LeoList is introducing Litecoin (LTC) as our official payment currency.
As you may well know, crypto market capitalization surged to a record $2 trillion in recent days. Celebrations of course, but this brings with it certain issues as well – transaction times are taking considerably longer.
While we are proud of the milestones Bitcoin (BTC) and Ethereum (ETH) has reached; mass adoption on institutional levels with the likes of Microsoft, Paypal and Tesla accepting Bitcoin as payment. This inevitably led to a spike in on-chain activity and consequently congestion on the network. Resulting in longer transaction times.
The average transaction fee for Bitcoin is now ~ $23. This does not bode well for low value transactions or micropayments. Imagine paying almost as much in fees as the coffee you’re purchasing with Bitcoin.
What is Litecoin (LTC)?
Litecoin (LTC) is a cryptocurrency that ranks among the top 10 in crypto market cap. It was an early source-code fork of Bitcoin, created back in October 2011. Litecoin (LTC) addresses the shortcomings of Bitcoin in scaling to facilitate micropayments. The Litecoin (LTC) network processes a block every 2.5 minutes, rather than Bitcoin’s 10 minutes. This allows Litecoin (LTC) to confirm transactions way faster than Bitcoin and at much lower fees. The average transaction fee for Litecoin (LTC) is now ~ $0.50.
What will happen?
- 🙅♀️🙅♂️ NO FEES will be imposed on Litecoin (LTC) payments to encourage adoption.
- 😓 Unfortunately, slow transactions and network fees for Bitcoin and Ethereum payments are no longer a sustainable option for us.
- 🌄 A complete shift to Litecoin (LTC) payments: May 4th, 2021: LeoList will only accept Litecoin (LTC). Bitcoin (BTC) and Ethereum (ETH) will be discontinued.
What this means for you?
- 📉 Lower network fees and quicker transaction turnaround.
- 👍 Litecoin (LTC) is readily available at all good Canadian Crypto ATMs and exchanges. So, nothing will change in the way you’ve been purchasing crypto for your LeoList Advertisements; it’s business as usual for you.
We trust this decision will benefit the LeoList community at large in days to come.
And as always, our customer support team are available 24 hours a day, 7 days a week, reach them by emailing firstname.lastname@example.org
🦁 The LeoList Team