For years, cryptocurrency Litecoin has had very little use in real-world transactions as it lagged behind Bitcoin and Ethereum in terms of value and everyday usage.
However, things are now changing for good as we’re witnessing more vendors accepting Litecoin. If you have some Litecoin in your crypto wallet, or you’re planning on purchasing some, now is the absolute best time to start spending it. However, it is pertinent for investors to do their own research and be acquainted with the risk aspects before investing in any cryptocurrency.
In this article, we will explain Litecoin, its everyday applications, and future prospects.
What is Litecoin?
Litecoin is a cryptocurrency introduced in 2011 by developers who created it from the fork of Bitcoin. Although Litecoin was created from a fork of Bitcoin, it runs on a different algorithm than BTC. The purpose of Litecoin was to become a medium of daily transactions as it has a faster transaction time than Bitcoin.
Utility of Litecoin
P2P transactions for goods and services
While Bitcoin remains the go-to cryptocurrency for many people, we are starting to see more people accept altcoins such as Litecoin. This is likely to continue as Litecoin gains traction globally as a trusted, suitable payment method. We are increasingly seeing service providers and vendors who accept Litecoin as payment.
Online Stores
A large number of online retailers in the U.S. have started to accept Litecoin as a method of payment. Some of the prominent names are Camper & Nicholsons, Pacsun, Atheist Shoes, JomaShop, Ralph Lauren, and Ace Jewelers. There has also been a rising trend of people accepting donations in Litecoin.
Online Casinos
Many online casinos are now accepting Litecoin as a payment method. Hundreds of LTC gaming sites allow people to make deposits using Litecoin. Many of these platforms will convert the deposit into dollars, rather than supporting gambling directly with Litecoin. You can then withdraw from your account back into Litecoin if desired.
Bill Payments
Many platforms have now started accepting Litecoin debit and credit cards for online bill payments. A few platforms bill providers may even allow you to make payments using Litecoin directly, although these are few and far between.
Litecoin Debit and Credit cards
While Litecoin debit and credit cards are still in the earliest possible stages, a variety of companies are now starting to offer them as a way to use Litecoin. You can use these debit and credit cards wherever they are accepted.
The idea is that you do not pay using Litecoin with these methods. Instead, you’ll make the payment using dollars as you would any other transaction, and the Litecoin that you do have will then be ‘sold’ and converted to dollars for a small transaction fee, and the payment will be made.
The Future of Litecoin in the Real World
We’re still in the early stages of seeing Litecoin used as a payment method in ‘the real world’. In fact, that’s the case for most cryptocurrencies. You can now use Litecoin to pay for more services than ever before.
The future will likely include an increasing number of platforms accepting Litecoin as a payment method, and you’ll be able to pay for pretty much anything you want. So, if you’ve been sitting on Litecoin for a while, it may finally have some use!
