Litecoin (LTC) gets chosen as a means of exchange

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We all know, Litecoin is one of the most significant cryptocurrencies in the market today. It’s a digital asset that is poised to take over the banking system by storm by creating a better and faster means of payment. This cryptocurrency has been piped to become the number one means of exchange for the world’s financial institutions, as it is fast and cheap; with Litecoin, you can pay for goods at a fast rate with little charges.

Furthermore, it is necessary to know that Litecoin (LTC) is often regarded as the silver coin to Bitcoin. It has also been considered to be very similar or a clone to Bitcoin. Even though Litecoin is similar to Bitcoin, it is much faster and efficient.

The digital asset has been chosen by banks and other financial institutions as a means of exchange, due to its ‘Lightning Network’ as it is off-chain scaling. It is also necessary to keep in mind that there may be other crypto-coins that may serve as an alternative, but Litecoin is considerably faster and cheaper.

Litecoin has also gotten the backing of the UN as they were present at the recent Litecoin summit which also hosted important dignitaries such as Bill Barhydt, ABRA founder and CEO, Eric Brown, Aliant Payments CEO, Franklyn Richards, Director of Litecoin Foundation, Elizabeth Stark, Co-Founder and CEO of Lightning Labs, Diego Guittiérrez Zaldívar, Adam Draper, Elaine Ou, and Eric Brown.

The Recent Happenings on Litecoin Price

Litecoin is aiming to get cheaper regarding its transactions. LTC is regarded as the 7th most valuable crypto in the crypto-space; the digital asset also declared in a Medium Post that it would “lower network fees by more than half.”

Subsequently, Litecoin’s developers stated that the critical step was stirred by “last year’s run-up in the price of LTC when the tx fees regularly reached up to and over $0.10 on average per transaction and peaking at just over $1.”

Litecoin’s decision to lower the fees will foster its mass adoption. LTC developers said,

We’re not even close to block limits and the block size on disk is pretty small (20GB) relative to other coins”

We do know that market activities usually determine the charges on cryptocurrencies, but developers have the capability to set these charges to a minimum amount – which is now at 0.001 LTC/ kB.

Earlier on, Litecoin’s developers failed to reduce LTC transaction charges during the last LTC bull run, but the Foundation has stated that its transaction charges will stay lower when the next bull-run comes up and not the other way round.

Litecoin’s decision to reduce fees is one of its latest actions to stay relevant amidst the big competition it faces from other digital coins such as Ripple’s XRP. Even on this fierce competition, Litecoin still has an edge due to the renowned recognition and the listings on notable exchanges. Nonetheless, its Lightning Network is making it more appealing to most financial institutions today.

Lastly, LTC is trading at $52.35 and in the red at the time of writing. The crypto has a market capitalization of $3,082,579,314.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of MabelAmber/Pixabay

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