Legal Litecoin Gambling In The USA
Litecoin is similar to other blockchain technologies where users can buy, trade, or sell digital currency on an open source peer-to-peer network. Litecoin is not backed by any central authority, but the public blockchain produces digital records of transactions. Litecoin uses a specifically designed script in its proof of work (PoW) algorithm, making it easier to deter denial of service attacks.
Litecoin was the first altcoin to launch in 2011 after Bitcoin went public. Today Litecoin is still going strong and is generally in the topic of conversation when altcoins are discussed. We created this guide to inform our readers how to use Litecoin to fund an online gambling site and to discuss the advantages of using the popular crypto online.
Is Litecoin Gambling Legal?
Yes, US residents can legally purchase Litecoin and use the digital currency to fund an offshore betting account. There are no federal gambling laws that prevent US citizens from accessing cryptocurrency or offshore gambling sites. Federal US gambling laws are directed at domestic operators.
Only two states, Connecticut and Washington, have enacted specific laws forbidding their residents from accessing offshore betting sites. To the best of our knowledge, no one has ever been prosecuted in those two states for using an online gambling service.
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Buy Litecoin With PayPal To Make Rapid LTC Gambling Deposits
In Q3 2020, PayPal finally hopped on board the crypto bandwagon, allowing users of the world’s most popular P2P payment platform to use their accounts to purchase Litecoin and other popular crypto tokens.
With hundreds of millions of PayPal gambling users worldwide, this move has made it infinitely easier for online bettors and gamblers to buy Litecoin quickly, easily, and safely using a service they already know and trust. Thus, you no longer have to jump through the typical hoops to purchase Litecoin, meaning that you can acquire the token with total convenience and peace of mind. That said, there's a hitch at launch: For now, you cannot actually transfer any Litecoin out of your PayPal account. Once this restriction is lifted, online bettors will have an easy, convenient way to use Litecoin to bet on their favorite markets.
To buy Litecoin with PayPal, just log into your PayPal app, navigate to the cryptocurrency section, and choose the LTC option. Then, buy as much of the crypto coin as you want, and you’ll have it in your account, ready to spend or trade as you see fit once such is allowed by PayPal.
Even after PayPal allows outgoing crypto transfers, there is some debate as to whether or not PayPal Litecoin holdings will be able to be transferred directly from your PP account to your online gambling operator. But if this option is not available, you can still move your LTC to a Litecoin wallet or an online crypto exchange like Coinbase or Bittrex. From there, just select the Litecoin deposit option at your gambling site and send your funds over as normal.