The second oldest cryptocurrency, Litecoin, is very popular among online shoppers. That comes from one current study of crypto payment processor CoinGate. According to this, the Bitcoin hard fork ranks fourth in the ranking of the most popular cryptocurrencies for online shopping and follows Bitcoin, USDT and Ethereum with about 9.5 percent.
Compared to 2021, Litecoin (LTC) has increased by 6 percent – in 2022 there were 88,295 payments, in 2021 83,620. January 2022 stood out as the most successful month of the past year with 8,971 payment transactions.
Coingate explains: “First, the transaction fees for Litecoin are low, which makes it a suitable currency for online shopping, regardless of the size of the payment. Currently, average transaction costs are just $0.007 per transaction.” Second, Litecoin is fast, “as it takes miners just 2.5 minutes to mine a block of transactions compared to 10 minutes for the Bitcoin blockchain.”
While Litecoin is becoming more and more popular among online shoppers in the ranking of the most popular cryptocurrencies, the opposite picture emerges for Bitcoin. Although 48 percent of all crypto transactions in online shopping were still paid for with BTC in 2022, this is a minus of 7.6 percent compared to 2021. The stablecoin USDT, which is linked to the US dollar, is growing even faster than Litecoin: Compared to 2021 (2.3 percent), the share of tokens issued by Tether increased by 12.5 percent to 14.8 percent.
Crypto payments in general are becoming increasingly popular in online shopping. According to CoinGate, a total of 927,294 payments were processed using cryptocurrencies last year – 63 percent more than in 2021.
At the time of writing, Litecoin (LTC) is trading at $97.03, down 0.83 percent from 24 hours ago.
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