Benzinga - Litecoin (CRYPTO: LTC) is becoming the crypto of choice when it comes to payments and accounts for a staggering 25% of all payment gateway transactions on BitPay.
What Happened: Monthly Litecoin payments have increased by an impressive 109% in just one year, ranking second as the leading payment choice worldwide, according to a blog post by BitPay.
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Bitcoin (CRYPTO: BTC) remains the leading payment choice, at 41.62% and Dogecoin (CRYPTO: DOGE) is at the fourth spot, with 9.23%, using the meme coin for payment.
Litecoin is rapidly gaining traction in North America, the EMEA region, Asia Pacific and Latin America. It has become the go-to cryptocurrency for making purchases at electronics stores, video game retailers, gold and jewelry shops and other e-commerce websites, stated the blog post.
Litecoin's status as a "go-to coin for making purchases" is partly due to its comparatively lower average payment fee of less than $0.01.
BitInfoCharts reveals that Dogecoin boasts an average transaction fee of $0.10. Notably, the Bitcoin lightning network's fee is around $0.04, hinting that Litecoin is currently the most budget-friendly payment method.
Bitcoin's transaction speed is three transactions per second, but Litecoin's transaction speed is far faster at 54 transactions per second. In comparison, Dogecoin can perform 33 transactions per second, according to Blockchain.com.
Price Action: At the time of writing, LTC was trading at $74.82, down 4.41% in the past 24 hours, according to Benzinga Pro data.
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