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Litecoin Ideal for Smaller Payments

Litecoin ideal for smaller payments

October 15, 2020 | 

670 Views | 

JOHN K MWANIKI | 

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Bitcoin is a popular digital gold. On its side is one of its earliest derivatives, Litecoin. The coin is similar to Bitcoin in several ways. They both work with the proof of work validation, thus manages volatility. They also have identical storage and transaction provisions. 

Bitcoin and Litecoin are also scarce. These similarities between the coins have earned Litecoin the tag "digital silver." The label comes from the scarcity of crypto coins. While Bitcoin has a supply limit of 21 million, Litecoin's limit is 84million tokens. Litecoin is a little more abundant, thus less costly to Bitcoin. 

Litecoin's availability and low price is the reason Litecoin ideal for smaller payments. The current value of Bitcoin is $11047, while that of Litecoin is $47.70. Sending a small payment is more convenient will lesser value. For example, it is easier to send $100 using 2.09 Litecoin than 0.00905 BTC.  

The demand for Bitcoin's network is also high. It comes with lower transaction costs. 

Some users opt to pay higher transaction fees for better speeds. That is only viable when transacting large amounts. Otherwise, you might end up spending more than the amount you are paying. 

If you decide to go the regular way, you need the patience to wait. You are better off looking Litecoin's way. It comes with low demand hence more space on the network. It also does not require any additional payments. You not only get the high speeds but also low costs of transactions. 

Litecoin Ideal For Smaller Payments And Other Coins Best for Bigger Payments 

Other than Litecoin, there are other payment cryptocurrencies. These digital coins work as a transfer of value. They support both small and large payments. Here are some of the coins to consider for payment; 

  • Bitcoin Cash

Bitcoin Cash is more or less than Litecoin. They are both Bitcoin's fork. For that, they operate almost unanimously, only with a few variations. Bitcoin Cash is ideal for large transactions. With more than $236 in value, the coin can handle millions in transactions. 

Bitcoin Cash is also a popular virtual currency.  It has the needed user confidence. Most of the merchants accepting cryptos have it on their list. Several Bitcoin exchanges and wallets also make it easy to access. There has also been a spike in Bitcoin ATMs in recent times. 

Payments using Bitcoin Cash have high transaction speeds. The digital currency has a moderately high demand on its network. This does not pressure the available space on the blockchain. Transactions do not delay, the same as the cost to rise. 
The coin is worth it for both small and large payments. It comes with assured security and access.

  • Nano

Nano works in the same fashion as Bitcoin. It works perfectly as one of the top digital money. It also comes with a black-lattice protocol, free from market interference. 

One of the Nano benefits is zero transaction costs. That is where it beats Bitcoin and other traditional payment methods. It also comes with incredible transaction speeds. 

The coin delivers free transactions due to the elimination of miners' roles. It instead provides for a dual transaction mechanism. Both the receiver and the sender must verify the transaction for it to complete.  Verification ensures security. 

Litecoin ideal for smaller payments like content subscriptions. It currently has 1000x more transaction speeds than Bitcoin. It also has less demand hence assured speed into the future. 

  • Dogecoin

Dogecoin is one of the surprise packages of the crypto industry. At some point, nobody thought digital currencies were plausible. Getting such currencies from a meme was out of this world. And that is what happened with Dogecoin. 

After earlier seeming more of a joke, the coin is now central. It is even claiming a position as one of the best payment cryptocurrencies. It supports small payment within the digital world. It still has fewer users hence faster speeds. It will also gain more traction as the internet expands. 

What is the Future of Litecoin in payments? 

Ever since inception, Litecoin has been growing in popularity. The coin has attracted several users over the years as it proves an ideal payment option. Moving into the future, the currency is likely to come with lower transaction costs. 

The past year has not been the best for the cryptocurrency. It has experienced reduced interactions with traders. This is due to the reduction of GitHub activity and possible protocol upgrades.  

Litecoin founder had earlier asked the users for donations towards development. The uncertainties have led to reduced Litecoin transactions. 

While the trading has gone down, most users are not letting go of the coin. They instead are hoarding. Over 63.8% of Litecoin remained untouched in the previous year. These are some of the highest levels ever.

The traders are most likely hoping for better prospects in the future. Already they believe the transaction fees in the platform are going down. The hoarding, instead of letting go, also works positively for the coin. Other traders will get wind of this and join the platform. 

There is also the possibility of Litecoin merging with Cardano. Even though the prospects have been on for some time, it's only recently when the teams talked about the possible partnership. 

Cardano Founder Hoskinson believes the teams can come together to test cross-chain communication. With Cardano ranked 7th and Litecoin 8th, the merger would be a lift for both coins. The merger will improve Litecoin's capabilities for even faster transactions. 

For now, knowing that Litecoin ideal for smaller payments, it would maintain its hedge over the other payment methods. The current market run is sideways. It can either be bullish or bearish, depending on various market factors. It means the market does not expect any wild movement. 

Litecoin Ideal for Smaller Payments Bottom Line 

Cryptocurrency has become the best payment method. Of all the coins, Bitcoin and Litecoin are the frontrunners. While Bitcoin is the most popular crypto, it is not the best for small payments. Its popularity means it attracts several users. 

Bitcoin's network is packed, and users have to pay more for better speeds. Incurring more for small payments does not make economic sense. Hence, small amounts are safer in Litecoin. It comes with less demand, therefore faster transactions at low costs. 

Litecoin ideal for smaller payments. This is a fact; other coins like Bitcoin Cash, Nano, and Dogecoin are also ideal for payments. The competition will mean more available network space for faster transactions. 

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