Litecoin (LTC) is one of the cryptos that stand a good chance of going mainstream, and rival fiat currency. It has fast transaction speeds, low transaction costs, and is scalable. These are features that make it a prime candidate to rival the banking system as a means for day-to-day transactions. This became quite clear when a $99 million transaction was completed in Litecoin, at an extraordinarily low cost of $0.40. That’s a figure that no bank can beat at the moment. With such a high level of efficiency, why isn’t Litecoin getting mass adoption as a currency?
One of the biggest reasons why Litecoin and many cryptos out there are yet to gain mass adoption is because the process of converting from one crypto to the other, or from crypto to fiat is lengthy and cumbersome. It usually requires the user to go through crypto exchanges, a process that many people are not conversant with, or find too tedious, complicated and time consuming.
In addition, many people shy away from exchanges because the whole process exposes them to security risks. In the last few years, several crypto exchanges have been hacked, and investors have lost their money. All these factors have played a role in dimming the speed of adoption of Litecoin and crypto in general as a means of payment.
However, this is all about to change thanks to the compatibility of Litecoin (LTC) with the blocknet protocol. Blocknet is a system that allows users to exchange digital assets without the need for a third party. The entire process is completed through a system known as atomic swaps. Through blocknet, anyone who has fiat, or any other crypto can exchange it for Litecoin without having to go through third parties.
So how will this affect the adoption of Litecoin by merchants? Thanks to its compatibility with blocknet, any merchant that accepts Litecoin payments can now get sent payments in fiat or in any other crypto and it will automatically get converted into Litecoin. This is guaranteed to push up the levels of adoption because anyone looking to pay in Litecoin does not have to first visit an exchange and convert their cypto into Litecoin. All they have to do is pay in whatever crypto they are holding, and the merchant will receive their payment in Litecoin. It’s so fast and simple that neither the person making payments nor the merchant accepting them even gets to know what is going on in the background.
As a Litecoin (LTC) investor, an increased adoption of Litecoin thanks to the blocknet deal will see the value of this crypto go up over time. All these news of better payment efficiency coming out of Litecoin, point to the fact that Litecoin could emerge as the dominant crypto for day-to-day payments in the future. Once this happens, Litecoin could easily see its value shoot up to $1000 and above. The future of Litecoin is bright!