One of the main criticisms of Bitcoin is that it is difficult to pay in a timely and cost-effective manner. Charlie Lee, founder of Litecoin, foresees the future payment problems of Bitcoin and takes action by designing a more convenient blockchain-litecoin blockchain.
Bitcoin has been the focus of media attention for several years. But people's attention may eventually turn to Litecoin. It is true that in the shadow of the modern ICO boom and even the bitcoin cash experiment, the Litecoin is indeed very good.
In June of this year, an article in Business Insider discussed how the $99 million Litecoin was sent for 40 cents. In February, EU online retailer Alza.cz began accepting Litecoin as a payment method in February 2018. Alza.cz is one of the largest retail stores in the Czech Republic. They posted an announcement via Twitter. In addition, the first lightning network transaction was completed by Litecoin, and the 0.00000001 LTC was transferred from Zurich to San Francisco in less than a second.
Then, Wirex, which has long provided cryptocurrency debit cards, announced that it will begin supporting Litecoin. Wirex's full Litecoin integration allows users to use Litecoin's payment cards. Users can even exchange dozens of altcoins to Litecoin, which may simplify the process of withdrawing cash from ICO or cryptocurrency. This means the litecoin markets is potential.
"Wirex is a growing platform, and we naturally want to add new services and currencies, Litecoin has great potential and a huge community, so the market has a great demand for this service." said Pavel Matviev, CEO of the company.
As the company wrote on its blog: "Last year's customer survey showed that Litecoin is popular as a substitute for Bitcoin currency. Litecoin is faster than Bitcoin and blockchain costs are lower, in the coming months it may become a global payment option for dozens of large brand websites."
Wirex has added a limited number of payment cards, which has also contributed to the development of Litecoin. As Charlie Lee recently said on Twitter: "Coinbase's Shift Visa debit card can be linked to any wallet in your Coinbase account. Therefore, in addition to BTC, it can also be set from your LTC (or ETH/BCH) ) Deducted from the wallet."
Another cryptocurrency debit card provider, TenX, recently announced plans for a future Litecoin debit card on their blog. “We have partnered with the Litecoin Foundation to launch a co-branded card and more information will be available soon.”
As a point-to-point cryptocurrency and fork for the Bitcoin core client, Litecoin was released on an open source client on GitHub on October 7, 2011. The key difference between Bitcoin and Litecoin is that Litecoin shortens block generation time (2.5 minutes), increases the maximum number of coins (84 million minutes), and uses different hashing algorithms (using scrypt instead of SHA-256) and the modified GUI.
These reasons combine to make Litecoin a useful payment option not only for individuals but also for businesses. As Lee intended. Support for Lightning Networks, Alza.cz and Wirex may be a sign of a wave of payment commercial exploration for the upcoming Litecoin, and litecoin value may rise to a new level.