Cryptocurrencies are increasingly getting adopted in business. We have seen ripple get adopted by hundreds of banks across the globe. But there is one other crypto that is following very closely in terms of adoption, and that’s Litecoin (LTC). Since the #paywithlitecoin campaign started, Litecoin has been adopted by multiple businesses all across the world. However, what most Litecoin holders are really hoping for is a partnership between Litecoin and Amazon, the world’s largest ecommerce company. According to a survey on Litecoin, Amazon is one of the most requested companies to work with Litecoin by the Litecoin community.
So will this ever happen? Most likely yes, because Litecoin has everything that Amazon would look for a payment method. The reason why Amazon uses payment methods like Visa for payments is because they are fast, secure, and have manageable fees. These are aspects that make it more convenient for Amazon customers to make payments. Litecoin has all these aspects to it, and it’s even more advanced than the payment methods that Amazon uses at the moment.
For instance, when it comes to speeds, Litecoin (LTC) has some of the fastest transaction speeds in the crypto market. It also allows buyers to pay using any currency since they can convert whatever local currency they use in their country to Litecoin, then pay instantly using Litecoin. This would widen the customer base of Amazon at an even faster rate than what it is currently. It simply makes business sense for them to adapt Litecoin as one of their payment methods.
On the aspect of security, Litecoin is one of the most secure cryptos in the market. For a company like Amazon, its reputation is grounded on the security of the payment systems it uses. That’s why it works with credit card companies because they have a long established reputation. However, as we saw the other day when Visa went blank all across Europe, these systems have their flaws. They can’t be compare to the Litecoin blockchain, where all transactions are recorded on the blockchain. This makes Litecoin a prime candidate for adoption by Amazon in the near future.
On the issue of fees, Litecoin has some of the lowest fees, not just in crypto, but of any payment method. That was proven when Litecoin was used to make a $99 million transaction, and it only cost $0.44. No bank or any other conventional payment method out there can beat that. In essence, by adding Litecoin, Amazon would be giving its customers a huge advantage, by cutting down their transactional costs in the purchase process. This would give a huge boost to the Amazon brand name.
Besides, Amazon is a tech company that has got to where it is based on innovation. As such, with so many people requesting it to add Litecoin, they are bound to bow in at some point. Once this happens, Litecoin will get a major publicity boost, one that could see it push to over $1000. This makes C (LTC) a huge bargain at its current prices, when it’s trading at under $200. The moon is coming!
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This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.