Litecoin (LTC), one of the most important crypto currencies in the market, is now compatible with the Blocknet Protocol.
This is very good news for the crypto environment because that means that the process of converting one crypto to other will become easier.
Litecoin is a greatly used virtual currency. It has low fees, fast transactions and the possibility to scale greatly in case it is needed. Even when it has been adopted by more merchants and stores, it will require a larger effort for it to be a real competitor to banks and cash transactions.
Changing one cryptocurrency for another has been a tedious process that exposes users to security risks. However this is something that is about to change now that there is a compatibility between Litecoin and the blocknet protocol.
Blocknet is a system that allows investors as well cryptocurrency users to exchange digital currencies without the intervention of a third party. The process is completed via atomic swaps, meaning that anyone who has fiat or other cryptocurrency can easily exchange it for Litecoin without having to rely on third parties.
For merchants that’s an important development. Due to this compatibility with blocknet virtually any vendor that accepts Litecoin payments, will now be able to offer customers the possibility to pay in fiat or other cryptocurrency which will be immediately converted into LTC through the atomic swaps.
It is important to mention that nor the buyer, nor the merchant need to know what is happening behind the transactional scenes. The buyer will pay in his preferred currency, and the merchant will immediately receive Litecoin.
Litecoin: Listing on Gemini.
The cryptocurrency has also now been listed in another exchange called Gemini.
The exchange is known for being one of the firsts compliant with all the existing regulations and banking standards in the industry, making it a very unique cryptocurrency exchange. Additionally, the platform is famously owned by the Winklevoss twins that have been involved in the crypto world in the last years.
We at CBNN see that this could only be a good thing for the cryptocurrency from Charlie. Thanks for joining us here and stay tuned for more pieces.