Litecoin has become a recent thing king of cryptocurrency paymentsas more and more users increasingly apply this popular digital currency instead of Bitcoin to transact on the cryptocurrency payment platform, Bitpay.
Litecoin outperforms Bitcoin in cryptocurrency payments
In a recent post on X (formerly Twitter) the Litecoin team announced that LTC has become the number one cryptocurrency for BitPay payments. The team shared an image chart showing the seven most frequently chosen cryptocurrency payment options on BitPay.
Litecoin led the pack with an impressive 41.38% in Bitpay payment volume, almost doubling Bitcoin, which was the second largest, at 21.55%. Ether and Dogecoin with 10.37% and 5.86% respectively, followed by other cryptocurrencies including Polygon, Bitcoin Cash and USDC Circle.
The Litecoin team revealed that LTC is number one cryptocurrency payment option for BitPay all year round. The rise of this cryptocurrency may not be a surprise to some cryptocurrency enthusiasts given its size faster transaction times and lower fees compared to Bitcoin.
According to CoinGecko, Litecoin exceeds Bitcoin in lower transaction fees, with average transaction cost amounting to USD 0.04. While Bitcoin costs an average of $7.60.
BitPay also revealed that Litecoin boasts a maximum performance of 56 transactions per second, significantly higher than Bitcoin’s performance of around seven transactions per second.
Cryptocurrency payment platform revealed that LTC uses the Scrypt algorithm, which requires fewer resources compared to Bitcoin’s SHA-256 algorithm. This efficiency allows LTC to process transactions up to four times faster, with a recent block being created every 2.5 minutes, as opposed to Bitcoin’s 10 minutes per recent block.
Earlier in 2023, BitPay published a file blog post, highlighting the main differences between Litecoin and Bitcoin. The cryptocurrency payment provider revealed that the difference in algorithms between both cryptocurrencies translates into significantly faster transaction times for Litecoin network.
The payment platform also highlighted that Litecoin currently has a clear advantage over Bitcoin as it is a “leaner and faster version” of the pioneering cryptocurrency.
LTC price is showing modest gains
Taking into account Litecoin priceBitcoin holds greater value given its status as the world’s first cryptocurrency and its impressive market capitalization of over $1.2 trillion.
However, at the time of writing, Bitcoin has seen a decline in daily trading volume, which is down 4.39%. The cryptocurrency is currently trading at $61,037, up another 1.91%. a decrease in its value According to CoinMarketCap in the last 24 hours.
Litecoin, on the other hand, coincidentally rose by the same amount, trading at $81.75 and recording a modest gain of 1.91% in the last 24 hours. Cryptocurrency trading volume increased by 6.17%, reaching a total of over $354 million.
LTC price continues to show strength amid BTC downtrend | Source: LTCUSDT on Tradingview.com
Featured image from CoinDesk, chart from Tradingview.com
