A Complete Guide to Depositing and Withdrawing Litecoins at NZ Casinos

A Complete Guide to Depositing and Withdrawing Litecoins at NZ Casinos
A Complete Guide to Depositing and Withdrawing Litecoins at NZ Casinos

Litecoin, a cryptocurrency created in 2011 as a fork of the Bitcoin protocol, is a decentralized, peer-to-peer digital currency that allows users to send and receive payments directly without the need for a bank or other financial institution.

Most NZ casinos accept Litecoin as a deposit option for playing pokies and other casino games in real-time.

You might be interested inlearning about Bitcoin too: What is Bitcoin and How to Bet Online with Bitcoin.

Guide to Depositing and Withdrawing Litecoins

Is Litcoin Different from Bitcoin

Litecoin also has a higher maximum supply than Bitcoin, with a maximum of 84 million Litecoins that can be mined, compared to Bitcoin’s maximum of 21 million.

Litecoin is often seen as a “silver” to Bitcoin’s “gold,” and it is one of the top 10 cryptocurrencies by market capitalization. Many merchants accept it, which can be bought and sold on cryptocurrency exchanges.

Litecoin differs from Bitcoins in aspects like faster block generation rate and use of scrypt as a proof of work scheme. Let’s find out how to deposit with Litecoin At NZ Casinos.

Is Litecoin better than Bitcoin?

  • Litecoin processes a block in 2.5 minutes, compared to Bitcoin’s 10 minutes.
  • The Litecoin blockchain generates blocks more frequently and can handle a higher volume of transactions.

Do you need to buy Litecoins before you deposit at Casino?

Litecoin deposit - Guide to Depositing and Withdrawing Litecoins
Litecoin deposit

It would be best to buy Litecoins beforehand to fund your online casino account. For that, you need to choose a Litecoin wallet that will hold your cryptocurrencies in NZ, such as Ledger, Exodus, Trezor, Blockchain, Cryptostore, and others.

Here are the best wallet apps for Litecoins in NZ.

You can buy Litecoin via an exchange like Swyftx or Coinbase.com.

Buy Litecoins from:

  • Independent Reserve
  • Paybis
  • KiwiCoin
  • Coin base
  • E Toro
  • Coinbase Pro
  • Coinspot
  • CoinMama
  • Binance
  • And various others

You can use the Bitcoin ATM map to buy bitcoins with cash. Bitcoin ATMs are quick, easy to use, and private. However, that convenience and privacy come with a price; most ATMs charge 5-10%.

Also, read the Complete Guide to Buying Bitcoin in New Zealand.

Purchasing Litecoins from an exchange

Purchasing Litecoins from an exchange
Purchasing Litecoins from an exchange

Here are the steps on how to purchase Litecoins from an exchange:

  1. Choose an exchange. There are many different cryptocurrency exchanges available, so it is important to choose one that is reputable and has a good reputation. Some popular exchanges for Litecoin include Binance, Coinbase, and Kraken.
  2. Create an account. Once you have chosen an exchange, you need to create an account. This will involve providing personal information, such as your name, email address, and date of birth.
  3. Verify your identity. To purchase Litecoin, you must verify your identity. This usually involves providing a government-issued ID and a selfie.
  4. Deposit funds. Once your account is verified, you need to deposit funds. You can do this by transferring fiat currency from your bank account or buying cryptocurrency with another cryptocurrency.
  5. Buy Litecoin. Once you have deposited funds, you can buy Litecoin. Enter the amount of Litecoin you want and click “buy.”
  6. Withdraw your Litecoin. Once you have purchased Litecoin, you can withdraw it to your wallet. Enter the address of your wallet and click “withdraw.”

Things to consider while purchasing Litecoins from an exchange:

  • Do your research. Many different cryptocurrency exchanges are available, so it is important to research and choose one that is right for you.
  • Start with a small amount. Starting with a small amount is a good idea if you are new to cryptocurrency. This will help you learn how to use the exchange without wasting money.
  • Be aware of fees. Exchanges charge fees for various services, such as depositing funds, buying cryptocurrency, and withdrawing cryptocurrency. It is important to be aware of these fees before you start trading.
  • Use a secure wallet. Once you have purchased Litecoin, it is important to store it in a secure wallet. A hardware wallet is the most secure option, but many good software wallets are also available.
  • Be patient. The cryptocurrency market is volatile, so it is important to be patient when buying and selling Litecoin. Do not panic if the price goes down, and do not get greedy if the price goes up.

With Litecoin, you are using a cryptocurrency that operates via blockchain. Such payments provide a combination of privacy, transparency, and security. Every transaction maintains player anonymity, so personal information is impossible to steal.

