Litecoin is one of the cryptocurrencies that is making huge waves in the cryptocurrency world after its #PayWithLitecoin campaign got off on a very strong foot.
If there is ever a time that cryptocurrencies are seeking adoption and rolling out programs that would see their projects move forward then these past few months trumps them all. From EOS and Tron MainNet launch to Ethereum looking to switch to a proof-of-stake protocol and VeChain set to release its VeChain Thor, the cryptocurrency market is moving forward and is gaining widespread acceptance in several industries across the global economy.
Litecoin, the sixth largest cryptocurrency in terms of market value, has also been making giant strides as it aims to become the leading cryptocurrency when it comes to micropayments. This vision has led Litecoin founder, Charlie Lee and the Litecoin Foundation, to launch the #PayWithLitecoin campaign. This marketing campaign was started with the aim of making it easy for businesses to accept LTC token in all parts of the world.
#PayWithLitecoin continues to grow in popularity
The Litecoin Foundation asked its community to join in promoting the campaign as the team looks to take #PayWithLitecoin campaign to a higher level. The campaign has continued to grow in popularity since it was launched a few days ago.
The strong belief in Litecoin and its campaign program has led Gabriel Francisco of TMT Blockchain Fund to comment that the cryptocurrency has the potential to become the first digital currency to gain mainstream adoption.
The #PayWithLitecoin website, that Charlie Lee launched, has witnessed an increase in activity over the past few days, with users requesting sites like, Amazon, eBay, Starbucks, Seamless and Uber to integrate LTC payments.
Even though LTC hasn’t been adopted by any of the above-listed companies yet, it is already adopted by some companies like SurfAir.
The adoption didn’t stop, there is Wirex app also declared its support for LTC payment last week. Wirex, while showing users how to pay with LTC using their app, commented;
It’s a huge, HUGE step towards massive crypto adoption. Banks will not ‘disappear’ in one day, or even one decade. The first step must be the integration of both traditional systems and disruptive crypto platforms. We have to be open-minded.
More communities warm up to Litecoin
The campaign seems to work well as more online communities are warming up to Litecoin and using it as a form of payment. Weedmaps, an online ‘high’ community has just indicated that it is looking to accept Litecoin as a payment method for delivery of its packages. The online community for marijuana users is also known for delivering marijuana to their customers. The small community which operates legally has come out to announce to its members that they can pay for their packages and other services with Litecoin after the community warmed up to the cryptocurrency.
While making this announcement, the founder of Weedmaps, Justin Hartfield, stated that he is very sure that Litecoin will do a better job in the cannabis industry than sister coin Bitcoin. Even though this integration isn’t big for Litecoin, it goes to show the extent to which the coin is being accepted by online communities and the progress that the Litecoin Foundation is making.
Litecoin (LTC) now legal in Thailand
On the 14th of last month, Thailand announced some regulations that would guide initial coin offerings (ICOs) and cryptocurrencies in the country. A few days later, the country’s SEC revealed that it would allow seven cryptos to be traded, exchanged and used for ICOs in the country, according to a post by Bangkok Post.
Litecoin was one of the seven cryptocurrencies that were legalized in the country, a move that shows the importance of Litecoin in the cryptocurrency world. In their press release, the SEC gave the listed cryptocurrencies a 90-days ultimatum to show up in the country and get approval from the Finance Ministry to function in the country. Litecoin Foundation is yet to make a move regarding that, with some of its followers unsure if the cryptocurrency would get itself officially registered in the country.
Litecoin price dips following Coinrail hack
In an unrelated note, the price of Litecoin, just like most cryptocurrencies, slumped after the Coinrail hack over the weekend. Virtually all the cryptocurrencies are trading the red zone after the market slump on Sunday, with the total cryptocurrency market cap slumping below the $300 billion mark for the first time since February.
The LTC price was able to go past the $122 mark last week but gave in some of its gains after the bear market crept in over the weekend. At the moment, the cryptocurrency market is still trading in the red zone, with Litecoin down 1.33% for the day and trading around the $105 mark.
When the bear market will end is everyone’s guess but with such giant strides made by Litecoin, LTC price would record massive gains once the bear market ends and the bullish market returns. Hopefully, that will be soon.