Litecoin is the second most valued digital currency on the market, only being bested by bitcoin. However, litecoin is not just a knock-off to the world’s first digital coin. It was intended by its developers to improve on the structure set forth by bitcoin.
The main two differences that separates litecoin from bitcoin:
1) Litecoin processes a block every two and a half minutes, while bitcoin processes a block every 10 minutes.
2) Litecoin will total 84 million coins, unlike bitcoin’s cap of 21 million.
The digital currency continues to catch individuals and business owners by storm, as more businesses are accepting it as a form of payment.
CoinReport has compiled a list of the Top 5 businesses that have begun implementing Litecoin into their finances.
Top 5 Businesses that Welcome Litecoin Payments
IT solutions provider, Ellenet, is the first Australian firm to accept both bitcoin and litecoin. The service specializes in film and multimedia production. The decision to welcome litecoin payments was made by the Australian company’s director, Estelle Asmodelle. She said:
“Crypto currencies are the future, it’s plainly obvious and people need to understand that Bitcoin and other coins are not going away. Without sounding terse, you can’t stop progress.”
The consultant firm was established in 1998, and now with its adoption of bitcoin and litecoin digital payments, it hopes to grow even larger.
In addition, Ellenet works with digital mining company Petabit Pty. Ltd, who works on mining both litecoins and bitcoins. The partnership with Petabit will allow Ellenet to get into more digital currency-based ventures.
4. Sean’s Outpost
Though not technically a business, Sean’s Outpost, a homeless outreach center, makes this list for its commitment to allow digital currencies like litecoin to help the local community. The Pensacola, Florida-based center has provided thousands of meals for the poverty stricken.
With the help of bitcoin and litecoin donations, Sean’s Outpost is able to provide sanctuary and do right by people.
However, the center, which was established by Jason King in honor of his friend, is currently struggling as a massive flood has decommissioned day-to-day operations. The center is hoping to get more digital coin donations to assist the people living in the Satoshi forest.
King and his team remain positive and patient and hope that the digital coin community will help them get through this difficult time.
New York-based eGifter has teamed with payment processor GoCoin to welcome bitcoin and litecoin transactions. The gift giving site allows users to buy and send gift cards to each other, while earning points in the process.
The move to take in digital currency payments was made wisely, as retailers like Overstock.com had announced a boom in business after accepting bitcoins. With digital currencies, businesses can tend to new and interested customer bases.
eGifter’s CEO, Tyler Roye says that with digital coins and GoCoin, the site can remain secure and fraud-free. Rather than holding onto coins, the company uses GoCoin to convert digital earnings into cash.
eGifter started welcoming bitcoin in 2013, and also began welcoming litecoin and dogecoin in April 2014; adding to the list of payment methods the company accepts.
KnCMiner is a company that sells mining hardware and equipment, allowing coin enthusiasts an opportunity to earn litecoins and bitcoins. What’s fitting about the mining company’s involvement with digital coins is that mining hardware can be purchased with those same coins. Their website stated:
“You will find the Litecoin payment method option when you complete an order through the checkout on our website.”
Additionally, KnCMiner is creating one of the first effective mining hardware, exclusively, for mining litecoins. The demand for digital currencies and miners has been high that KnCMiner sold $2 million with of pre-ordered hardware within just a 4 hour window.
1. Benz and Beamer
A Tesla Model P85 was sold out at Benz and Beamer auto dealership which was bought completely in litecoins early this year. A customer used 5,447 litecoins to complete the transaction for the luxury car, worth around $90,000 during the time of the purchase.
The transaction went through with payment processor GoCoin. The car dealer, Naresh Shah explained:
“GoCoin makes it extremely easy for us to accommodate new customers looking to pay with bitcoin and other emerging digital currencies like litecoin. Their platform secures the coin exchange for cash within minutes, creating a real win/win for my dealership and my customers.”
The purchase is by far the largest amount of litecoins used in a single purchase recorded. As litecoins continue to grow in popularity, more businesses will start to implement them more into their own structures.
There may very well be more purchases that use litecoins the same way as they were at Benz and Beamer.
Let us know if your business is accepting litecoins payments in the comment section below!