As time passes, online gambling sites start accepting cryptocurrencies as payment methods. Of course, whenever we think about crypto, the first name that comes to mind is Bitcoin. But Bitcoin is not the only option in this modern age.
Take Litecoin, for example. It’s one of the earliest “altcoins,” crypto coins that are not Bitcoins. Did you know that plenty of gambling sites accept it for deposits and withdrawals? We have a list of the best Litecoin betting sites in the USA ready for you.
Of course, we’re no betting experts here at Inter Press Service. Hence, we’ve invited Tim Harrison, a betting guru from BetZillion. He will explain the legal situation of online betting in the country and why you should pick Litecoin as your crypto choice.
Tim Harrison to Inter Press Service: Can You Bet Online in the USA?
The short answer is yes. But Tim says if we asked him the same question 5 years ago, his response would’ve been no. It’s simple because all types of wagering on sports were banned under the Professional and Amateur Sports Protection Act (PASPA).
Thankfully, the Supreme Court of America dismissed the PASPA in 2018, legalizing online sports betting for interested parties. At the same time, single-game wagering was legalized, meaning punters could place multiple bets on the same sports event.
However, the legalities of online gambling are still quite complicated in the country. Unlike most other jurisdictions worldwide, a simple federal government-issued license doesn’t work. Considering the vast area to cover and all the different cultures across the USA, it made sense to decentralize regulation to state governments.
According to current laws, a bettor must be physically present in the state where sports betting is legal. As of now, that’s 18 states and more on the way. The good thing is that you don’t have to be a resident of the state to participate. According to the geolocator, you’re good to go as long as you’re over the minimum age and physically present.
So, What Is Litecoin, and How Does It Work?
Now that our question regarding the legality of online gambling in the US is answered, we changed direction and asked more about Litecoin.
The name sounds similar to Bitcoin. According to Tim, it’s because Bitcoin heavily inspires Litecoin. Not only that, both of these crypto blockchains share the same open-source code.
One of the main differences between the 2 is the market cap. The number of Bitcoins is capped at 21 million, while there can be 84 million Litecoin or LTC tokens. The transaction and mining speeds are better on Litecoin, although they use the same Proof-of-Work (PoW) consensus algorithm.
Litecoin was created to solve the scalability and transaction cost issues of Bitcoin. Litecoin processes transactions faster than Bitcoin, making it a better alternative for payment methods. You get the same security for fewer transaction fees when you use LTC for deposits and withdrawals at online betting sites.
Real-life statistics also attest to this statement. Analyzing completed payments across vendors who accept crypto, the number of LTC payments is significantly higher than BTC payments.
What Are the Benefits of Using Litecoin for Deposits and Withdrawals?
Getting out of the traditional practice of using fiat currency for payments surely needs justification. Thankfully, Tim Harrison has the benefits of using Litecoin betting sites in this section.
- Withdrawals are Instant
Deposits are pretty much always instant at online betting sites. However, you must wait 24 to 48 hours every time you request a withdrawal. On top of that, your chosen payment method takes additional time to process the payment.
When you use crypto coins like LTC, you cut down on the processing time significantly. It means you’ll get the withdrawn tokens instantly in your wallet. As these are supposed to be anonymous payments only identifiable with wallet addresses, crypto wallets are generally pre-approved at abetting sites.
- Public Ledger Makes It Safer
Tim would like to clarify if you’re taking the “anonymous” aspect of the payments negatively. The crypto industry is powered by blockchain technology that uses public ledgers to record transactions. It’s “public,” which means every transaction is recorded and validated.
It eliminates all possibilities of fraudulent transactions, double charting, chargeback, etc. It makes Litecoin and other cryptocurrencies a great option for bettors and operators in the US.
- It’s Cheaper
Litecoin transactions have a network fee every time you send or receive tokens. In retrospect, traditional payment methods may sound cheaper because they “don’t impose any fees.” However, you’re still paying annual charges. For E-wallets, there is a per-transaction fee for both deposits and withdrawals.
But when you use LTC or any other crypto token, you’re paying a small fee, and that’s it. There are no hidden fees or annual fees whatsoever. If you add all the prices and put them in a column, you’ll see that crypto payments are cheaper.
- An Inflation Hedge
Before anything else, Tim would like to clarify that this is not financial advice of any kind. Whatever comes next is from his own experience and speculation.
One of the main goals of creating cryptocurrencies was to develop an inflation hedge by limiting the supply. The scarcity of Bitcoin makes it the most valuable crypto of our time. LTC has a higher supply, but its value will also rise over time.
If you have LTC tokens in your wallet, it automatically creates protection against inflation on your assets. Of course, given that you’re not using all of it for betting. In most cases, crypto betting sites offer bonuses in crypto as well. You may consider holding them in the long run to get more returns.
Some Alternatives to Litecoin Betting Sites
The amazing thing about the crypto industry is that there is no monopoly. You don’t have to use LTC if you don’t want to. Here are some alternatives you want to check out:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Tether (USDT)
- Dogecoin (DOGE)
- Polkadot (DOT)
Enjoy your crypto betting!