A decade ago, very few would have predicted that blockchain would enjoy the popularity and influence it does today. The bulk of blockchain’s shine can be traced to its relevance in the financial landscape of today’s world.
The world has long sought alternatives to the traditional banking system, which many agree is laced with loopholes and problems. As a result, several blockchain platforms have played huge roles in rolling out new forms of trading assets and exchanging them digitally. Litecoin, aside from being one of the oldest cryptos, is one of the big names leading a financial revolution.
Litecoin is one of the world’s most popular cryptos, and, for many, it could be the king of the payment circle. Crypto users can utilize Litecoin for global transactions because it is easy, cheap, and fast.
A Little About Litecoin
Litecoin, which debuted in 2011, was among the few blockchain platforms that emerged as an alternative to Bitcoin. Despite sharing certain similarities with Bitcoin, Litecoin has its own set of unique traits. While Bitcoin’s rise was steadily skyrocketing, Litecoin’s had a slower pace. However, as of 2019, Litecoin’s adoption has reached new heights. It gained mainstream attention. And many crypto users finally recognized it for its easy-to-use model.
Over the years, Litecoin has steadily rivaled Bitcoin in terms of completed transactions and user interest. As a result, many e-commerce platforms now support Litecoin. Additionally, the widespread acceptance of Litecoin means many platforms now accept it as a medium of payment.
The advantage of using Litecoin for transactions are numerous. For a start, it aims to emphasize transaction confirmation speed to enable more transactions per second. Furthermore, its cryptographic functions increase network efficiency and allow for faster block generation. In addition, it operates at near-zero fees meaning users do not have to bother with the exorbitant fees charged by other platforms for transactions.
Litecoin’s Card is Easy to Use
Litecoin is making it even easier to use its chain with a Visa-based debit card. The Litecoin Visa debit card enables users to spend the value of their crypto in regions that accept major credit cards. Users can put their crypto into real-world use through the card and have firm control over their funds. In addition, the cards offer a series of perks to their holders. It’s easy to use too, registration occurs at no cost and within a few minutes.
Litecoin is accepted anywhere VISA is.. the #Litecoin Card converts $LTC at the time of purchase. You can also connect the card with the @Litewallet_App #PaywithLitecoin #Hodl #SundayThoughtshttps://t.co/rOzz9zoXRD pic.twitter.com/AR4wXqCPg6
— Litecoin (@litecoin) November 14, 2021
Cardholders can access their account balance via their dashboard and view their financial stance and spending power. Litecoin updates a user’s balance in real-time after every transaction. The card also offers the option to deposit and manage transactions. Users can access all the options available for depositing funds. This includes viewing their deposit addresses for any of the cryptocurrencies they can use for deposits,
Users worldwide can use LTC to transact on any merchant site that accepts and utilizes Visa as a payment gateway. Retailers, online shopping, restaurants, digital services, and a variety of others are examples of such merchants. As a result, LTC holders can leverage their cards for their day-to-day digital transactions.
Litecoin’s Card Charges no Transaction Fees
The Litecoin Visa debit card will convert the crypto coin into USD in real-time and incur no transaction or deposit fees. Fees are low, as cardholders will be charged a monthly cost of $5 for using the card. However, the platform will waive the fees if debit cardholders spend more than $750 per month.
The card comes in virtual, plastic, and metal formats. However, Litecoin’s team is yet to roll out the metal card. The virtual card is incorporated into the plastic card, and like the other cards, it features 24/7 customer service. All cards have a daily spending limit of $5,000. The plastic card has a daily ATM withdrawal of $500. Furthermore, both the virtual and plastic cards have a $10 activation fee attached to them.
How it works
The Litecoin Visa card procedure is pretty simple:
- Users would deposit LTC to fund their accounts.
- Users will view their account balance in LTC. This way, the value remains in LTC as their purchasing power.
- To make purchases, LTC is sold and converted to fiat to match the item purchased from the merchant.
Litecoin simplified the process of getting the card and making transactions. However, users have to complete four key steps to get started:
- Register
- Deposit
- Pass KYC
- Get the card!
These steps take a few minutes to complete, and afterward, the user can begin making payments for their virtual transactions.
LTC Price
As of this writing, LTC trades at $112.82. It has a 24-hour trading volume of $645,840,916. Litecoin is up 2.05% in the last 24 hours.
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