Though Cardano has overtaken Litecoin, the fight isn’t exactly over. In fact, things are looking good for Litecoin. Despite the price drop that it experienced recently, Litecoin is moving and targeting towards mass adoption.
One of the biggest reasons as to why Bitcoin is number one is because it can be traded with ease. Bitcoin can easily be exchanged to fiat, while altcoins usually need to be exchanged to Bitcoin first. However, things are changing with Litecoin as the digital currency is now compatible with the blocknet protocol.
What Exactly Does Blocknet Do?
This means that anyone who has fiat or any other digital currency can now exchange it to its corresponding Litecoin without going to a third party. This means that merchants accepting Litecoin can now accept either Fiat or cryptos and could get automatically converted into Litecoin. Recently, Litecoin launched a campaign with businesses in order to push entrepreneurs to accept payment via Litecoin.
The blocknet protocol makes use of a protocol that runs between nodes on different blockchains that enables the transfer of data and value between these blockchains. And also, it creates door to cross-chain decentralized applications.
After the compatibility, Blockchain Protocol tweeted: “#litecoin now has simple integration with cross-blockchain dApps with #Blocknet! @litecoin brings new momentum to the future of cross-chain ecosystems”
With the blocknet protocol, it becomes possible to not visit an exchange. And this also means that someone has minimal security risk considering the centralized nature of most cryptocurrency exchanges. What this means for a consumer is that they can pay with whatever cryptocurrency they are holding and the merchant simply receives Litecoin.
It is fast to the point that both merchant and consumer isn’t going to be aware of what is actually going on behind the scenes.
What it Means for LTC’s Future
This could ultimately mean a good thing for Litecoin investors. This could drive the price of Litecoin up in the future as it becomes easier to use. This means payment efficiency is going to improve, not to mention this could make Litecoin as the emerging cryptocurrency that can be used for daily transactions. Since the Charlie Lee founded Litecoin, he never wanted Litecoin to replace Bitcoin. Rather, he believes that it is the silver standard for cryptocurrencies while Bitcoin is the gold standard.
Other Good News For Litecoin
There are other good news for Litecoin. Gemini Bitcoin exchange that has been founded by Tyler and Cameron Winklevoss is now adding support for Litecoin. Bitcoin Cash, and ZCash. Cameron Winklevoss, the president of the cryptocurrency mentioned that the addition of the digital currencies was a product of working closely with the NYDFS.
It seems that Litecoin is quite serious when it comes to its campaign for mass adoption. It is true that there are a good number of things that Litecoin presents to the table that Bitcoin can’t offer. For instance, it has the leadership of Charlie Lee who could move Litecoin towards the right direction. In addition to this, he is able to anticipate problems that the digital currency could probably face in the future.