The past seven days saw Litecoin holders enjoy a sweet price bump for their crypto coin. The price appreciation to just over $226 per coin put Litecoin in the fifth overall market cap position. What’s fueling this rise for the oldest altcoin?
Litecoin, which trades as LTC (and occasionally XLT,) is intent on fulfilling the mission of becoming a cryptocurrency that people use for payments.
Cryptocurrencies often receive criticism because they don’t serve a functional purpose. For most people, the word “currency” means money and conjures up thoughts of using it to fund purchases. In fact, cash remains a favorite for people all over the world because you can use it to buy products or services. Litecoin is seeking to become the top choice for digital payments, which is the Holy Grail killer app of all crypto. Litecoin aims to serve consumers and businesses alike to solve the problems that are preventing Bitcoin from fulfilling the role of digital money.
Litecoin is in direct competition with Bitcoin and hopes to best their competitors because of a speed advantage. Bitcoin transaction confirmation times are helping convince payment processors to seek alternatives. LTC offers a choice because it’s widely available, has all types of wallets, uses a standard API that makes integration easy, and provides fast transaction confirmation.
Litepay Could Help Spread Cryptocurrency Mass Adoption
Litepay will launch on February 26, 2018, making LTC acceptance more accessible for a variety of traditional businesses. The system works like Bitpay and will allow vendors and customers to use Litecoin to facilitate transactions. Litepay will enable companies to accept, use, and store LTC easily. Offering such a service is a key to adoption and expansion by making sure that people use cryptocurrency for significant financial transactions. Adoption continues to be a prime challenge for everyone in the vertical, but it seems that the time for a breakthrough is nearing.
The Litecoin project has been plugging along since 2011. In that time, numerous cryptocurrencies have come and gone, but LTC remains a viable “silver” to Bitcoin’s “gold.” Despite the world fame of Bitcoin, the first cryptocurrency struggles to become a payment method, remaining, instead, as a “store of value.” Although this is a crucial function, mass adoption will require true utility.
It’s not only long confirmation times that prevent mass adoption of Bitcoin. There’s also the matter of price volatility that is very dangerous for digital businesses, especially those with thin margins. Few, if any, can afford to accept payment using Bitcoin when the price varies wildly from day to day. The founds of Litepay have a unique solution to immediately turn payments into fiat, which will alleviate worries for the vast majority of business owners.
The good news surrounding the project is helping to lift the price of LTC. If Litepay accomplishes its mission, the new value will continue to pour in as LTC becomes a currency for everyday transactions. People are comfortable making digital purchases with their current options. If a robust cryptocurrency offering alleviates Bitcoin’s problems, it stands a chance to separate itself from the pack. If Litecoin investors give way to Litecoin users, it will be great news for long-term fans of the project. Ultimately, cryptocurrencies are going nowhere without usage by everyday people. Website owners and digital businesses offer a fertile ground for the new Litepay project, which could help spread LTC far and wide.
This week is perfect for keeping an eye on Litecoin to see it makes a new high.