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Litecoin Bitcoin

Meet The New King Of Crypto Payments: Why Users Are Choosing Litecoin Over Bitcoin

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Bitcoin, Litecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Litecoin has become the new king of cryptocurrency payments, as more users are increasingly adopting this popular digital currency over Bitcoin to execute transactions on the crypto payments platform, Bitpay. 

Litecoin Surpasses Bitcoin In Crypto Payments

In a recent X (formerly Twitter) post, the Litecoin team announced that LTC has become the number one cryptocurrency for payments on BitPay. The team shared a pictorial chart showing the top seven most preferred crypto payment options on BitPay. 

Related Reading: XRP Price To Reach $1.68? Here’s What Will Drive It

Litecoin led the pack, scoring an impressive 41.38% in Bitpay’s payment count, nearly doubling Bitcoin which was the second largest, at 21.55%. Ethereum and Dogecoin followed with 10.37% and 5.86% respectively, trailed by other cryptocurrencies including Polygon, Bitcoin Cash and Circle’s USDC. 

The Litecoin team disclosed that LTC has been the number one crypto payment option for BitPay all year. The cryptocurrency’s rise to prominence may come as no surprise to some crypto enthusiasts, considering its faster transaction time and lower fees compared to Bitcoin. 

According to CoinGecko, Litecoin outperforms Bitcoin in its lower transaction fees, with an average transaction cost of $0.04. Whereas, Bitcoin charges $7.60 on average. 

BitPay also revealed that Litecoin boasts a maximum capacity of 56 transactions per second, significantly higher than Bitcoin’s capacity of about seven transactions per second. 

The crypto payments platform disclosed that LTC uses a Scrypt algorithm, which is less resource-intensive compared to Bitcoin’s SHA-256 algorithm. This efficiency enables LTC to process transactions up to four times faster, with a new block created every 2.5 minutes, in contrast to Bitcoin’s 10 minutes per new block. 

Earlier in 2023, BitPay published a blog post, highlighting the major differences between Litecoin and Bitcoin. The crypto payments provider revealed that the difference in algorithms between the two cryptocurrencies translates to a significantly faster transaction time for the Litecoin Network.

The payment platform also emphasized that Litecoin currently has a definite edge against Bitcoin due to being a “leaner, and faster version” of the pioneer cryptocurrency. 

LTC’s Price Sees Modest Gains

Taking into account the price of Litecoin, Bitcoin maintains a stronger value, given its status as the world’s first cryptocurrency and its commanding market capitalization of more than $1.2 trillion. 

Related Reading: Solana Breakout: Crypto Analysts Confirm SOL Is Ready To Cross $200

However, at the time of writing, Bitcoin has witnessed a drop in its daily trading volume, decreasing by 4.39%. The cryptocurrency’s price is presently at $61,037, marking another 1.91% decline in its value over the past 24 hours, according to CoinMarketCap. 

Conversely, Litecoin is coincidentally up by the same amount, trading at a price of $81.75 and amassing modest gains of 1.91%, over the past 24 hours. The cryptocurrency’s trading volume has seen a 6.17% surge, totaling over $354 million.

Litecoin price chart from Tradingview.com (Bitcoin)

LTC price continues to show strength amid BTC downtrend | Source: LTCUSDT on Tradingview.com
Featured image from CoinDesk, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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