Litecoin (LTC) is one of the world’s oldest cryptocurrencies, as it was launched only two years after Bitcoin, the world’s first digital currency. Despite its veteran status in the digital currency ecosystem, Litecoin doesn’t make headlines as often as Bitcoin, or its rival cryptocurrencies Ethereum (ETH) or Dogecoin (DOGE). Still, it offers a lot of use, especially as a payment method, thanks to its speed and affordability.
Many stores have started to offer cryptocurrency payment options in recent years due to the growing popularity of Bitcoin and altcoins. While Bitcoin remains the most popular payment method, Litecoin is also accepted by many businesses around the globe. In this guide, we will introduce you to a few companies that accept Litecoin (LTC) and show you where you can find more stores that accept Litecoin as payment.
What Is Litecoin?
Litecoin is a peer-to-peer digital currency that can be used to transfer value between people and institutions, without using third-party intermediaries like banks, payment processors, and credit card companies. If that sounds like Bitcoin, bingo! As Litecoin founder Charlie Lee puts it, Litecoin was specifically created as a “lite version of Bitcoin” that enables faster and cheaper transactions with less hassle.
How Is Litecoin Different Than Bitcoin?
There are some notable differences between Litecoin and Bitcoin, especially when it comes to their usability as payment methods. Litecoin is actually based on Bitcoin’s open-source code, but it has been specifically altered in certain aspects to be a payment method that provides faster transactions.
Litecoin uses the Scrypt hashing algorithm, as opposed to Bitcoin’s SHA-256 hash function. To regular people (non-techies who don’t know cryptography), that may seem like a meaningless difference, but apparently, it allows Litecoin to function faster and with less computer capacity.
Litecoin also has a larger total circulating supply than Bitcoin, in order to make sure it can be used as a payment method. Bitcoin is hard-capped at 21 million BTC, whereas LTC is hard-capped at 89 million LTC.
Perhaps most importantly, the Litecoin network and Litecoin blockchain are able to process transactions four times faster than the Bitcoin protocol. Bitcoin transactions take at least 10 minutes, on average, because there is a mandatory 10-minute break between each new block. Litecoin processes a new block of transactions every two and a half minutes and allows for faster transactions.
The Litecoin community is also quite invested in preserving Litecoin as a payment method and a digital currency, so there is a lot of support for blockchain scaling initiatives. Litecoin is the first cryptocurrency that successfully pulled off a transaction through The Lightning Network, a layer two payment protocol for faster transactions, back in 2017, even before Bitcoin did.
In fact, many scaling solutions were first implemented by Litecoin, including the SegWit (Segregated Witness) protocol that divided the Bitcoin community for years, as the digital currency tries to stay ahead of the game.
Where Is Litecoin Accepted?
Litecoin is good for making fast and cheap payments, especially compared to Bitcoin, as the transactions with the latter generally cost more and take longer to finalize. And while Litecoin may not be as popular as Bitcoin, there are many businesses and services you can pay for using Litecoin.
Cryptwerk’s website lists more than 3000 businesses that accept Litecoin for their goods and services. We picked some of the best companies that offer services in exchange for Litecoin to show you how diverse your options are. You can use Litecoin to buy groceries and other products, to take advantage of web or financial services, travel, gamble, or entertainment.
eGifter is a gift card platform that allows you to buy gift cards for yourself and for your loved ones. You can find and purchase a gift card for any major company through the eGifter website, from clothing to technology to beauty products. eGifter has a diverse array of payment options, including many digital currencies, such as Litecoin (LTC), Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Bitcoin Cash (BCH).
Did you know that you can pay for your vacation with Litecoin? Travala is a travel agency that lets you do exactly that! Travala accepts many cryptocurrencies, including Litecoin (LTC), Bitcoin (BTC), and Ethereum (ETH). You can choose a destination and use your cryptocurrency to reserve a flight and pay for accommodations. Travala also offers incentive programs for customers who want to pay with crypto so you might end up paying less than what you would usually pay if you select Litecoin as a payment option.
Snel is an online services provider that offers top-notch cloud and web hosting services. The platform offers multiple plans for professionals looking for the best web-hosting solutions and allows you to register your domain name at a cheap price. If you choose Litecoin (LTC) or one of the other cryptocurrencies that are accepted on the platform as a payment option, you receive a discount!
RE/MAX is a real estate service that allows you to purchase and rent properties with digital assets. You can buy, sell and rent properties with Litecoin and Bitcoin through their website. RE/MAX is based in Denver, Colorado, US but they offer services worldwide. You can search for new listings or luxury homes around the globe, and easily schedule viewings through RE/MAX realtors.
Does Walmart Accept Litecoin Payments?
In September 2021, a press release claiming Walmart would start accepting Litecoin payments was retweeted by The Litecoin Foundation social media channels. Unfortunately, Walmart and Litecoin Foundation jointly clarified that the press release was fake. Walmart doesn’t accept Litecoin payments.
Does PayPal accept Litecoin?
PayPal allows US-based customers to buy, sell, and hold several cryptocurrencies in their PayPal accounts, including Litecoin (LTC) and Bitcoin (BTC). While this is currently limited to the US, PayPal announced plans to expand its service.
A Few Words Before You Go…
Litecoin is one of the earliest and most popular digital currencies in existence. Along with Bitcoin, it’s one of the very few that have managed to remain in the crypto-ecosystem for a long time. Litecoin was the world’s most popular altcoin before the invention of Ethereum and while it may not be the world’s second-largest cryptocurrency anymore, Litecoin remains one of the top digital currencies in a market that is wildly volatile.
In other words, while it may not be as flashy as some other, newer crypto projects, Litecoin has something that everyone in the crypto community seeks desperately: stability and longevity.
Litecoin especially shines as a payment method thanks to its affordable and fast transactions. There are already thousands of businesses that accept Litecoin as a payment method, and the number is sure to expand as industry giants continue to develop their cryptocurrency support.