Some online services working with cryptocurrencies are looking to solve some ongoing issues. Backpage, for example, is now pushing users toward the use of Litecoin, rather than Bitcoin. This is a direct result of the mounting Bitcoin transaction fees. In fact, anyone crediting their Backpage account with Litecoin will receive a 10% bonus. This is quite an intriguing development.
Backpage Pushes Litecoin Adoption
It is quite interesting to see service providers such as Backpage be aware of the ongoing Bitcoin issues. More specifically, the mounting Bitcoin transaction fees. Even though Bitcoin is still a great tool it is also an expensive solution right now. This forces some service providers to look at things from a different perspective. Moreover, companies need to look for alternative payment solutions.
In the case of Backpage, that alternative comes in the form of Litecoin. For quite some time now, Litecoin has become a powerful tool in the hands of cryptocurrency users. Even though this value is still somewhat suppressed, Litecoin is here to stay. In fact, companies will try to push Litecoin adoption in the coming months. Backpage is already doing so, by offering a 10% bonus credit on Litecoin deposits. An interesting turn of events that may help Litecoin become more appealing.
The reason behind this decision is not hard to find. Bitcoin’s transaction fees become increasingly more expensive. Right now, there is a US$1.5 fee for a US$20 transfer. Litecoin, on the other hand, costs US$0. 025 in fees. This means Backpage users save on fees and get more credit in their account by using LTC. It is a very compelling argument, that much is evident.Whether or not a lot of people will use Litecoin on Backpage, remains to be seen.
The bigger question is whether or not services like these will give Litecoin a popularity boost. After all, Backpage is not exactly the most mainstream services in the world. Then again, this is another validation of how Litecoin is superior to Bitcoin in some regards. No one wants to pay high fees to use a currency they don’t really need. Saving on fees and getting a credit bonus to do so, on the other hand, is far more appealing.
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