Best Litecoin Bookmakers 2021
Big Markets Divided Over the Use of Litecoin
Litecoin is the blockchain-based cryptocurrency (considered second-best after Bitcoin) and e-wallet that allows you to quickly and effectively fund your online account on the best sports betting sites in addition to many other functions. The payment system has been operating since 2011. Given it has its own native currency (LTC), the Litecoin service allows you to open an account, more precisely a wallet, where you can store it. Just like Bitcoin, there are some countries in which Litecoin is banned or its use restricted. For instance, China and Russia are opposed to using it, while, on the other hand, Litecoin’s popularity is huge in the United States, Canada, and the U.K.
Acquire LTC First, Then Create Wallet
To create a new Litecoin e-wallet, you need to complete the steps on the list that follows: download the wallet from the AppStore or Google Play, sign up with your email (mobile phone number, Google, or Facebook account), and set a strong password and PIN code. Then go to the exchange and purchase LTC. Users can top up their Litecoin account this way:
- Login to your wallet
- Go to the “Deposit” section
- Choose Litecoin
- Fill in the form
- Hit the submit button and the system will generate our LTC address
- Use the generated details to complete the payment procedure through a dedicated payment app.
The process for withdrawal of LTC also consists of several steps: log in to your wallet, go to the “Withdraw” section, select Litecoin, fill in the form, and click the “Send” button. The withdrawal request will be processed within 24 hours and then initiated on the LTC network, which generally takes an additional 30 minutes to two hours for completion. Note that, compared to Bitcoin, there are not as many betting sites that accept Litecoin, which introduces us to the deposit and withdrawal procedures at bookmakers.
Unique Bonuses at Bookmakers
The procedure of depositing on the Litecoin betting sites is considered rather easy. You will first have to register for an account in one of your favorite Litecoin sportsbooks. Select LTC as a deposit option. Enter the amount you wish to deposit; they usually have it in USD for convenience. Get your unique LTC address there and use it to send your coins. As a withdrawal option at bookies, Litecoin is used by logging in to your bookmaker account and going to the “Withdrawal” option on the betting site you used. Actually, the whole process is as with depositing but in reverse. Given that due to the nature of Litecoin as a cryptocurrency, bookmakers do not have large expenses, so they usually offer unique bonuses and VIP perks to customers.
As with every cryptocurrency, legislation regarding LTC betting is still a bit vague. So, it all comes down to whether betting is legal in your region or not.
It is not clear, but if you are being taxed for betting in general in your country, then you will be taxed for using LTC sports betting.
They usually are. Look for ones with a visible and known license, and great online reviews. As for the crypto part, Litecoin can be safe, too, provided you follow the procedures correctly, such as backing up your wallet’s private keys and keeping them private.