Litecoin for transactions and Long-term relevance

Litecoin for transactions and Long-term relevance

Although cryptocurrencies (and the blockchain technology it’s built upon) could have serious potential for streamlining a variety of industries around the world — especially when you factor in smart contracts — they have two main functions as it stands. The first of those is in transactions.

Cryptocurrency, operating in the same manner as traditional, “fiat,” currencies can be used to pay for goods and services. Although cryptocurrencies have a reputation for being used on the darknet for drug transactions and facilitating ransomware attacks, a growing number of legitimate, legal outlets accept Litecoin as legal tender. Whether you’re looking for jewelry, clothing, or even luxury cars, there are many places you can spend Litecoin.

Litecoin is also a great cryptocurrency for giving ‘money’ to friends and family. Due to its shorter block time, fast confirmations and fees that rarely go north of a fraction of a dollar, Litecoin can be transferred to anyone quickly and cheaply if you have their wallet address.

Like some of the other alternative cryptocurrencies out there, interest in Litecoin as a transactional medium has increased in recent months thanks to bitcoin’s value spike and its escalating transaction fees. Although there is no guarantee that Litecoin won’t bump up against such problems itself should it see a large influx of new owners, for now at least it’s a great medium for transferring wealth quickly online.

When Litecoin was first created, it was just one of a handful of cryptocurrencies. Today it’s one of many — more than 1,300, with more being created every day. While it has greater name-recognition than most cryptocurrencies, its market cap of near $10 billion is far less than the biggest players and individual coins are worth much less too.

That shouldn’t put people off it though. It truly shines as a regular transactional medium, with only bitcoin, Ethereum, and Ripple seeing a greater daily trade volume. There may be leaner coins and some with more advanced features than Litecoin today, but it has firmly cemented itself as one of the most important cryptocurrencies. It might not quite be the silver to bitcoin’s gold anymore, but it is one of the most precious digital metals we have, and it doesn’t seem likely to fall from favor anytime soon.

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