When your wallet is set up and ready to fund, buying LTC is quite simple. All you have to do is search for the currency within the wallet, which is set up almost like a stock exchange. LTC will appear, along with the current price of each coin.

Remember that Litecoin is traded on these exchanges, so the coin’s value is constantly changing. You can choose the amount of LTC you wish to purchase, and then, with a couple of clicks, you will see the balance in your wallet. 

You may also like: Ruby Fortune Casino NZ.

Five online casinos accepting Litecoin

1. Bodog Casino

 Bodog Casino
Bodog Casino

Bodog Casino is a popular online casino that accepts Litecoin deposits and withdrawals. It offers a wide range of games, including slots, table games, and live dealer games, and provides fast and secure transactions with no fees.

New players can take advantage of a generous welcome bonus, including a 100% match bonus of up to $600 on their first deposit.

2. Ignition Casino

Ignition Casino
Ignition Casino

Ignition Casino is another top-rated online casino that accepts Litecoin deposits and withdrawals. It offers a range of games, including pokies, jackpots, tables, and live poker. This site is not available to NZ players.

New players can enjoy a welcome bonus of up to $3,000, with a 150% match bonus of up to $1,500 on their first deposit.

3. BitStarz Casino

BitStarz Casino
BitStarz Casino

BitStarz Casino is a popular online casino that accepts Litecoin and several other cryptocurrencies. They offer over 3,000 games, including pokies, table games, and live dealer games.

New players can receive a welcome bonus of up to 5 BTC or 500 EUR, with 20 free spins upon registration and 180 free spins on their first deposit.

4. Joe Fortune

Joe Fortune
Joe Fortune

Joe Fortune is a well-known online casino that accepts Litecoin deposits and withdrawals. It offers a variety of games, including pokies and classic games. This site is not available in NZ.

New players can enjoy a welcome bonus of up to $7,500 and a 200% match bonus of up to $1,000 on their first deposit.

5. Fortune Jack

Fortune Jack
Fortune Jack

Fortune Jack is another top-rated online casino that accepts Litecoin and several other cryptocurrencies. It offers a wide range of games, including slots, table games, and live dealer games, and provides fast and secure transactions with no fees.

New players can receive a welcome bonus of up to 6 BTC, with 25 free spins upon registration and up to 250 free spins on their first deposit.

Setting up a Litecoin wallet

Setting up a Litecoin wallet
Setting up a Litecoin wallet

Here are the steps on how to set up a Litecoin wallet without images:

  1. Choose a wallet type. There are three main types of Litecoin wallets: desktop, mobile, and web. Desktop wallets are the most secure but can be more difficult to use. Mobile wallets are convenient and can be accessed from anywhere, but they are not as secure as desktop wallets. Web wallets are the most convenient but also the least secure.
  2. Download and install the wallet software. Once you choose a wallet type, you must download and install the software. You can download the software for desktop wallets from the wallet provider’s website. You can download the app from the App Store or Google Play for mobile wallets. For web wallets, you can access the website in your web browser.
  3. Create a wallet. Once the software is installed, you need to create a wallet. This will involve creating a username, password, and a 24-word recovery phrase. The recovery phrase is a very important part of your wallet, so write it down and store it in a safe place.
  4. Fund your wallet. Once you have created your wallet, you need to fund it with Litecoin. You can do this by buying Litecoin from an exchange or transferring Litecoin from another wallet.
  5. Secure your wallet. Once your wallet is funded, it is important to secure it. This includes keeping your recovery phrase safe, using a strong password, and enabling 2FA.

Here are some additional tips for setting up a Litecoin wallet:

  • Do your research. Many different Litecoin wallets are available, so it is important to research and choose a right wallet.
  • Start with a small amount. If you are new to Litecoin, starting with a small amount is a good idea. This will help you learn how to use the wallet without risking much.
  • Be patient. The first time you set up a Litecoin wallet, it may take a few minutes to sync with the blockchain. This is normal.
  • Get help if you need it. If you get stuck, there are many resources available to help you. You can search online for tutorials or contact the wallet provider for support.

How to deposit with Litecoin at Casino?

How to make a deposit with Litecoin
Deposit with Litecoin at Casino
  • Find an online casino that accepts Litecoins.
  • Once logged into your casino account, go to the banking section.
  • Select Litecoin as your payment method.
  • Specify the amount you want to deposit.
  • A unique wallet address will be generated.
  • Enter the address into your cryptocurrency wallet and confirm the transaction.
  • You should see the deposit in your casino account shortly

There are also online casinos that accept LTC and other cryptocurrency payments through e-wallets such as Skrill. To make payments this way, you then connect your cryptocurrency wallet with your e-wallet first.

