Litecoin Emerges as Top Choice for Online Shopping
Litecoin (LTC) has gained popularity as a cryptocurrency for online shopping as digital assets become more established in the e-commerce sector.
A recent study by CoinGate, a crypto payment processor, has shown that Litecoin was the fourth most commonly used cryptocurrency for online shopping in 2022, accounting for 9.5% of total cryptocurrency payments processed by CoinGate.
Bitcoin, USDT, and Ethereum were the top three. The number of LTC payments made in 2022 increased by over 6% from the previous year, with January 2022 being the month with the highest number of LTC payments.
CoinGate attributes Litecoin’s high ranking to its network speed and low transaction fees.
The average transaction cost is currently $0.0070 per transaction, making it suitable for small and large payments. Litecoin is also faster than Bitcoin, with a block of transactions taking only 2.5 minutes to mine compared to 10 minutes for Bitcoin.
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The CoinGate report also provided information on the value of transactions made using Litecoin. The largest-ever cart on CoinGate was worth €20,641 or 312.89 LTC at the time, while the smallest cart involved 0.0009 LTC.
According to a previous CoinGate survey, the volume of crypto payments in e-commerce increased by over 60% in 2022.
Litecoin has often been described as a lighter version of Bitcoin and is currently at the center of the crypto space ahead of the halving event. At the time of writing, LTC was trading at $97.71.