According to a recent report by CoinGate, Litecoin (LTC) has become one of the most popular cryptocurrencies for online shopping. In fact, it was the fourth most utilized digital asset for online payments in 2022, making it a preferred choice among shoppers.
CoinGate’s study also revealed that Litecoin’s popularity as a payment option has been on the rise since June 2022. As of December last year, LTC payments hit 7,968, a significant increase from June’s lowest performing month at 6,717 orders. This rise in usage can be attributed to Litecoin’s network speed and low transaction fees. Currently, Litecoin’s average transaction fee is only $0.0070 per transaction, making it an ideal currency for online shopping, regardless of the payment size. Additionally, it takes only 2.5 minutes for miners to mine a block of transactions, which is significantly faster than Bitcoin’s 10 minutes.
Interestingly, the report also revealed that Litecoin’s use grew during a market downturn. In 2022, LTC payments represented 9.5% of total cryptocurrency payments processed by CoinGate. Furthermore, the largest ever LTC cart on CoinGate had goods worth €20,641 or 312.89 LTC at the time, while the least cart involved 0.0009 LTC.
These trends show that Litecoin is becoming an increasingly popular payment option for online shopping. As a result, it’s no surprise that the volume of crypto payments in e-commerce surged by over 60% in 2022, according to a survey by CoinGate.
In conclusion, Litecoin’s emergence as one of the most preferred cryptocurrencies for online shopping in 2022 is a testament to its fast network speed and low transaction fees. With its growing popularity, it’s poised to become a dominant payment option in the e-commerce space. At the time of writing, LTC was trading at $97.71.
For more articles visit: Cryptotechnews24