Litecoin (LTC) is becoming one of the most popular cryptocurrencies for online purchasing as digital assets become more prevalent in the e-commerce sector.
CoinGate, a cryptocurrency payment processor, revealed on March 1 that Litecoin was the fourth most used cryptocurrency as a payment option for online shopping in 2022, with 88,295 LTC-involved orders accounting for 9.5% of total cryptocurrency payments processed by CoinGate. As of this writing, Bitcoin (BTC) is still the best asset to use for making purchases online, followed by USDT and Ethereum (ETH).
More than 6% growth from 2021’s total of 83,620 Litecoin transactions can also be seen in the total number of transactions processed last year. The research shows that in January 2022, LTC was used to pay for 8,971 orders, making it the most popular method of payment for that month.
The use of the thirteenth largest cryptocurrency by market capitalization has been on the rise since June 2022, according to the survey. For instance, LTC payments reached 7,968 as of December of last year, up over 11% from June’s low point of 6,717 orders.
This study credits Litecoin’s high rating as a payment option to its fast transaction times and low transaction fees. CoinGate claims:
“There are a couple of major factors contributing to that. To start, the transaction costs associated with Litecoin are quite low, making it a respectable currency for completing any sort of online purchase. At the moment, the typical transaction costs only about $0.0070. And secondly, Litecoin is speedy because miners can mine a block of transactions in about 2.5 minutes, while the Bitcoin blockchain takes 10 minutes.”
The report also provided interesting details about the financials involved in placing individual orders. For example, the largest LTC cart on CoinGate ever had items valued at a total of €20,641, or 312,89 LTC at the time. The smallest amount of LTC spent on a cart was 0.0009 LTC.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.