The length and cost of transaction times in Bitcoin is one of the main criticisms of Bitcoin. Anticipating Bitcoin’s future payment problems, Charlie Lee, the founder of Litecoin, took action to design a more payment-friendly Blockchain.
After earning the nickname SatoshiLite, Lee worked for a while at the cryptocurrency exchange Coinbase and left last year. He later sold his own LTCs, thus creating more room for himself. It also avoided being accused of pump-and-empty.
After a tough few years for Bitcoin when it comes to payment vulnerabilities, attention may finally turn to Litecoin, which exists under the shadows of the ICO spree and even the Bitcoin Cash experiment.
An article in Business Insider last week discussed how to send $99 million worth of Litecoin for just 40 cents.
In February, EU online retailer Alza.cz introduced Litecoin as a payment method. reported that he began to accept. As one of the largest retail outlets in Czechia, Alza made the announcement via Twitter.
Also, the first Lightning Network transaction was completed via Litecoin and 0.00000001 LTC was transferred from Zürich to San Francisco in less than a second.
Later this week, Wirex, a longtime provider of crypto debit cards, announced that its cards will begin supporting Litecoin.. Wirex’s Litecoin integration allows users to spend Litecoin with their company’s payment card. However, users can even transfer dozens of altcoins to Litecoin.
Pavel Matveev, CEO of Wirex, said, “Wirex continues to grow as a platform, so it’s natural for us to add new services and currencies. One thing, Litecoin has huge potential and a huge community, so there is a lot of demand for this service in the market.”
On the company’s own blog, customer surveys last year revealed Litecoin’s popularity as an alternative cryptocurrency to rival Bitcoin.. This may be due to Litecoin’s fast, lower Blockchain fees than Bitcoin and the fact that it could become a global payment option on major brands’ websites in the coming months.
TenX, another crypto card provider, has briefly He announced on his blog a while ago that he has plans for a Litecoin debit card.
For these reasons, Litecoin may have become an attractive payment option not only for individuals but also for businesses as Lee intended. Lightning Network, Alza.cz, and Wirex could signal a new wave of businesses exploring Litecoin for payments.