Litecoin [LTC], the seventh-largest cryptocurrency in the world and best known to have been created to provide compatibility to Bitcoin [BTC], confirmed that the Foundation has accepted CoinGate as their official payment processor for the cryptocurrency.
The tweet originally posted by CoinGate mentioned that it will be working on the Lightning Network at the onset of this partnership. The tweet read:
“We are thrilled to announce that #LitecoinFoundation accredited CoinGate as the official, trustworthy #Litecoin payment processor! With the confidence of the Foundation, we continue our work on upcoming Litecoin’s #LightningNetwork. More info on that soon!”
About Litecoin (LTC): Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin.
The Litecoin blockchain is capable of handling higher transaction volume than its counterpart - Bitcoin. Due to more frequent block generation, the network supports more transactions without a need to modify the software in the future.
As a result, merchants get faster confirmation times, while still having ability to wait for more confirmations when selling bigger ticket items.
Wallet encryption allows you to secure your wallet, so that you can view transactions and your account balance, but are required to enter your password before spending litecoins.
This provides protection from wallet-stealing viruses and trojans as well as a sanity check before sending payments.
Miners are currently awarded with 25 new litecoins per block, an amount which gets halved roughly every 4 years (every 840,000 blocks).
The Litecoin network is therefore scheduled to produce 84 million litecoins, which is 4 times as many currency units as Bitcoin.
Litecoin (LTC) can be bought with fiat dollars, debit and credit cards on cryptocurrency exchanges such as Coinbase and Changelly.com and it can be bought with cryptocurrency on exchanges such as CoinEx, Binance, and HitBTC,
Litecoin (LTC) is the 7th largest cryptocurrency by market cap. It is down 3.05% over the past 24 hours and is currently trading at $49.06 on Coinbase.
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