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Litecoin Usage Booms For Online Shopping But VC Says 'It's Just A Copy Of Bitcoin'

Published 02/03/2023, 05:47
Updated 02/03/2023, 07:10
Litecoin Usage Booms For Online Shopping But VC Says 'It's Just A Copy Of Bitcoin'
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Benzinga - Litecoin (CRYPTO: LTC) emerged as one of the top choices for online shopping as digital assets gain wider acceptance in the e-commerce space.

What Happened: New research published by CoinGate on March 1 said Litecoin is the fourth-most popular cryptocurrency for online shopping in 2022.

The data shows that, of all cryptocurrency payments handled by CoinGate, 88,295 orders involved LTC, amounting to 9.5%. Despite its growth, LTC still trails Bitcoin (CRYPTO: BTC) when it comes to online shopping. USDT (CRYPTO: USDT) and Ethereum (CRYPTO: ETH) are also more popular that LTC in this regard.

See More: Top Indian Apps That Give Bitcoin, NFT Rewards

“There are a few notable reasons for it. First, Litecoin transaction fees are meager, making it a decent currency for online shopping, no matter the payment size. Currently, the average transaction cost revolves around a mere $0.0070 per transaction. Secondly, Litecoin is fast as it takes only 2.5 minutes for miners to mine a block of transactions, compared to 10 minutes for the Bitcoin blockchain,” explained CoinGate.

Calvin Ayre, founder of Venture Capital firm Ayre Group said Litecoin is “just a copy of Bitcoin that has less utility as its ignored scaling...making it likely the second best after the original.”

Price Action: At the time of writing, LTC was trading at $96 up 0.70% in the last 24 hours, according to Benzinga Pro.

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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