One of the biggest debates that critics have when it comes to cryptocurrencies is that it is hard to spend. Mass adoption is key to the success of any digital currency. However, there are a lot of factors involved as to why each cryptocurrencies just can’t be used for small transactions. One of which is the amount of time needed to process a particular transaction. And more importantly, you have transaction fees.
Litecoin both speed and low transaction fees. And it looks like Litecoin is headed towards mass adoption soon. Though Litecoin has failed to get the TokenPay partnership that it wanted, many are optimistic that Amazon is willing to choose Litecoin over other cryptocurrencies in the market.
Amazon and Cryptos
There is actually a reason as to why Amazon would need a digital currency for its payments. In fact, it has been rumored with Ripple in the past. One of the reasons is that Amazon needs a networked global payment system that is both user-friendly that is suited best to its business structure. But of course, what exactly makes Litecoin the top option?
Assuming that Amazon isn’t going to develop its own cryptocurrency, then it is a good assumption that they are going to pick among the top ten cryptocurrencies. Litecoin has been known for its closeness to Bitcoin considering how Charlie Lee designed the cryptocurrency to be the silver standard to Bitcoin.
Bitcoin could’ve been a good option for Amazon but the slower network and impractical transaction fees simply doesn’t make it a good option. In terms of scalability, security, and the cost of transactions, Litecoin makes a logical choice for Amazon.
Charlie Lee Leading Litecoin’s Direction?
Charlie Lee’s presence in Litecoin can also help lead the coin towards the direction that it can be favored by Amazon.
However, there is mixed opinion within the community as to how Charlie Lee is running things. He even asked the entire community: “How is my performance leading Litecoin adoption and development?”.
Only 56% thought that it was good. 23%, on the other hand, said that it was fair. And lastly, there was the 21% who thought that it was poor.
In addition to this, he also clarified that he didn’t let go of all his LTC last December. There was one Twitter user who commented: “Had you kept even some of your LTC I’d have given you an excellent vote. Every creator of every project owns some of their coins/tokens. I’m just curious, if you could go back would you do it differently and if so how? Just being honest and real.”
He then answered in his tweet, “I do have some for payment”. Then it simply means that he still keeps some LTC. It could mean that Lee still having some LTC means that he still has some interest in the growth of the cryptocurrency. It is possible that he will be able to come up with a defining partnership.
Closer Than We Think
Amazon is likely going to have a cryptocurrency considering how the world gravitates towards blockchain technology adoption. Though nothing is sure yet who would be chosen by Jeff Bezos’ company, it is also not surprising if it becomes Litecoin.