In 2022, Litecoin Emerges as the Second Most Popular Cryptocurrency for Payment Transactions, Following Bitcoin
In recent years, cryptocurrency has been increasingly embraced by consumers and merchants as a form of payment for goods and services. One of the most popular cryptocurrencies for online payments is Litecoin, which is often referred to as the “silver” of cryptocurrencies. A recent study conducted by crypto payment processor CoinGate has shed light on the popularity and usage of Litecoin as a payment currency in 2022.
According to CoinGate’s data, Litecoin is the second most popular cryptocurrency for payments after Bitcoin. In 2022, CoinGate processed a total of 88,295 Litecoin payments, accounting for 9.5% of all cryptocurrency payments made to their merchants. Although this figure is lower than the 14.7% of all orders in 2021, it still reflects the strong popularity of Litecoin.
One of the main reasons why Litecoin is popular for online payments is because of its low transaction fees. The average transaction fee for Litecoin is only $0.0070, making it an affordable option for small and large payments. Additionally, Litecoin transactions are fast, taking only 2.5 minutes to mine a block of transactions, compared to the 10 minutes it takes for Bitcoin.
CoinGate’s study also found that the average cart size for Litecoin payments is around $51 in LTC, with the largest cart size being 312.89 LTC. The study also revealed that 70% of merchants who accept Litecoin payments convert them to fiat currency, with only 4% choosing to keep Litecoin in its original form. The remaining 30% of merchants either convert Litecoin to other cryptocurrencies or keep it as it is.
CoinGate’s most popular vendor for Litecoin payments in 2022 was web hosting company Hostinger, accounting for 17% of all LTC payments made to their merchants in a given period.
Overall, the study suggests that Litecoin remains a popular and viable option for online payments, despite the increasing trend of merchants converting cryptocurrency to fiat currency. With its low transaction fees and fast transaction times, Litecoin is likely to continue being a preferred payment option for consumers and merchants alike.
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