Litecoin transactions via BitPay, the world’s oldest crypto payment processor, are up 21 percent, data on July 6 shows.
More BitPay Users Prefer Litecoin
According to trackers, the number of users making payments directly to merchants via BitPay has been on an upward trend in the past few weeks.
By the close of May, out of the 66,608 transactions passed through BitPay, over 21 percent were in LTC. In May 2022, this number stood at slightly over 17.9 percent, indicating increasing demand for Litecoin and its low-fee, scalable network.
Bitcoin remained the most popular coin for settling payments, while Litecoin came in second. Other currencies preferred by users include ETH, DOGE, and a range of stablecoins like USDC. By the end of June, 53.3 percent of all transactions were denominated in BTC. This dominance highlights the significance of the network and its role in crypto.
Still, the rising use of Litecoin is drawing attention. Despite the recent volatility and price downturn that has seen the industry lose billions, more users are gravitating towards LTC as their chosen medium of exchange.
Unlike ETH and BTC, whose network fees are relatively steep, Litecoin has negligibly low on-chain processing fees. Trackers on July 6 show that users paid an average median fee of $0.0076 per transaction, several folds cheaper than in Bitcoin and Ethereum networks.
The Role of BitPay in Crypto Adoption
BitPay plays a huge role in promoting crypto adoption. Through the payment processor, users can pay using supported cryptocurrencies for goods and services offered by listed merchants.
The main advantage of this arrangement is that crypto holders can readily pay straight from their wallets or use QR codes without converting to fiat. On the other hand, merchants can receive payments from any client, regardless of geographical location, without being impacted by crypto volatility.
BitPay-listed merchants receive pay in their preferred fiat currencies with the platform instantly converting crypto to fiat at a predetermined swapping rate. All processed funds are sent directly to the merchant’s banks.
As of mid-2022, BitPay offered services to merchants in over 35 countries and had extended their supported crypto assets to include tokenized Bitcoin, SHIB, DAI, BUSD, and more.
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