Litecoin Wallets and Exchange Rules in Canada
If you want to gamble for your Litecoin, you must make sure that your funds are safe, both at casino, and on your side. When you check the casino, find out if they store the digital coins on cold storages, to be on the safe side. Next, make sure that your coins are also safe.
Before you have a casino account, you need an online wallet. You have to buy Litecoins and have them in the wallet; from the wallet, you deposit some to the casino site to make bets. When you order a withdrawal, the funds will arrive on your wallet account. Don’t keep all funds on casino balance; neither should you keep them all in online wallet. Cold storage is the best option for bigger sums of digital currencies.
At the time of writing, the best online wallets for LTC are Ledger Nano X, Ledger Nano S, Trezor T, Electrum, Atomic Wallet, Exodus, Litecoin Core, LoafWallet, Jaxx.
Laws and Regulations for Litecoin Casino Players
Litecoin enjoys almost the same situation as Bitcoin in the niche of online gambling, but has even less regulations. Few countries have regulations for any cryptocurrencies; many simply ban them altogether; other countries still do not address this issue for now due to lack of data and resources. Even fewer jurisdictions are able to handle each digital currency separately, considering their differences.
Canada is not an exception. There are no regulations for online gambling with crypto, particularly with Litecoin. Therefore, such gambling cannot be held illegal, as it was not officially prohibited. As a result, many canadian punters enjoy trouble-free and successful betting with the help of LTC.
Litecoin Online Casinos vs. Fiat Casino Sites
Gamblers who look for Litecoin-friendly parlours already know that gambling with digital coins can open some new horizons for the punter.
This can be true in terms of bonuses, exclusive games, and especially in terms of fast, secure, and convenient payouts.
It is usually the aspect of banking that is viewed as the most beneficial among those gamblers who give preference to digital coins, because digital currencies support instant banking that is easy to track, and hard to hack. But there are also other benefits. If you want to know more, check out the comparison table for more perks.
Litecoin Casino
- The transactions are very fast - almost instant - for Litecoin payment systems
- Litecoin payment systems support anonymity of the customer, adding a layer of protection to your payments
- All payments are transparent for the player and are easy to track
- Exclusive games for Litecoin betting are extremely rare; some sites allow betting with LTC on BTC games
- The casino cannot pay out the winnings in fiat currency of the deposit and bets were made in LTC
- Live Dealer Games are almost never available for exclusive LTC betting; some platforms allow to bet on BTC-friendly games
- Exclusive LTC bonuses can sometimes be found; this happens only at big gambling platforms that accept more than one cryptocurrency, and offer the same promotions for all digital currencies
Fiat Casino
- Transactions are slow, especially withdrawals; Bank Transfer can take up to 14 business days to arrive
- Transactions are processed by at least two third parties, which always means additional risks
- The player has no control over the transaction and can’t be informed about the status of the transaction
- The choice of fiat currency games is definitely bigger
- If there is a default fiat currency, the casino can choose to pay out the winnings in this currency, regardless of the player’s preferences
- Live Dealer Games are available to all depositing customers
- The choice of bonuses and promotions is usually more impressive, and less limitations are applied