Meet the New King of Crypto Payments: Why Users Choose Litecoin Over Bitcoin

Litecoin has become the new king of cryptocurrency paymentsas more and more users adopt this popular digital currency over Bitcoin to execute transactions on the crypto payment platform, Bitpayer.

Litecoin Overtakes Bitcoin in Crypto Payments

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

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

The Litecoin team revealed that LTC was the number one crypto payment option for BitPay all year round. The rise of cryptocurrency may not come as a surprise to some cryptocurrency enthusiasts, given its faster transaction time and lower fees compared to Bitcoin.

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

BitPay also revealed that Litecoin has a maximum capacity of 56 transactions per second, which is significantly higher than Bitcoin’s capacity of around seven transactions per second.

The crypto payments platform disclosed that LTC uses a Scrypt algorithm, which consumes fewer resources than Bitcoin’s SHA-256 algorithm. This efficiency allows LTC to process transactions up to four times faster, with a new block created every 2.5 minutes, as opposed to Bitcoin’s 10 minutes per new block.

Earlier in 2023, BitPay released 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 results in a significantly faster transaction time for the Litecoin Network.

The payment platform also highlighted that Litecoin currently has a clear advantage over Bitcoin as it is a “lighter and faster version” of the pioneering cryptocurrency.

LTC price sees modest gains

Taking into account the Litecoin priceBitcoin maintains a stronger value, given its status as the world’s leading cryptocurrency and its dominant market capitalization of over $1.2 trillion.

However, at the time of writing, Bitcoin saw a decline in its daily trading volume, down 4.39%. The price of the cryptocurrency is currently $61,037, up another 1.91%. decrease in its value in the last 24 hours, according to CoinMarketCap.

Conversely, Litecoin rose by the same amount, trading at a price of $81.75 and posting modest gains of 1.91% over the past 24 hours. Cryptocurrency trading volume saw an increase of 6.17%, totaling over $354 million.

LTC price continues to show strength amid BTC downtrend | Source: LTCUSDT on Tradingview.com

Featured image from CoinDesk, chart from Tradingview.com