Cryptocurrencies have started infiltrating more and more businesses, and it would be pretty hard to find a branch of business that has shown no interest in this technology. Ripple (XRP) is the perfect example of this, considering that some of the largest banks and financial institutions in the world have adopted it already. However, Litecoin (LTC) might make its own big progress soon.
Will Litecoin (LTC) be adopted by Amazon?
Being adopted by a company as large as Amazon is every crypto’s dream. However, Litecoin might be the top choice for this firm, if it decides to go for cryptocurrencies.
Litecoin’s community is especially enthusiastic about this e-commerce platform, and the majority of them has already requested multiple times that the coin is added on Amazon. The interesting thing is that Litecoin’s nature and technology actually make it the perfect choice, which means that the adoption might actually come to pass when Amazon decides that it is ready to go crypto.
What makes Litecoin (LTC) the best choice for Amazon?
One of the reasons why Amazon might choose LTC is that Litecoin’s most important features are exactly what Amazon is looking for. Amazon deals with millions of customers, and it needs its payments to be fast, cheap, and as secure as possible. These are the exact aspects that LTC is best known for. Not only that, but it is actually far more advanced than the payment system that Amazon is currently using.
When it comes to speed, Litecoin is one of the fastest cryptos around. Apart from that, it allows payments via any currency, since they can all be converted to LTC coins. This makes it extremely practical, and perfect for Amazon and its customers.
Additionally, Litecoin is also among the cryptos with the biggest level of security. This would also make it very attractive to Amazon, which has millions upon millions of customers, all requiring a secure way to make payments. Amazon currently uses Visa since its security is one of the best, but even Visa recently had a major incident when it went blank in Europe. This means that the system, no matter how advanced it is, still has a lot of flaws. Litecoin, on the other hand, is blockchain-based. That means that all of the transactions are transparent, and are safely recorded on the blockchain itself.
If we add the extremely low fees to the equation, it is clear that Litecoin is a perfect choice for Amazon. As an example, a fee for a transaction involving $99 million would only be $0.44. This makes fees basically non-existent.
Downsides to Litecoin
Litecoin, like all other currencies, has peaked majorly in December 2017, and ever since then, the prices were extremely bad. What made a situation even worse is a sudden decision of investors to sell their coins, which led to Litecoin becoming oversold overnight.
This has had an even larger impact on its price, which continued to drop over the course of Q1 and Q2 of this year. However, lately, the prices have been showing signs of recovery, and a lot of experts believe that another period of recovery is about to come. If that is the case, the interest in Litecoin will probably spark again, and the prices might reach their former glory.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
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