Published
5 years ago on
October 10, 2018
“Payment fees and speed is one of the areas where social media networks and cryptocurrencies can truly benefit from each other’s strengths. One of the problems with cryptocurrencies is slow and costly payments. Bitcoin payments take at least 10 minutes to process, with an average of seven transactions per second.â€Moreover:
“Other currencies such as Litecoin and Bitcoin Cash have addressed the problem by reducing the interval or increasing the block size (increasing the number of transactions it can process per 10-minute interval). While this increases the throughput, it is still a far cry from the volumes that a popular cryptocurrency should be able to support. Cryptocurrencies also have fluctuating transaction fees that can increase as payments volumes grow. Sometimes these fees can spike as high has $60-70, making them inefficient for small transactions. This will surely be a hurdle for social media apps, where people will likely want to make small day-to-day payments.â€All things considered then, it seems Litecoin is one to watch for the future, thanks to its rapid transaction settling. Litecoin is fast. By combining it’s speed with the power of social media, Litecoin adoption could be far closer than we think. At the time of writing, Litecoin is valued at $57.91, down 1.21%. Litecoin adoption would be sure to see this price change rapidly. If Litecoin becomes a true, real life payment option, Litecoin will fly. Why social media? Social media is a huge focal point for the internet, one that attracts billions of users each year. Simply put, the adoption of Litecoin via social media like Facebook and Twitter would give billions of customers access to Litecoin as a payment and money transfer option. We only have to look as far as the Facebook marketplace to see just how valuable this would be. FIAT payments are now commonplace within many social media and therefore, the need, the demand the the infrastructure for payments is already there. Now, if we add Litecoin to the equation, the true scale of Litecoin adoption becomes very clear. It’s an exciting concept and one that Litecoin needs to make the most of in order to truly succeed in the future. References The Next Web
