The success of a digital currency is mainly based on its mass adoption. If no one will find any practical use to a particular coin, then it is definitely bound to fail. However, even today, we are still in the early stages of crypto development. Will digital currencies be used for retail just as how we use fiat currency? One of the main problems that made Bitcoin impractical for daily purchases is the reality that it has a high transaction fee.
That’s why Litecoin was made. Litecoin is a more practical alternative to Bitcoin as its maker Charlie Lee envisioned the digital currency to become the silver standard in the crypto market. Recently, Litecoin has proven its efficiency as it was able to process $99 million-worth of LTC with minimal fees and lightning-fast processing time.
And it seems that retailers are already looking closely at the possibility of using Litecoin within their platforms.
Alza.cz is one of the largest retailers in Europe. The company announced last February that they are going to start accepting Litecoin as a payment method. This is a step towards the use of cryptocurrencies.
Another development is Wirex, a provider of crypto debit cards, announced that they are fully integrating Litecoin in their payment cards. This makes it easier for those who are using Litecion to make payments using the digital currency. It also becomes easier to turn other altcoins into Litecoin. According to the CEO of Wirex, Pavel Matveev, he stated that “Wirex keeps growing as a platform so it’s natural for us to add new services and currencies… Litecoin has huge potential and a big community, so there is a lot of demand for this service in the market”.
Ways Litecoin Is More Practical than Bitcoin
What exactly makes Litecoin more practical? First, you have the fact that there is an active founder in Charlie Lee guiding Litecoin towards his vision. And for this reason, it becomes a lot easier for the cryptocurrency to develop. In contrast to Bitcoin that has an anonymous founder; Charlie Lee even mentioned that he eventually needs to stay away completely from Litecoin in order to make the digital currency more decentralized.
Another thing that makes Litecoin more practical than Bitcoin is the volume of its coins. Bitcoin has a fixed number of coins at 21 million. On the other hand, you have 84 million coins for Litecoin. In addition to this, Charlie Lee even mentioned that he is willing to add more coins in case all coins have been mined. This will also help control the price of Litecoin, not to mention give incentives to its miners.
It is true that Litecoin is cheaper and faster than Bitcoin. It is also showing its possibilities with its practical applications recently. Could it be possible that we are seeing Litecoin accepted by retailers? This isn’t far from happening considering its potential.
Litecoin even decreased the block time from 10 minutes to 2.5 minutes. In doing so, it has maintained the size of one block to 1MB allowing nearly four times as many transactions than what Bitcoin miners could cover in the same interval of time.