like RE/MAX. Well known as a supporter of Bitcoin for more than 5 years, RE/MAX also allows users to buy and rent Litecoin and Dogecoin. Based in Denver, Colorado, the company has offices in various countries around the world.

PayPal

The hugely popular online payment service, PayPal, recently announced that its customers can now transfer, send and receive four cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum and Litecoin. That effectively means that wherever PayPal is accepted, you can use Litecoin to buy from there.

Online Casinos

Perhaps one of the biggest industries accepting cryptocurrencies like Litecoin is that of online casinos. Numerous online casinos and sports and esports betting sites were very quick to accept various cryptocurrencies as payment methods, recognising the attractive nature of the alternative currencies in terms of transaction fees, processing times and security.

As a result, there are now hundreds of online casinos and sports betting sites that allow members to deposit, play, bet and withdraw in a wide range of cryptocurrencies, with Litecoin being one of the most popular.

How to Play With Litecoin at Online Casinos

If you're interested in using your Litecoin to try your luck at the best casino games in the industry, it's very easy to get started. All you need to do is get yourself a Litecoin wallet so you have somewhere to keep your LTCs, join a reputable Litecoin casino, make a deposit and start playing.

Here we'll guide you through the process in a bit more detail.

Get a Litecoin Wallet

The first thing you should do if you want to start playing casino games with Litecoin gets a Litecoin wallet. There are many options to choose from these days, but some of the most popular ones are CryptoWallet, LiteWallet, Trust Wallet, Exodus and Ledger Nano X.

Whichever option you choose, be sure to save your private key: if you lose it, there is no way to retrieve it, which means your coins will be locked and effectively lost until you remember it again. 

Buy Litecoin

The next step is to buy some Litecoin. Most people do this through an online exchange in a similar way to how you would swap your fiat money for foreign currency at a Bureau de Change before going on holiday.

You'll simply use your chosen fiat payment method (eg. credit/debit card, bank transfer, online wallet) to buy Litecoin, which you should then transfer straight to your newly opened Litecoin wallet for safekeeping.

Join a Litecoin Casino

Once you've got some Litecoin in your wallet, you can start looking for a place to play with it. This can be a bit of a daunting process as there are many online crypto casinos to choose from. How do you know which place will be the best?

Luckily, we've done all the hard work for you. Here on this site, you'll find details of the best crypto casinos to join, so be sure to check out our detailed reviews and recommendations. Joining a Litecoin casino is as simple as entering a few basic details during the short registration process.

Make a Litecoin Casino Deposit

You'll need to add funds to your newly opened crypto casino account, so your next step is to head to the cashier and make a deposit. Once you've selected Litecoin as your payment method you'll most likely be given a Litecoin wallet address to send your deposit to. Copy the address and paste it into the To: field in your Litecoin wallet. The deposit process is usually instant and once your funds have arrived in your account balance, you can start playing.

Before making your first deposit, do check out any available casino welcome bonus offers as these can give you extra funds to play with to boost your chances of winning on your very first go!

Play Litecoin Casino Games

Curious to know what kind of games you can play with your LTCs? Crypto casinos offer a wide range of games to explore with your Litecoins, such as video and jackpot slots, table and card games like Roulette, Blackjack, Baccarat and online Poker, and even live dealer versions of these games and much more.

Unique to crypto casinos is a range of special games called Provably Fair games that use blockchain technology to verify the fairness of every outcome. At any stage, you can check the history of every bet to confirm that nothing has been tampered with between you placing your bet and the outcome being determined.

Withdraw Litecoin Winnings

If you're lucky enough to trigger some wins during your casino gaming session, you might be ready to withdraw those winnings back to your Litecoin wallet. This is also a very easy process. In the crypto casino's cashier, choose the withdraw option and enter your Litecoin wallet address and how much you want to withdraw.

Your withdrawal request may need to be approved by the casino before it is released, but this generally doesn't take very long. Once approved, your withdrawal will arrive in your Litecoin wallet, usually instantly.