Litecoin Use Cases in Daily Life

Litecoin is credited as being the first alternative cryptocurrency that was created to be the silver against the gold of Bitcoin. Created with an aim of being the ‘lighter’ version of Bitcoin and from its source code, it stands out due to several features. Features such as faster transactions than in the Bitcoin blockchain and a larger distribution have made Litecoin easy to access and use. 

This improved access & speed and constant updates have made it a convenient tool that millions use around the world in their daily lives. Here are some uses of Litecoin cryptocurrency in India and around the world:

1. Buying physical goods and services: Litecoin is increasingly being accepted by businesses as a payment method like the traditional currency. Since Litecoin is considered to be cheaper and faster than Bitcoin, it can easily be used for making the smallest purchases for your daily use. Businesses across the United States, Europe, Turkey, Indonesia, and India are accepting Litecoin as a payment method. To find out which businesses and services accept Litecoin, you can log on to the Litecoin website. This website features an updated list of businesses around the world.
2. Purchasing digital services and goods: Just like Litecoin is used to make payments for tangible goods, it can also be used to make payments for digital services and goods. These include games, gift cards, account transfers, etc. Companies are also allowing people to purchase gift vouchers that can be used to purchase usual everyday items and even foot the bill of your next pizza and coffee outing.
3. To make employee payments: Looking at the increased interest of people in crypto and enhanced security, transparency, lower fees, and faster transactions, many employers have started offering their staff to accept salaries in Litecoin. And not just salaries, even other mass payments such as bonuses, rewards, rebates, and the likes. This allows the companies to avoid paying huge commissions or fees to banks for money transfers. This is also a great way to pay freelancers who do not fall in the regular salary net. However, the employees need to be mindful that the conversion rate of Litecoin is at par with the current minimum wage rate. Know the ongoing LTC to INR rate here.
4. For charitable purposes: More and more charities around the world are accepting Litecoin as a means of donation. This is for the simple reason that LTC is not just easier and faster to transfer but also saves them hefty transaction costs. Litecoin donations are also classified as non-taxable events, which means that they don’t attract any capital gains taxes on them.
5. Peer-to-peer transactions: Litecoin works as a great option for making peer-to-peer transactions with your friends and family around the world. Transacting them is faster, inexpensive, and secure and saves you time and hefty transaction costs. Since it has gained popularity and acceptance, Litecoin can be easily exchanged with the respective national currency.

The options for using Litecoin in daily life are much more than people imagine. The convenience, speed, and cost-effectiveness that it offers are increasingly making it a more acceptable and widespread mode of payment. Right from your daily use items to donations and salaries, almost everything can be paid for in Litecoin. And all this without paying the intermediaries and incurring excessive transaction costs and steps. To ensure that your transactions are safe to make the currency work for you educate yourself about the currency and know the potential risks.