Online Poker Rooms Which Accept LiteCoin Deposits and Withdrawals
A lot of different online poker rooms now welcome Bitcoin. Hot on the heels of the leading cryptocurrency comes LiteCoin – which has been called the ‘Silver to Bitcoin’s Gold’. This coin works in much the same way as Bitcoin, and has the advantage of lower volatility (on average). There are two big US friendly poker rooms which welcome LiteCoin deposits, these are BetOnline and SportsBetting Poker. Both as on the growing Chico Poker Network. You can deposit with LiteCoin from anywhere in the world – and will play the games in US Dollars.
This page gives you a detailed FAQ, covering all the different aspects of setting up a wallet and depositing at poker sites with LiteCoin. Questions cover the deposit process itself, legality of those deposits and details of the 2 sites which currently welcome LiteCoin deposits.
Best LiteCoin Poker Site
I rate BetOnline highly, and with the addition of LiteCoin deposits, you’ll have one more reason to check out their soft cash game tables. This poker room is an extension of a huge sports betting brand. BetOnline accepted bets on the phone when they first started, though are now one of the biggest offshore sports betting brands welcoming US players.
With a lot of cross-over traffic (coming from the betting to the poker room), you can be sure that the games here are very fishy / easy to beat. Tournaments are growing, though the schedule is focused on smaller stakes games for the moment.
Check out www.betonline.ag now, and you’ll get a 200% welcome bonus up to $1000 matched to your first LiteCoin Poker deposit.
Making Poker Deposits with LiteCoin – Compete FAQ
What Is LiteCoin?
LiteCoin is a cryptocurrency, it is similar in design to the better-known Bitcoin. As the name implies, this coin was designed to be easier to ‘mine’ than Bitcoin – and uses slightly different technology. Ownership of each coin is maintained by a distributed blockchain, which is a permanent leger holding a record of all transactions. Once a block is completed, it can’t be changed. This makes LiteCoin transactions irreversible.
Why Would I Choose LiteCoin Over Bitcoin?
There is not much to choose between these coins for most (non-technical) users. Bitcoins are better known, and is the coin which hits the headlines when there are big changes in value. LiteCoin is less volatile as a rule, with smaller numbers being bought and solid. If you are simply using this option as a way to get your money on board, then you will not be holding LiteCoin for long – making the volatility less of a risk.
What is a LiteCoin Wallet and Why Do I Need One?
A wallet is where you will keep your LiteCoin, and where you will transfer it from and receive new ones. Online wallets are free, and are available via www.litecoin.org. The easiest way to think of your wallet is in the same way as a PayPal account. This is a virtual account which holds your currency.
How Do I Buy LiteCoins?
Once you have a wallet to keep your coins in, the next step is to buy some! This is done via an exchange, for example coinbase.com
The process is simple, you will need to transfer money from your bank account to the exchange, and will receive LTC in return. This same exchange account can be used for withdrawing too. In this case you will be selling LiteCoin. The liquidity (volume of transactions) is high enough on a daily basis that you will have no significant delays – whichever side of the trade you are on. Exchanges take a small percentage fee, compared to other poker deposit options like PayPal or Skrill, these are very small.
How Do I Deposit with LiteCoin?
I’ll cover the process for making a deposit here, rather than the sign up and then find cashier part at BetOnline or another LiteCoin friendly poker room.
There are two steps. First, you need to go to the cashier and choose LiteCoin. This will generate a ‘Receivers Id’. That Id is an address, in the form of a long string of letters and numbers, that you will send the currency to.
Next you log on to your wallet, and choose ‘Send LiteCoin’. Here you will have a choice to specify the amount in dollars or mLTC (milli-LiteCoin). You then copy in the receivers Id into the field for where to send it, and click ‘Send’ to confirm.
The transfer of the funds will happen right away for all but the largest amounts. Bigger transfers need to propagate around some of the ‘nodes’ which keep track of transactions first. This should be completed in a matter of minutes. BetOnline will not keep LTC in your account, the coins you transfer will be exchanged to dollars right away at the prevailing rate.
How Do I Withdraw Using LiteCoin?
Again, this is a two-step process. First you need to log onto your own wallet. This time you will click the ‘Receive’ button. This will generate a string of letters and numbers which is your receiver’s Id. You then log on to BetOnline, choose withdraw and pick LiteCoin. You’ll be asked how much to withdraw, and will then enter your receivers Id as the place to send the funds.
You will face a small delay (though often not longer than 48 hours), while BetOnline queue your withdrawal and approve it. If this is your first withdrawal then you might also be asked for proof of address. Once the withdrawal is approved, it will be in your wallet very quickly.
Are LiteCoin Deposits Legal?
BetOnline welcomes real money poker players from all 50 states, and operates legally from its base in Panama. No federal law prevents individuals from depositing and playing at offshore real money poker sites (the UIGEA is aimed entirely at banks). There are restrictive States, for example Utah, though no player has ever been charged with playing real money poker online – ever!
Outside of the US some jurisdictions are open, allowing people to play on whatever poker site they wish – while others (for example France, Italy and Spain) are closed. Whether legal or not from your country, you’ll be able to deposit, play and withdraw with the help of LiteCoin. Whether there are any legal risks involved is a separate question to the practical side of playing. All players have a responsibility to check their local laws before playing.
What Alternative Deposit Options are Available at BetOnline?
This will depend on your location. The financial restrictions in the US mean that there are fewer options, while worldwide there are plenty of alternative deposit methods to choose from.
Popular US options include Credit Cards, prepaid Visa Cards and Money Transfer services (you’ll wire cash to an individual who collects on behalf of the site). You might also be able to wire cash or use a money order – speak to the cashier staff about these options. You can also opt for Bitcoin deposits.
Outside of the US, you’ll also be able to use popular electronic wallet services, including Skrill and Neteller. Depending on your country of residence, you might also be able to use local options and bank transfers.
More About BetOnline Poker
BetOnline has been through a transformation in recent years, and is now the primary site on the Chico Poker Network. This company has been around since 2001, starting as a sports betting site (telephone and online). This is still their biggest vertical, though now there are casino games and poker available too.
It is the sports which keeps the poker games soft.
What you will find is that a ton of new players sign up to bet on sports. They notice the poker room, and hop into a game to try it out. These are often recreational types (as opposed to poker pros) and keep the games very easy to beat. It is not just the inexperienced players that help, since they are playing loose and wild, everyone else plays more hands to try to stack them… creating a potentially very profitable dynamic.
You’ll find the focus is on cash games at BetOnline Poker. There are some tournaments at the lower ($22 and under on the whole) buy-in range – and also some Sit N Goes. The poker room is just a little too small for these to hold big guaranteed prize pools. As traffic grows, I hope that we will see the tournaments hit that critical mass needed to really take off.
BetOnline look after their poker players well, there is an initial 200% matched bonus, reloads and a loyalty points scheme. It is also worth keeping a close eye on their website, as some generous promotions crop up regularly.
Check out those soft tables, and the latest deals for yourself now over at www.betonline.ag!
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