CoinGate Recognized By Litecoin (LTC) Foundation As The Latest Fee Processor

LTC or Litecoin currently acts as one of the most influential cryptocurrencies across the globe. It holds the seventh position and is popularly known for its ability to easily and swiftly interact and trade with BTC (Bitcoin). On Wednesday, November 14, 2018, its Foundation announced that it had made the decision to formally recognize CoinGate as its primary fee processor.

The partnership was officially announced to the public by the payment processor. While announcing this news, CoinGate stated that it would be operating on the Lightning Network from the start of this collaboration.

CoinGate tweeted,

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! pic.twitter.com/gRhOwftlsJ

— CoinGate (@CoinGatecom) November 9, 2018

Litecoin Partnerships And Developments

Moving on, it was recently noticed that the Litecoin Foundation had commissioned an online poll on Twitter seeking public input pertaining to 2 options for their PayWithLitecoin project: the two options were either Lyft or Uber; the two leading cab companies provide services across the globe.

The two companies are viewed as the leading players in the field that Litecoin seeks to pursue, although it has not fully settled on the transportation industry. When tallied, the results indicated that Uber had emerged victorious after garnering seventy-four percent of the overall ballots that had been cast.

This would suggest that Lyft only managed to garner a paltry twenty-six percent. The PayWithLitecoin is an initiative that was started by the LTC Foundation with the principal goal of ensuring that more people got to adapt and use LTC coins in their day-to-day lives. It is a practice that has gained traction in many countries across the globe including in regions such as Australia.

The initiative was started by a tech startup referred to as TravelByBit. The purpose of the initiative was to try and get more people to adopt the use of cryptocurrencies and not just LTC. Once crypto enthusiast named Jessy commented on this tweet asking whether it had reached a point where LTC could now decide who the best payment processors were.

About Litecoin

LTC is a decentralized digital asset like BTC (Bitcoin). The platform makes use of the same encryption methods like Bitcoin to create, transfer funds, as well as confirm whether a transaction has been successful or not. When you look at the two coins, you will notice that their primary difference lies in the fact that Litecoin tends to have faster transaction rates.

In addition, it has very many coins that can be created. Coins are created through a process popularly referred to as mining. All its transactions are noted on a public ledger. LTC happens to have one of the largest market capitalization across the globe.