The litecoin price surged more than 40 percent after mobile top-up service Bitrefill added litecoin payments.
Litecoin Price Spikes After Bitrefill Adds LTC Payments
Through Bitrefill, customers in more than 160 countries can use cryptocurrency to recharge their prepaid mobile phone balances. Previously, bitcoin was the only currency that the platform accepted directly. Customers who wished to pay using litecoin were forced to do so through the platform’s ShapeShift payment integration, which still required them to a pay a bitcoin transaction fee.
The litecoin price traded up on the news, spiking $16 shortly after the announcement. Litecoin continued to rise from there, eventually reaching a new all-time high of $127 on cryptocurrency exchange Bitfinex.
Litecoin is now up 40 percent from its previous-day level, bringing its market cap above $7 billion, according to the BlockExplorer Price Index.
Litecoin Targets Everyday Payments
Bitrefill’s decision to add litecoin payments is indicative of the cryptocurrency ecosystem’s changing landscape. Once viewed as a direct rival to PayPal, bitcoin is now looked on as a store of value, as evidenced by the community’s decision to prioritize security over low-cost transactions — at least in the short-term. Just this weak, gaming service Steam stopped accepting bitcoin payments, citing rising transaction fees.
But while the median bitcoin transaction fee currently exceeds $10, litecoin’s is less than four cents. Consequently, litecoin advocates view the present cyrptoeconomic order as an opportunity to establish LTC as cryptocurrency of choice for everyday transactions. However, the “silver to bitcoin’s gold” faces steep competition, particularly from a bitcoin offshoot that protests that cryptocurrency should first-and-foremost be “electronic cash”.
Launched in August through a hard fork, bitcoin cash boasts that it fulfills Satoshi Nakamoto’s true vision for the cryptocurrency. Many of its advocates believe that it will eventually supplant BTC, with one developer predicting that bitcoin cash will be renamed “bitcoin” within six months.
Featured Image Source: Pexels/Oliur Rahman