Off course, Litecoin is steadily working on more adoption of its crypto currency as a means of payment. Five arguments that argue in favor of this project (although there are always disadvantages ... for example, dependence on the proof-of-work mining model)
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1. More companies accept Litecoin as a payment method
The right to exist of a currency or currency: is it used ? According to the Litecoin Foundation, LTC can now be used as a crypto currency at "tens of thousands" of sales points worldwide. Another drop on a glowing payment plate.
A deal was concluded with the Spend app in mid-February. Spend has a partnership with VISA. As a result, LTC can immediately be converted into fiat at more than 40 million points of sale. That is a start.
2. Lower transaction fee
One of the strong features of peer-to-peer electronic money is the low transaction costs with very large amounts. An advantage over a traditional payment provider with higher commissions.
In the news at the end of last year : one of the largest transactions on the Litecoin network - 62 million dollars changed hands. Transaction costs: 50 cents. The graph below shows that the fee per transaction on the network is still falling.
Litecoin wants to reduce its transaction fee by a factor of 10 with the following network update (Litecoin Core 0.17.1). The beta version was released on March 9, 2019. Now the price for every kilobyte is 5 cents, so that must be reduced to 0.5 cents.
3. Faster transactions
Speed at the time of payment is a warm wish of cryptocurrencies. Can you imagine that a transaction at the checkout takes longer than 10 seconds? It leads socially to uncomfortable situations. There is also a world to be won at Litecoin. A block is mined on the proof-of-work network every 2.5 minutes.
The hope is based on the Lightning network (LN), which now runs in beta as an extra layer on the bitcoin and litecoin network. With 100 active nodes and more than 1,100 payment channels, Litecoin is working hard with LN.
Bottom line: Litecoin is taking steps, but is still facing enormous challenges to reach the "debit card" level.
4. More privacy
Litecoin is seriously investigating whether it can add privacy aspects to transactions on its network. For example, it is being investigated whether aspects of the MimbleWimble network can be integrated. Charlie Lee expects that privacy will lead to more adoption and more users of his crypto currency. That news led to a mini rally of the LTC race.
5. More scarcity
Just as with bitcoin, the pace at which new litecoins are mined is timed. The halving of Litecoin is scheduled for August . That will take another 138 days.
In the case of Litecoin: with a new series of 840 thousand blocks, the number of LTC in each block is halved. A total of 84 million LTC units can be mined (the last one somewhere in the year 2140).
The current number in circulation is almost 61 million, approximately 72% of the total number. It is an economic law: in most cases scarcity leads to a higher price of a good.
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