Harriet Lefton

About the Author Harriet Lefton

Harriet originates from the UK where she worked as a journalist specializing in the metal markets. She graduated from the University of Cambridge before becoming a qualified UK lawyer.

Will Litecoin Beat Bitcoin as the Transaction Tool of Choice?

Litecoin (LTC) keeps racking up the wins. News broke Tuesday that Aliant Payment Systems, a U.S. based provider of merchant services and credit card processing, would begin offering its merchants the ability to accept Litecoin payments. It was at that same time that Litecoin began to bounce back from the $125 low the day prior, to where it’s now perched at $150, according to TipRanks Crypto Center.

Aliant began offering payment processing for Bitcoin (BTC) back in Q3 2017 and then followed up with an Ethereum (ETH) option in Q4. Eric Brown, Aliant’s CEO says, “Our merchants look to us for innovative ways to transfer money safely, securely, and cost-effectively. Cryptocurrency allows us to move money in all of these ways, while also offering consumers more payment options.”

Brown’s next statement gives Litecoin owners a real reason to rejoice. “We expect Litecoin to emerge as a prominent everyday payment option. Pay with Litecoin at restaurants, bars, gas stations, coffee shops, and other places that you go regularly.”

That comment perfectly echoes the beliefs of Litecoin’s founder, Charlie Lee, who famously said Litecoin is “silver to Bitcoin’s gold.” Lee, the former Google engineer created Litecoin to be the faster, cheaper alternative to Bitcoin back in 2011. It has since shot up more than 8,000%; a faster rise than even Bitcoin.

Bitcoin’s BitPay is infamously slow and expensive. A single purchase can take several minutes to process, and the cost runs about $5.00 per transaction. That lack of performance and steep price make it cost prohibitive for use in the day to day purchases of everyday consumers.

Litecoin is exploiting Bitcoins weakness by ushering in several faster cheaper payment alternatives. In addition to the Aliant announcement, Litecoin is reportedly just hours away from launching LitePay. Palwasha Saaim, a Research Analyst at Lombardi Financial believes that LitePay will be a “game-changer.”

LitePay will allow businesses to accept payment in Litecoin (LTC), as well as with the Litecoin-exclusive debit card, from anywhere in the world instantly and without any of the worry associated with cryptocurrency value volatility. It’s that type of ease of use and market penetration that will make Litecoin a household name and remove the stigma cryptocurrencies have of being just a violently volatile techno-trend.

But that’s not all. This past Sunday the LiteCoin creator tweeted this “Another payment processor for Litecoin. It’s going to get a lot easier for merchants to accept LTC!” in reference to LitePal, the latest transaction tool set to be added to the Litecoin lineup.

According to LitePal developers, the new payment processor “was created to bridge the gap between merchants and the cryptocurrency world, all on one simple, secure and fast platform.” LitePal’s website says that the tool will launch later this year with “ultra-fast transaction times” and “bone chillingly low fees.”

It’s no wonder that Litecoin is quickly climbing the crypto scoreboard. It now sits in sixth spot when measured by Market-Cap. Bitcoin, Ethereum, and Ripple take the top three spots respectively. All of this adds up to a parade of good news for Litecoin. Once shopping with crypto becomes simple and seamless for the average consumer, it will transition from being a risky techno-trend to a tried and true currency.


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