Transaction Fees and Processing Times

Transaction Fees and Processing Times
Transaction Fees and Processing Times

The average transaction fee for Litecoin in New Zealand is around $0.03 or $0.04. This is significantly lower than the average transaction fee for Bitcoin, which is around $7.60.

The processing time for Litecoin transactions in New Zealand is also much faster than Bitcoin, with Litecoin transactions typically being confirmed within 2.5 minutes.

Here are some more details about Litecoin transaction fees and processing times in New Zealand:

  • Transaction fees: The average Litecoin transaction fee in New Zealand is around $0.03 or $0.04. This fee is paid to miners who verify and add transactions to the Litecoin blockchain. The fee is calculated based on the size of the transaction and the current network conditions.
  • Processing times: Litecoin transactions typically take 2.5 minutes to be confirmed on the blockchain. This is much faster than Bitcoin, which can take up to 10 minutes for transactions to be confirmed.

Here are some factors that can affect Litecoin transaction fees and processing times in New Zealand:

  • Network congestion: Network congestion is the amount of traffic on the Litecoin network. When the network is congested, transaction fees tend to be higher and processing times can be slower.
  • Transaction size: The size of the transaction also affects the transaction fee. Larger transactions typically have higher fees.
  • Transaction priority: Users can choose to pay a higher transaction fee to prioritize their transactions. This will ensure that their transaction is confirmed more quickly.

Overall, Litecoin is a very affordable and fast cryptocurrency to use in New Zealand. The average transaction fee is very low and transactions typically take only 2.5 minutes to be confirmed.

How to make a withdrawal at Casino with Litecoins?

How to make a withdrawal with Litecoin at online casino
The minimum amount you can withdraw with Litecoin is $30.
  • To make a withdrawal at casinos with Litecoins simply from the casino homepage, click on the Cashier section and select withdrawal.
  • Click on Litecoin as your payout request method and add the amount you wish to withdraw in the Amount box on the top right.
  • You need to fill in your Litecoin address and any other instructions to verify your payout request. Click confirm via a telephone call or confirm via email. Once you are ready, click submit.
  • Click Submit to begin the confirmation and withdrawal process. Litecoin promises to put money into your wallet within a 48-hour time frame, but it will usually appear in your wallet within two hours.

You must submit the following documents before submitting a withdrawal request:

  • Valid government-issued photo identification card;
  • Copy of a recent utility bill no older than three (3) months prior to the submission date;
  • Front copy of the Card(s) used to fund the Account.

Before approving any withdrawal request, the online casino may request additional documents to prove the ownership of the cards used on the account and to confirm that the purchases were authorized by the cardholder.

Troubleshooting Common Issues

Troubleshooting Common Issues
Troubleshooting Common Issues

Here are some tips on how to troubleshoot common issues about Litecoin:

  • Addressing failed transactions or delays: If your Litecoin transaction has failed or is delayed, there are a few things you can check:
    • Make sure that you have entered the correct recipient address.
    • Check the network status to see if there is any congestion.
    • Increase the transaction fee to prioritize your transaction.
    • Contact your wallet provider for assistance.
  • Contact customer support for assistance: If you are having trouble with your Litecoin wallet or exchange, you can contact customer support for assistance. Most Litecoin wallets and exchanges have a support team that is available to help with problems.
  • Double-checking transaction details for accuracy: Before you send a Litecoin transaction, it is important to double-check the transaction details for accuracy. This includes checking the recipient address, the amount of Litecoin being sent, and the transaction fee. If you make a mistake in the transaction details, your transaction may be lost or delayed.

Here are some additional tips for troubleshooting Litecoin issues:

  • Make sure you are using a reputable wallet or exchange: Many Litecoin wallets and exchanges are available, but not all of them are created equal. It is important to use a reputable wallet or exchange with a good reputation and a history of providing good customer service.
  • Keep your software up to date: Litecoin wallets and exchanges are constantly updated with new features and security patches. It is important to keep your software up to date to ensure you use the latest and most secure version.
  • Be patient: Litecoin transactions can take some time to be confirmed on the blockchain. If you are not seeing your transaction in the blockchain after a few minutes, do not panic. Just be patient and wait for the transaction to be confirmed.

