Several years have passed since virtual currency came to attract attention due to the rapid rise of Bitcoin. Recently, many altcoins have been created, and opportunities to use virtual currency at physical stores have increased.
Along with such movements, it is becoming possible to deposit and withdraw in virtual currency even at online casinos. Litecoin is another cryptocurrency used by many online casinos other than Bitcoin.
In this article, we will take a closer look at Litecoin. Litecoin is a highly promising virtual currency, so be sure to deepen your understanding with this article and use it in online casinos.
Litecoin (LTC) is a virtual currency derived from Bitcoin. Bitcoin has a maximum supply limit of 21 million, while Litecoin has a maximum supply of 84 million, which is four times that.
Litecoin was conceived in October 2011 by former Google engineer Charlie Lee, based on Bitcoin, with the aim of improving Bitcoin transaction processing.
Therefore, the remittance speed is 4 times faster than Bitcoin. In other words, Litecoin block generation speed is faster than Bitcoin.
Bitcoin takes about 10 minutes to generate a block, while Litecoin can generate a block in just about 2.5 minutes.
This is because Litecoin implements a technology called “Segwit” to achieve block size compression.
By implementing this “Segwit”, Litecoin has improved the problem of delays in data processing, i.e. remittance, due to block size restrictions and transaction capacity.
Litecoin is more practical than Bitcoin due to its fast remittance speed. Therefore, there are many moves to introduce Litecoin as a payment method in the future, and it can be said that it is a highly promising virtual currency.
More and more online casinos accept Litecoin these days. Specifically, you can use Litecoin to make deposits and withdrawals at the following online casinos:
Depositing with Litecoin at online casinos is almost always free of fees. However, you may be charged a fee when withdrawing. The fee at that time varies depending on the exchange and operator, but in most cases, a cheap fee of several hundred yen is set.
When using bank remittance or electronic payment services, a few percent of the withdrawal amount may be taken as a fee. In that case, the higher the amount, the higher the fee. Compared to this, Litecoin fees are set very cheap.
When using litecoin, exchanges incur fees in addition to transactions with online casinos. Therefore, if you are starting Litecoin only for online casinos, you should also consider exchange fees in advance.
Benefits of Litecoin Deposits and Withdrawals
Here are the benefits of depositing and withdrawing Litecoin.
○ Fast deposit and withdrawal speed
As we have already introduced, Litecoin is a virtual currency that has realized remittance at four times the speed of Bitcoin. So when you make a deposit or withdrawal with an online casino, the transfer is completed in just a few minutes.
If you use electronic payment services or bank transfers, it can take a few hours at the earliest and a few days at the longest. This is because it is necessary to intervene the bank when transferring money.
However, in the case of Litecoin, there is no intermediary, so the remittance process is completed immediately.
○Available 24 hours a day
Cryptocurrencies such as Litecoin can be traded 24 hours a day. So you can make deposits and withdrawals to and from online casinos whenever you want.
If you use a credit card or wire transfer, you may have to wait several days for the transaction to be completed, depending on the bank's business hours. However, with Litecoin, there is no such inconvenience and you can trade whenever you like.
Disadvantages of depositing and withdrawing Litecoin
Here are the disadvantages of Litecoin deposits and withdrawals.
▲ Must be registered on the exchange
To use Litecoin to deposit at an online casino, you must first register with a cryptocurrency exchange and purchase Litecoin. Then, the litecoin is transferred from the exchange to the online casino.
It is very easy to register on the exchange, but you may feel it is a hassle because you have to create a new account and trade.
▲ The value of Litecoin may drop
The value of Litecoin is already fluctuating like the stock price and is not constant. In particular, cryptocurrencies are characterized by high volatility, with large daily price changes.
Therefore, if you use Litecoin to make deposits and withdrawals at online casinos, you must be aware of Litecoin price fluctuations.
Virtual currencies including Litecoin are a kind of investment, so there is a risk to suddenly buy Litecoin without investment experience.
how to start litecoin
To buy Litecoin, you need to be registered on a cryptocurrency exchange.
The virtual currency exchange is like the Tokyo Stock Exchange in terms of stocks, where virtual currencies including Litecoin are bought and sold.
Here you can buy Litecoin using Australian yen, and you can also sell Litecoin you already have. You can also use Litecoin to buy other cryptocurrencies.
Exchanges where you can currently buy Litecoin include:
All of these exchanges deal with Litecoin, but the other cryptocurrencies they handle and their fees vary. Choose the best exchange depending on how you want to use the exchange and what cryptocurrencies you are interested in.
Registering on these exchanges is easy.
Here, we will introduce how to register bitflyer, which is particularly popular among virtual currency exchanges. bitflyer boasts the largest number of users in Australia and is known for its high security. And we handle all 8 types of virtual currencies, including Litecoin and Bitcoin.
Step 1. Email address registration
First, go to the bitflyer official website. Then, on the top page, there is an indication "Create a free account in as little as 3 minutes", and below that there is an entry field for your email address. Enter your email address here and press "Send".
Then, a "bitflyer account registration confirmation email" will be sent to that email address.
The URL and keywords for the registration screen are described in the email body, so let's proceed with account creation according to the instructions.
After confirming the e-mail address, the terms of agreement will be displayed, so check the contents and click "Agree".
Step 2. Two-factor authentication registration
Bitflyer requires two-factor authentication registration during initial registration. This is a security step, so be sure to complete this first step.
You can receive the verification code used for two-factor authentication in the app or by SMS.
Items that use two-factor authentication include "when logging in", "when registering an external address", "when withdrawing Australian yen", and "when returning virtual currency externally (required)". Let's check it.
Step 3. Registration of personal information
When the two-factor authentication registration is completed, you will be taken to the screen for personal information registration. Enter the following information here.
-Date of birth
This information must match the identity verification documents that you will submit later.
Step 4. Submit identity verification documents
Bitflyer requires the submission of the following documents as identity verification documents. Submit only one of these.
-Health insurance card
-Copy of resident card
-Special permanent resident certificate
- My number card
-Various pension books
-Various welfare notebooks
-Seal registration certificate
-Foreign official documents (overseas foreigners only)
Step 5. Registering a bank account
You need to register a bank account to deposit Australian Yen or buy Litecoin on bitflyer. To register a bank account, enter the following information:
Step 6. address verification
Once your account is created, you will receive a postcard to verify your address. All procedures are complete when you receive this postcard.
Once this is done, you will be able to buy Litecoin on bitflyer. Buy Litecoin from the Litecoin Market menu.
Also, after purchasing Litecoin, you can store it in the bitflyer wallet, but if you want to increase security, we recommend using a dedicated wallet.
Since exchanges are subject to hacking, there is a risk of being damaged by depositing Litecoin here.
After registering with Bitflyer, let's register an account with a dedicated wallet together.