Daily Litecoin transactions rise to 140,000, close to the all-time high.Â
Summary
Visa increases Litecoin transactions
According to some experts, this surge in transactions to the 100,000 average of a few days ago is at least partly due to the announcement made on October 21 on Twitter.
The power of Litecoin at 50 million merchants worldwide: https://t.co/rOzz9z7n05 #Litecoin #PaywithLitecoin #crypto #SundayFunday $LTC pic.twitter.com/kmGMkfdilv
— Litecoin (@litecoin) October 24, 2021
The partnership with Visa and fintech company Unbanked to finally bring the first native Litecoin debit card to life probably gave LTC a boost.Â
The new digital card linked to the cryptocurrency will allow it to reach the approximately 50 million businesses that accept Visa cards as a form of payment.
After depositing Litecoin on their wallet, the card will allow them to directly convert purchases made at merchants that accept Visa cards worldwide into fiat currency.
Other Litecoin innovations
But the debit card with Visa is not the only news about Litecoin. Also on Twitter on October 25, the company relayed a tweet from Verifone announcing its partnership with Bitpay:
#PaywithLitecoin: Verifone works with more than 600,000 merchants. The company manages more than 10.4 billion online and in-store transactions annually, totaling more than $440 billion. #Litecoin $LTC https://t.co/PZ6NKEStd9
— Litecoin (@litecoin) October 25, 2021
Verifone is an American multinational corporation based in Coral Springs, Florida, that provides technology for electronic payment transactions and value-added services at the point of sale.Â
It carries out annual transactions worth almost $440 billion a year. BitPay is a cryptocurrency payment processor that handles over 60,000 consumer transactions each month with a basket of cryptocurrencies, including Litecoin.
What is Litecoin
Litecoin is a peer-to-peer cryptocurrency, it was one of the first Bitcoin spin-offs, founded in October 2011, two years after the creation of Bitcoin, by Charlie Lee, a former Google engineer.
It has always been a Bitcoin clone of sorts. It is currently the 16th largest cryptocurrency by market capitalization. Like Bitcoin, Litecoin has a maximum number of coins in circulation of 84 million.
It is currently trading at around $180, after setting an all-time high in May this year at $410.Â
As on Bitcoin, Litecoin miners are rewarded for their mining work with 12.5 LTC. Mining is expected to end in 2142.
Litecoin’s main advantage over Bitcoin is its faster transaction speed (2.5 minutes for a block transaction compared to BTC’s 10).
Litecoin was also the unintentional star of a fake news story last September, which spoke of a partnership with US retail giant Walmart to enable payments with the cryptocurrency.
