VCs Claim Litecoin Is Simply A Copy Of Bitcoin, Despite Its Boom In Online Shopping

As digital assets gain broader acceptance in the e-commerce industry, Litecoin has emerged as one of the top choices for online shopping.

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Litecoin has risen to the fourth spot in terms of its popularity for online shopping in 2022 according to new research published by CoinGate on March 1.

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Based on the data collected by CoinGate, out of all of the cryptocurrency payments handled by the company, 88,295 orders involved LTC, representing a percentage of 9.5%. LTC is still behind Bitcoin when it comes to online shopping as a cryptocurrency, despite its rapid growth. There is also a greater demand for USDT and Ethereum in this regard compared to LTC as well.

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“The reason for this can be attributed to a few notable factors. Litecoin has low transaction fees, making it one of the best currencies for online shopping, regardless of the size of the transaction. It is estimated that the average transaction cost is around $0.0070 per transaction at the present time. The second reason is that Litecoin is a fast cryptocurrency, as it only takes miners 2.5 minutes to mine a block of transactions, as opposed to the 10 minutes it takes Bitcoin miners to mine a block," explains CoinGate.

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The founder of the Venture Capital company Ayre Group, Calvin Ayre, said that “Litecoin is just a copy of Bitcoin that has lower utility due to the fact that it does not support scaling...which makes it likely to be the second best cryptocurrency after Bitcoin.”

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According to Benzinga Pro, LTC is currently trading at $96 a premium of 0.70% from the previous 24 hours.

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