Best Litecoin use cases in daily life

November 8, 2021 by NOWPayments.io

The global financial system in the context of globalization is forced to turn to new instruments more and more often. So, more than ten years ago, cryptocurrency has emerged. To date, a lot of cryptocurrencies have become an effective, and most importantly, an exceptionally convenient tool for the virtual settlement market. One of the most popular is Litecoin, which is a pioneer of the crypto market, which is deservedly called “digital silver” by analogy with the “digital gold” of Bitcoin.

Key Points:

• To date, Litecoin is a widespread way to pay for goods or services.
• Charitable foundations, bloggers, and other non-profit enterprises or individuals can accept Litecoin donations.
• Litecoin is a fast, convenient, and cost-effective option for mass payouts.

Use cases

Pay for goods and services

Litecoin as a payment option continues to strengthen its position step by step. In confirmation of this, the active introduction of LTC cryptocurrency as a payment unit in such large companies as Travala.com, eGifter, Alza.cz, Future.Travel, and others. And this is not surprising, because Litecoin has proven itself as an excellent alternative to Bitcoin. The speed of processing blocks in the Litecoin network is four times higher than in Bitcoin. In addition, due to the speed, transaction fees are significantly reduced.

Send donations in Litecoin

Litecoin is also commonly used for charitable purposes. For example, organizations such as AfricaAid, All Hands and Hearts, Cedars Home for Children, and others have realized the benefits of using cryptocurrencies and accepting LTC donations. In addition, bloggers, video streamers, and others also accept Litecoin donations, which allows them not to pay capital gains tax.

Send mass payouts using LTC payment method

Due to reduced fees, transparency, security, as well as faster transactions, Litecoin is widely used for mass payouts, such as salaries, rebates, rewards, and others. There are various platforms that provide such services. For example, the Bitwage service, which allows employers to make international payments in both national and cryptocurrencies: BTC, LTC, ETH, and others. With the help of Litecoin payments, companies can get rid of high commissions for money transfers and simplify the remuneration system for freelancers and remote workers.

More use cases

Platform for launching new tokens and NFTs

In the fall of 2021, the OmniLite DeFi platform became available to users. Within the framework of the platform, the issuance of new tokens, NFTs, and even stablecoins is greatly simplified. The platform compares favorably with existing protocols with lower transaction fees, speed, and a high level of security.

Store of value

Litecoin, as noted above, is one of the pioneers of the crypto market and has many adherents around it. Due to its widespread use and technical characteristics, the price of LTC is growing. In addition, with the launch of a convenient, cost-effective, and secure DeFi platform, interest in Litecoin has increased, which has a positive effect on the price of LTC.

Peer-to-peer transactions

Litecoin can also be used for fast, inexpensive, and secure transactions. You can send LTC to your friends and relatives abroad and significantly save your money and time. Since LTC is a popular asset, you will have no problems with the exchange for the national currency.

NOWPayments

There are already thousands of companies, charities, bloggers, and so on that accept Litecoin payments, donations, and even pay a salary in Litecoin. You can join their ranks using the NOWPayments non-custodial service.

Thanks to NOWPayments, merchants can accept Litecoin as a means of payment in a safe and convenient manner using one of our payment tools. Charities, bloggers, and other non-profit entities can accept Litecoin donations. Companies and sole proprietors can pay salaries, rewards, and commissions in Litecoin.

Conclusion

The number of options for using Litecoin is much more than it might seem at first glance. After analyzing some popular options, it turned out that Litecoin is a widespread, convenient, and reliable payment method. With the help of LTC, users can pay for all kinds of goods or services. Starting from stores of children’s goods, tourism, art objects, food, and ending with porn sites, all these goods or services can be paid with Litecoin. In addition, Litecoin is frequently used to send donations, rewards, salaries, and other types of payments.

Read this article and more in the NOWPayments blog: Best Litecoin use cases in daily life

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