The Best Litecoin Betting Sites

How to pay using Litecoin

If you’re a crypto fanatic, you probably are holding some Litecoin. But there are others who have never even heard of Litecoin. If you want to make your way to the best Litecoin betting sites, it would be good to get a hold of some first, heh?

Getting some Litecoin in your bag – the crypto exchange

There are several ways to get hold of some Litecoin. The first popular choice would be to go to a crypto exchange. There are several available, notable ones including Kraken and Binance. A crypto exchange operates the same as a brokerage, where you can go to buy and sell many types of cryptocurrency, including Litecoin. In Canada, you have several options, and there are numerous vital characteristics that you need to keep in mind when selecting a suitable exchange for you. Some of these include the fees charged by the exchange, security offered, and the availability of your favourite asset, which in this case is Litecoin. Once you’ve chosen an exchange that will work for you, you’re on your way to playing at some of the best Litecoin betting sites available for Canadians.

Setting up an account – a few easy steps

Most crypto exchanges require you to follow a few steps to begin buying your favourite crypto. If you’re into Ethereum sports betting sites, or you’d instead go for Litecoin sports betting sites, you should start here by setting up an account.

• Personal details: You’ll be asked to enter a few of your personal details, such as your name, surname, email address, and your physical address.
• Verify: Next, you’ll need to go through a Know Your Client or KYC process. Here, the exchange will usually prompt you to submit several documents so that they can confirm your details. These documents will be some form of government-issued ID (such as a passport or driver’s license) and a copy of your bank statement. However, the documentation will depend on the exchange you are using. The verification process can take between 24 hours to a couple of business days.
• Depositing funds: Before you can buy on the exchange, you will need to deposit some cash into the account that you can use to buy the crypto. Make sure you know the minimum and maximum depositing limits when choosing the right Litecoin exchange. It goes without saying that you should make sure they accept Canadian dollars!
• Buy Litecoin: Now, you’re ready to buy some crypto. Check the exchange rate and buy the amount of Litecoin that you want.

Storing your Litecoin – which wallet is the best?

Now that you’ve bought some Litecoin, you would like to store it safely. You wouldn’t want it ending up in the wrong hands before you can use it at Litecoin sports betting sites, and trust is, it does happen.

• Crypto exchange built-in wallet: some crypto exchanges have crypto wallets available where you can store your Litecoin. These wallets could be exposed to online attacks. Another issue that some users have is that when you store your crypto in these wallets, you don’t have ownership of the private key, which is essentially like the key to the safe.
• Software or “hot” wallets: This could be a desktop or mobile application. With these wallets, your private key is stored with a third-party server, meaning you don’t have full custody of your Litecoin. These wallets are easy to use and more suited to beginners.
• Hardware wallets: a hardware wallet is a small device you can plug into your PC or laptop. The private key is stored in this wallet, and you alone have access to it. These wallets offer the best security and give you custodial ownership of your cryptocurrency.

Making a deposit to do some sports betting

So how does one make a deposit or withdrawal at an online sports betting operator with cryptocurrency? Good question. It might be a new concept to regulars, but it’s really quite easy. Once you have decided on a crypto wallet, you’ll have an address where you store your Litecoin. The operator normally also has a wallet address which you can then use. When you’re logged in to your sports betting account, for example, at Stake, you can navigate to the wallet tab. You’ll find an address for Litecoin. Copy this address. Then go to the wallet where you store your Litecoin. You can then click on send and insert the operator’s address that you’ve copied. It’s straightforward. Some of the best Bitcoin betting sites and Litecoin betting sites will offer services where you can directly buy crypto from the operator’s platform and send it to the address. One such service is Moonpay.

Depositing and withdrawing with Litecoin: how fast is it?

We’ve now come to one of the major advantages of using Litecoin as a payment method. Litecoin sports betting sites and their patrons enjoy this great plus point, and it trumps other options in this regard.

Timeframes

So, in short, quite literally, it can take a few minutes for Litecoin to reflect when you make a deposit. The longest time it could potentially take for a deposit to show is a few hours. We would like to turn your attention to the speed of Litecoin, especially when focusing on withdrawals. Yes, there are other payment methods where a deposit will reflect immediately. However, this simply is not the case with withdrawals. At the best Litecoin betting sites, you will see your Litecoin reflect almost immediately when withdrawing. More conventional methods such as a bank transfer can take anywhere from three to five business days.

