Bitcoin vs Litecoin adoption: Deciphering the vanquisher.
Introduction
The cryptocurrencies are predominantly being used by the Financial and Economic sector as it mainly envisions to transform it. The adoption of various Cryptocurrencies like Bitcoin, Litecoin, Ethereum, Bitcoin Cash, Ripple, etc mainly depends on their working paradigm and functional architecture. The underlying Blockchain Technology is the unsung hero behind the potential of the cryptocurrencies. The Blockchain technology is so blissful, that it is being used in the electoral process, Healthcare, Supply Chain Management, HR Industry, Identity verification, and numerous other fields. This huge variety of applications is made possible through the decentralization and the Consensus mechanisms provided by the Blockchain technology. Let’s see Bitcoin Vs Litecoin Adoption.
Bitcoin vs Litecoin adoption
Bitcoin and Litecoin are two of the most prominent cryptocurrencies in the field. However, due to the scalability issues experienced in case of the Bitcoin, many other cryptocurrencies where initiated and Litecoin is one such initiative which aims to improve on the scalability and hence transaction speed. But the fact is that Litecoin is nothing but a hard fork of Bitcoin which was initiated to improve its scalability. Bitcoin is the most dominant cryptocurrency but Litecoin is also equally competitive, as it provides some of the amazing functionalities. In simple words, deciding Bitcoin vs Litecoin adoption by the cryptocurrency community could turn out to be highly challenging.
Bitcoin vs Litecoin adoption in general
As Litecoin was intended to improve the transactional speed of the Bitcoin, it naturally gained a lot of attention by the people and at one point of time, a number of transactions were recorded with respect to the Litecoin blockchain rather than the Bitcoin blockchain. The Litecoin adoption was very rampant. It is evident from the statistics that, over $99 million worth of transactions were undertaken under the Litecoin blockchain for a price of $0.44 is not more than 150 seconds.
Bitcoin vs Litecoin adoption: Weighing the practical use cases
Although various efforts where put in order to democratize the usage of Bitcoin by introducing Bitcoin Debit cards by various companies, Bitcoin ATMs at different places, making Bitcoin as a payment method in many of the merchant stores across the world through the payment gateway service providers due to the scalability issues, it is experiencing setbacks. On the other hand, Litecoin is considered as Silver, similar to the way in which Bitcoin is considered as Gold. These days even Litecoin is experiencing a widespread adoption as it’s community members are extremely loyal and supportive.
Bitcoin vs Litecoin adoption by companies specifically
In Bitcoin vs Litecoin adoption, Bitcoin seems to be highly dominating as it is incorporated by innumerable companies across the world. some of the most prominent ones being Overstock, Microsoft, Expedia, Subway, Shopify, PayPal, CheapAir, etc. But Litecoin is also quite famous among the traditional merchant stores, across the world and is incorporated as one of the payment methods by the companies like CheapAir, Alza.cz, Wirex, eGifter, etc. However, the result of Bitcoin vs Litecoin adoption seems to be tilted towards Bitcoin slightly, as it has the first movers advantage and also may be due to its popularity.
Bitcoin vs Litecoin adoption by the dark web transactions
Keeping the Lightning network as well as the Segregated Witness concept in mind, Litecoin has been able to surpass many cryptocurrency coins of its time during its initiation. Also due to its anonymity and faster transaction speed, it is sadly becoming one of the topmost cryptocurrency, to be used by the users of the dark web. Litecoin became highly popular when 2 privacy flaws were discovered, with respect to the Monero Blockchain. It was estimated that almost 30% of the total dark web transactions were undertaken by incorporating the Litecoin. However, Bitcoin was the number 1 cryptocurrency used by the dark webs and other illicit activities during its initial days.
Bitcoin vs Litecoin adoption: Closing remarks
Adoption of cryptocurrencies by the merchant stores will also enable and provoke the customers to incorporate Bitcoin into their Bitcoin and litecoin into their daily lives. However, the fact is that the cryptocurrency market has a very long way to gain maturity and in turn widespread adoption. The transaction speed must be updated respectively with the rate of the cryptocurrency adoption. Otherwise, it would become challenging.
