Litecoin on the Rise as Top Crypto Payment Method

Recently, Litecoin (LTC) gained significant traction as a go-to coin for purchases at leading electronics, video games, gold and jewelry and other ecommerce websites. Learn about Litecoin's rise and why it is cementing itself as the digital currency of choice for payments.

Litecoin’s rise as a preferred payment method

BitPay began supporting Litecoin in June 2021 to fanfare from merchants and the Litecoin community.

“Getting added to BitPay in mid-2021 was a great milestone for Litecoin and the 'Pay With Litecoin' movement. Now, after 15 full months on BitPay, its consistent growth in usage also validates Litecoin's undeniable status as a preferred global payment method." - David Schwartz, Litecoin Foundation

In just one year, monthly Litecoin payments increased 109%

Litecoin makes up over 25% of all cryptocurrency payments processed by BitPay

Litecoin payments are most prominent in North America, but still see impressive growth across the world in EMEA, Asia Pacific and Latin America regions

Industries transacting the most with Litecoin include: Computer Games, Electronics, Precious Metals, Prepaid Cards/Gift Cards, VPN/Hosting and Internet services

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Want to see more crypto usage data and analysis? Visit BitPay's Stats center for the latest numbers on crypto payments.


Why do crypto users prefer to pay using Litecoin?

Speed

Litecoin was designed as a faster alternative to Bitcoin. As such, transactions made with Litecoin typically settle at a faster rate than those made with Bitcoin.

Low cost

Internal BitPay data shows that the average miner fee on a payment with Bitcoin is about $0.30, while the average fee on a Litecoin payment is less than $0.01.

Trust

The Litecoin network has been running flawlessly for over 11 years. It remains the longest running crypto with 100% continuous uptime.

Pay from almost any wallet

Litecoin is supported by the most popular multichain wallets, in addition to Litecoin-specific wallets. The most popular wallets for making Litecoin payments include: BitPay Wallet, Trust Wallet, Litecoin Core, Exodus Wallet, Atomic Wallet and Huobi.

Thousands of merchants accept Litecoin

BitPay has connected thousands of merchants that accept Litecoin payments with millions of energized Litecoin users. Since supporting Litecoin, BitPay has processed over 180,000 payments made with Litecoin representing more than $30 million in sales.

Litecoin has a strong community

Despite being outside of the top 10 coins by market cap, few coins have as strong of a community as Litecoin. And as one of the oldest cryptocurrencies, Litecoin supporters have gone strong for over a decade with no end in sight.

This report was made in conjunction with Bitpay: https://bitpay.com/blog/litecoin-payments-on-the-rise/

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