When is long too long?

Depending on the payment method you decide to use, you should always read the information on the operator’s website to determine how long a payment method should take and whether you are making a deposit or a withdrawal. As mentioned, when you use Litecoin, the deposit or withdrawal will take a minute or up to a few hours. If your Litecoin deposit or withdrawal goes over this period, you should immediately contact customer support for further assistance.

How do I get verified to use Litecoin?

It’s very easy to get verified to use Litecoin to do some sports betting. Usually, you would have to go through a verification process when you open your crypto exchange account. We can look at the verification process of one of Canada’s favourite crypto exchanges called Bitbuy. Users go through an automatic verification process where they provide their name, address, date of birth, and some more information. The information is then used by a third-party provider to verify identity automatically.

If this process doesn’t work, the user can do a manual verification process where they can upload the required documents for verification. The crypto exchange can ask for any government-issued ID, such as a copy of a passport or driver’s license. They almost always also require an upload of a high-resolution selfie to finish the verification process. Once verified, which usually takes 24 hours, the user can purchase and trade Litecoin on the exchange.

Some software wallets also require this type of verification process to create an account. It will be the only verification necessary to use Litecoin to deposit and withdraw. The best Litecoin betting sites will most likely have their own KYC process to set up an account for playing, but this is not related to the use of Litecoin per se.

Providers that allow Litecoin payments

Litecoin’s beginnings in a nutshell

We like giving you an idea of what you’re using by looking to the past. When one knows the history, one always has a better understanding of the product.

Humble beginnings

Litecoin, or LTC as it’s also known, is one of the oldest cryptocurrencies, next to Bitcoin. It was created by a Google engineer named Charles “Charlie” Lee. Lee is a Massachusetts Institute of Technology graduate who was fascinated by Bitcoin. He stated that he was playing around with the Bitcoin code in October 2011 when Litecoin was born, as he thought it was the “lite” version of Bitcoin.

Almost like Bitcoin

As an offshoot of Bitcoin, Litecoin features many of the same key characteristics as Bitcoin, the first being that there is a fixed amount of Litecoin in circulation. The exact number is 84 million. Litecoin, just like Bitcoin, uses the Proof-of-Work (PoW) algorithm to secure the network. However, Litecoin uses a different PoW algorithm called Scrypt, which is less resource-intensive. Litecoin also has faster block generation than Bitcoin.

A trusted cryptocurrency

Litecoin has a long and trusted history as a legit altcoin. Since its inception in 2011, it has grown along with Bitcoin, and it is seen as the silver to Bitcoin’s gold. Litecoin is not a fly-by-night altcoin and has shown itself to be a solid and trusted asset. It won’t be impervious to the market changes, but at least it has backed. It’s part of the reason why there are many Litecoin sports betting sites that trust it enough to accept it as a form of payment.

Litecoin provides pros over other payment methods

When comparing payment methods, we’ll have a look at how Litecoin performs relative to conventional payment methods and also in relation to other cryptos.

Blistering fast speed

The transaction speed of cryptos, and especially Litecoin, is very fast compared to conventional payment methods, such as a bank transfer. This is highlighted when you withdraw using Litecoin from a sports betting operator. A withdrawal with a bank transfer can take up to a week or more, while Litecoin withdrawals take mere minutes.

Offers anonymity

As with other cryptos, you don’t need to supply the operator with personal payment information when using Litecoin. It provides the user with some anonymity when placing bets on their favourite sportsbook. In turn, this also gives the player more security. The best Litecoin casinos have identified these properties and that’s why Litecoin is a popular choice as a payment option.

Not as volatile

If you look at the price of Litecoin, it has remained relatively stable compared to its “big brother” Bitcoin. However, there are more operators and promos that solely focus on Bitcoin, meaning that options for sports betting with Litecoin are not as varied as those for Bitcoin.

Three cool facts about Litecoin

We would like to remind you of a few important things about using Litecoin when doing your sportsbook wagering:

To ensure that you don’t have any hassles when you want to use your crypto wallet, be it at an exchange or a software wallet, always inform them if there are any changes in your personal information. If you have moved or have changed your bank account, upload your most recent documents, so there is no problem when you want to sell your Litecoin and withdraw the cash from your wallet. Wallets could potentially give you issues if your bank information or other personal information is not up-to-date. Keep this in mind as there could be tax implications as well.

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Litecoin betting sites FAQ