Advantages of using Litecoins

Advantages of using Litecoins
Advantages of using Litecoins

The following are the advantages of using Litecoins:

  • Litecoin transactions are 4x faster than Bitcoin. It is the fastest payment method for online gambling.
  • Litecoin’s all-time high value was $360.93, compared to over $18,000 for Bitcoin. Litecoin grew in value from $4.00 to $360.00 in only a year, and it stands to gain in value while you use it for online casino gaming.
  • Like other cryptocurrencies, it isn’t tied to a central bank. Fluctuations downward are possible. Instead, Litecoin’s value is based on its current trading value on exchanges like Bitfinex, GDAX, OKEx, and Coinbase.
  • Litecoin blockchain payments offer a combination of privacy, transparency, safety, and security. You can see every transaction but maintain anonymity, and identity thieves can’t steal your information.

Disadvantages of using Litecoins

  • Litecoin was designed with Bitcoin pitfalls in mind and is considered safer than its more famous cousin.
  • Also, the major drawback is that not all online casinos offer Bitcoin payments, as Bitcoin is the most preferred cryptocurrency at online casinos.

What is the difference between Litecoin and Bitcoin?

What is the difference between Litecoin and Bitcoin?
What is the difference between Litecoin and Bitcoin?

Litecoin has a range of small but significant technical differences. You might think of it as the quarter to Bitcoin’s dollar.

The supply limit for LTC is 84 million vs. 21 million BTC. The supply limit is the maximum number of coins that will be created, and this finite limit is necessary for an altcoin to have value.

The LTC supply limit is 84 million compared to Bitcoin’s 21 million, so it’s up to four times more common. In November 2017, about 54 million Litecoin tokens were in circulation, and about 30 million were left to mine.

2.5-minute vs. 10-minute block generation time. Litecoin blocks are generated four times faster than Bitcoin blocks. The completion of each block confirms the transactions recorded in that block.

Generally, Litecoin transfers can be done about four times faster than Bitcoin transfers.

Conclusion

In conclusion, Litecoin is a fast and secure cryptocurrency that has become popular in online gambling, particularly in New Zealand. With faster block generation times and a higher maximum supply than Bitcoin, Litecoin offers advantages that make it an attractive option for players looking to make deposits and withdrawals at online casinos.

Following the steps outlined in this guide, players can easily buy, deposit and withdraw Litecoins at online casinos. While some limitations and drawbacks are still associated with using Litecoin, its benefits outweigh the disadvantages, making it a great option for online gambling transactions.

Suggested read: 24 Hour Withdrawal Casinos.

FAQs

What are the benefits of using Litecoin at NZ casinos?

There are several benefits to using Litecoin at NZ casinos. First, Litecoin transactions are very fast and cheap. This means you can deposit and withdraw your funds quickly without paying high fees. Second, Litecoin is a very secure cryptocurrency.

This means that your funds are safe when you use it at a casino. Third, Litecoin is becoming increasingly popular. This means more and more casinos are accepting Litecoin as a payment method.

What are the risks of using Litecoin at NZ casinos?

There are a few risks associated with using Litecoin at NZ casinos. First, Litecoin is a volatile cryptocurrency. This means that its price can fluctuate wildly, impacting the money you win or lose at the casino.

Second, Litecoin is a relatively new cryptocurrency. This means that there is still some risk associated with using it. For example, the casino could be hacked, and your funds could be stolen.

What are the best NZ casinos that accept Litecoin?

Some good NZ casinos accept Litecoin. Here are a few of our favourites:

  • Lucky Block: Lucky Block is a new casino that is quickly gaining popularity. It offers a variety of games, including slots, table games, and live dealer games. Lucky Block also offers a welcome bonus for new players.
  • Mega Dice: Mega Dice is a casino specialising in fair games. This means you can be sure that the games are fair and that the casino is not cheating. Mega Dice also has a very high payout rate, so you are likelier to win money when you play there.
  • Metaspins: Metaspins is a casino that offers various games, including slots, table games, and live dealer games. Metaspins also has a very generous welcome bonus for new players.

How do I deposit Litecoin at a NZ casino?

To deposit Litecoin at an NZ casino, you must create an account and verify your identity. Once your account is verified, you can deposit Litecoin by entering your Litecoin address and the amount you want to deposit. The casino will then send the Litecoin to your address.

How do I withdraw Litecoin from a NZ casino?

You must create a withdrawal request to withdraw Litecoin from an NZ casino. The casino will then send the Litecoin to your Litecoin address. Depending on the casino, the withdrawal process can take a few minutes or hours.

About the author

Kamal Kaur

Kamal Kaur

Kamal Kaur has been an integral voice in the New Zealand gaming landscape for years.

As a senior writer for PokiesMobile NZ, Kamal brings rich experiences from her diverse background.

Born in India and later migrating to New Zealand, she effortlessly blends her cultural insights with a deep love for gaming.

Kamal is renowned for her in-depth game analysis, player strategies, and knack for spotting industry trends.