The anticipated early release of Litepay later this month sparks the interest of various merchants and online vendors. With Litecoin (LTC) being recently accepted by Alliant Systems in February and its cheap and efficient blockchain, I bet on the coin being a payment mode on the largest online company in the world, Amazon soon.
It may seem a long shot suggesting adoption of Litecoin or any other cryptocurrency at the moment to the world’s largest online mall, but more and more companies are starting to realize the low transaction costs and security measures associated with cryptocurrencies, and Amazon know how to beat their competitors to the future. Adopting the blockchain technology will offer a more secure and public ledger system while reducing the transaction costs significantly. Litepay offers the perfect platform for Amazon Inc. to enter the crypto payment systems. This article explains reasons why Amazon will take up Litecoin eventually while explaining the difficulty of the process.
A few weeks ago I wrote an article explaining the advantages of the partnership between Litecoin (LTC) and a payment systems company that handles over $560 million dollars in transactions, Alliant Systems This partnership is continuing to show its benefit on Litecoin’s price growth so far. The partnership sees merchants around the world start to accept payments in LTC for goods offered and services rendered. Litecoin is yet to offer is full Litepay system yet massive adoption of the coin is already underway across merchants in the world. Aliant adopting Litepay will only serve to strengthen the stance that LTC is the most efficient way to buy your cup of coffee.
“Litecoin is a decentralized and secure platform that creates a peer-to-peer network that enables costless, instant and secure transaction. The platform runs on LTC coins to enable peer-to-peer transactions that are cheaper and faster than the Bitcoin (BTC). The Bitcoin-forked coin ensures faster transaction times than Bitcoin and has been a preferred coin to merchants due to its low transaction fees.”- Cryptoglobalist
If Amazon was to look for a partner in the crypto arena, Bitcoin would definitely be the choice to consider. Given the coin in the most widely used and most popular coin, adoption would be faster among many merchants on the site. However, the slow transaction times and high mining costs may hinder Bitcoin from carrying out many transactions at a time.
Litecoin offers the remedies to Bitcoin’s blockchain by increasing the number of transactions per second and offering a scalable network. Bitcoin on the other hand, offers a gold standard to most of the cryptocurrencies such as Litecoin.
Litecoin is a sidechain to Bitcoin main blockchain is the cash used to transact. The low transaction costs and fast transaction times associated with LTC make it even more ideal for adoption by Amazon than Bitcoin, the most popular cryptocurrency in the world. This offers a complimentary new market for both coins with Amazon accepting Litecoin (LTC) for purchases and Bitcoin as a store of value to the merchants.
However, major problems still hinder the adoption of LTC as a payment method. Currently, cryptocurrencies are facing calls for regulation by the US government hence Litepay may face a ton of legal hurdles before being incorporated by Amazon.
This January, Facebook issued a ban on any advertisements on cryptocurrencies or any related products offering a huge blow to the market in general in early February. LTC and other cryptocurrencies will have to research and find new advertising platforms after Google and YouTube banned any cryptocurrency advertisements as precaution to the increasing number of frauds and scams in the cryptocurrency space.
“The policy also will restrict ads for nontraditional methods of wagering on the future movements of stock prices and foreign-exchange, such as binary options and financial spread-betting.” Google said in the statement. The policy will become effective starting this June.