Litecoin has become the new king of cryptocurrency paymentsAs more users increasingly adopt this popular digital currency instead of bitcoin to execute transactions on the crypto payments platform, Bitpaid.
Litecoin surpasses bitcoin in crypto payments
In a recent post from x (formerly twitter), the Litecoin team x.com/litecoin/status/1788029566688370911?s=46″ rel=”nofollow” target=”_blank”>Announced that LTC has become the number one cryptocurrency for payments on BitPay. The team shared a chart showing the seven most preferred crypto payment options on BitPay.
Litecoin led the pack, with an impressive 41.38% in Bitpay's payment count, almost doubling bitcoin, which was the second largest, at 21.55%. ethereum and Dogecoin followed with 10.37% and 5.86% respectively, followed by other cryptocurrencies such as Polygon, bitcoin Cash, and Circle's USDC.
The Litecoin team revealed that LTC has been the bitcoin-to-emerge-as-top-crypto-for-payments/” rel=”nofollow noopener” target=”_blank”>number one crypto payment option for BitPay all year round. The cryptocurrency's rise to prominence may not surprise some cryptocurrency enthusiasts, considering its technology–bitcoin-isnt/” rel=”nofollow noopener” target=”_blank”>Faster transaction time and lower fees compared to bitcoin.
According to CoinGecko, Litecoin bitcoin#:~:text=Another%20feature%20where%20Litecoin%20outperforms,bitcoin%20charges%20$7.60%20on%20average.” rel=”nofollow noopener” target=”_blank”>beats bitcoin at its lowest transaction fees, with an average transaction cost of $0.04. While bitcoin charges $7.60 on average.
BitPay also revealed that Litecoin has a maximum capacity of 56 transactions per second, significantly higher than bitcoin's capacity of approximately seven transactions per second.
The crypto payments platform revealed that LTC uses a Scrypt algorithm, which requires less resources compared to bitcoin's SHA-256 algorithm. This efficiency allows LTC to process transactions up to four times faster, with a new block created every 2.5 minutes, in contrast to bitcoin's 10 minutes per new block.
In early 2023, BitPay published a bitcoin-vs-litecoin/” rel=”nofollow noopener” target=”_blank”>blog post, highlighting the main differences between Litecoin and bitcoin. The crypto payments provider revealed that the difference in algorithms between the two cryptocurrencies translates into a significantly faster transaction time for the Litecoin Network.
The payment platform also emphasized that Litecoin currently has a definite advantage over bitcoin due to it being a “more agile and faster version” of the pioneering cryptocurrency.
LTC Price Posts Modest Gains
Considering the litecoin pricebitcoin maintains a stronger value, given its status as the world's first cryptocurrency and its towering market capitalization of more than $1.2 trillion.
However, at the time of writing, bitcoin has witnessed a drop in its daily trading volume, declining by 4.39%. The price of the cryptocurrency currently stands at $61,037, which is another 1.91%. decrease in value during the last 24 hours, according to CoinMarketCap.
In contrast, Litecoin has coincidentally risen by the same amount, trading at a price of $81.75 and accumulating modest gains of 1.91% in the last 24 hours. The cryptocurrency's trading volume has seen an increase of 6.17%, totaling more than $354 million.
x/rx6HOU26/” alt=”Tradingview.com Litecoin Price Chart (bitcoin)” width=”3286″ height=”1576″/>
LTC price continues to show strength amid btc downtrend | Source: LTCUSDT on Tradingview.com
Featured image from CoinDesk, chart from Tradingview.com
