What Is Litecoin, Briefly?
Litecoin is a cryptocurrency that exists only in digital form. It has no physical coins or currency, and is not issued by a bank or other institution. Litecoin is a decentralised form of money. This means it exists on a computer network rather than being controlled by a central authority. The information is stored in something called a blockchain, which is made up of data that's replicated on thousands of computers around the world.
Unfortunately no one person or company controls Litecoin so if you make a mistake who are you going to ring to help? Basic security measures are crucial to protect your cryptocurrency. For more information on Litecoin please see our What Is Litecoin? page.
Wallets — Where Your LTC Lives
Your LTC is not stored in your wallet app. Instead, the supply of LTC is recorded on the blockchain and associated with your unique Bitcoin address. Your Bitcoin wallet app or application just holds the cryptography key, which unlocks your Bitcoin address.
There are two types of key:
- Public key / address — Like your bank account number. Safe to share. This is what you give the casino to receive LTC deposits or withdrawals.
- Private key — The string of characters that makes your wallet as helpless as someone who has entered the wrong PIN code on a cash machine. With your private key, anyone could drain your wallet of LTC. Be extremely careful not to lose or share your private key. Do not ever enter your private key into anything other than your own wallet.
See our Best LTC Wallet guide for wallet recommendations suitable for casino use.
How a Transaction Is Made — Step by Step
Step 1 — You initiate the send
In your wallet app (e.g. Exodus, Trust Wallet, Litecoin Core) enter in the casino LTC deposit address, the amount and click "Send". Your wallet will then create a transaction which is effectively a note that says "I want to send X LTC from address A to address B".
Step 2 — Your wallet signs it
The wallet program makes a hash of your private key and uses this to create a cryptographic signature which proves that you have ownership of the Litecoin sending address. This is done without ever exposing your private key. This signed transaction is then transmitted to the network of peers on the Litecoin network.
Step 3 — The mempool
Your transaction is broadcast to the network and included in the mempool (memory pool). The mempool is a holding area for unconfirmed transactions. Litecoin's mempool generally clears very quickly. Blocks are mined every ~2.5 minutes, so transactions typically do not wait longer than one block.
Step 4 — Miners include it in a block
Litecoin mining is carried out by miners (computers equipped with specialized hardware) who compete in the network for achieving the blocks by solving the Scrypt algorithm puzzle. The winning miner packs together several recently submitted transactions (which have been lingering in the mempool, or memory pool, as they await verification), turns those transactions into a block, and then includes it in the blockchain. Once this transaction has been "confirmed once", it can be considered as having some level of reliability.
Step 5 — Additional confirmations
Blocks added to the blockchain after your transaction are called confirmations. Most casinos will credit a deposit after 1-3 confirmations. With blocks being added to the blockchain at a rate of approximately 2.5 minutes, your deposit will be available to play with in 5-8 minutes after sending.
Step 6 — Casino credits your account
Once the required number of confirmations is met, the Casino system will then identify any incoming transactions that are sent to your Deposit Address and will subsequently credit your casino account in EUR/USD or in case of LTC – the corresponding amount.
Transaction Speed Comparison
| Cryptocurrency | Block Time | Confirmations Needed | Typical Deposit Time |
|---|---|---|---|
| Litecoin (LTC) | ~2.5 min | 2–3 | 5–10 min |
| Bitcoin (BTC) | ~10 min | 3–6 | 30–60+ min |
| Ethereum (ETH) | ~12 sec | 12–35 | 3–7 min |
| Tether (USDT / TRC-20) | ~3 sec (Tron) | 1–3 | <1 min |
For casinos LTC is likely your best option when balancing transfer speed, charges and availability. Read our guide to Litecoin vs Bitcoin here.
Why Is My Transaction Stuck?
Occasionally a transaction takes longer than expected. Common causes:
- Low network fee — If the fee is set too low, miners tend to ignore the transaction. Litecoin fees are so low that this very rarely happens and most wallets set a fee that is more than sufficient.
- Network Congestion — Very rare on Litecoin, due to the higher transaction capacity than Bitcoin, but may still be an issue after major market events or protocol changes.
- Wrong address — If the incorrect address was sent to, the transaction will still be confirmed to that incorrect address. Crypto transactions are permanent. Make sure to always recheck both the sending and receiving address, including the first 6 and last 6 characters before sending and confirming.
- Casino processing delay — If your transaction is confirmed on-chain but is not showing in your casino balance within 30 minutes, reach out to casino support with your TXID.
Finding Your Transaction Hash (TXID)
A transaction hash (TXID) is the unique hash for every transaction that occurs on the LTC blockchain. The TXID is like a Serial Number for your transaction and is generated at the time the transaction is sent. An example of a TXID is:
4a5e1e4baab89f3a32518a88c31bc87f618f76673e2cc77ab2127b7afdeda33b
You can find your TXID in:
- Your wallet's transaction history — tap or click the transaction to expand details
- The withdrawal history page on your exchange if you bought directly from an exchange
Want to check the status of a TXID? Simply copy and paste it in a Litecoin Block Explorer such as litecoinspace.org or blockchair.com/litecoin, and you will see if the transaction has number of confirmations and if it is still pending or already confirmed.
Frequently Asked Questions
Can a Litecoin transaction be reversed?
No. Once a transaction is confirmed the transaction is irreversible. Blockchain immutability protects you and the sender from fraud, but it also means that transactions are irreversible and irreversible means irreversible. Always verify the receiving deposit address before sending cryptocoins.
Why does the casino give me a new address every time?
As a security and privacy measure, the casinos are usually generating a new LTC deposit address for every session or transaction. These LTC addresses always belong to their own casino wallets. Sending LTC to an LTC address that you have already received from the casino in the past should also add up to your casino balance, but it is always safest and most reliable to use the latest generated address.
What does "0 confirmations" mean?
A transaction with 0 confirmations has been broadcast to the network, included in a block in the mempool, but not yet included in a mined block. Some casinos will credit small deposits made at 0 confirmations, but most will not credit a deposit until it has 1-2 confirmations.
Is my casino deposit private?
LTC transactions are pseudonymous – the user name is not revealed but the transaction is recorded in such a way that it becomes public. Although the transacting user's identity remains anonymous, the blockchain will hold a record of their wallet address. This being said, it's always a good idea to keep transactions discrete as much as possible – particularly when using the same address on different casino sites.