Accept Litecoin Payments

How to Accept Litecoin Payments
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Crypto users enjoy having a wide range of options to receive and send payments, especially for cross-border transactions that involve exchange rates when sending fiat money.

Bitcoin and Ethereum are two popular crypto payment options. However, Litecoin usually stays in the shadows despite its old roots, unique build, and use cases, and investors generally overlook its capability.

When it comes to crypto processing solutions, Litecoin (LTC) plays a major role thanks to its price stability and consistency over the years. Let’s review how to accept Litecoin payments and why you must add LTC to your digital wallet.

What is Litecoin?

Litecoin was created in 2011 as a Bitcoin blockchain fork. Therefore, it was created on the BTC chain, enjoying many of its security features. LTC was separated from the BTC blockchain after increasing pressures from the increasing crypto processing fees and mining process, where miners were getting the upper hand in the ecosystem.

Charlie Lee, an ex-Google engineer, created the Litecoin network as an open-source blockchain that minimises the centralised control of nodes or other participants. Originally, it used a different encryption scheme to mine for its coin, but miners quickly adapted, and LTC mining became available.

It has been described as the “Silver” to Bitcoin’s “Gold”, referring to the uniqueness of LTC despite its lesser popularity compared to other major cryptocurrencies.

The fact that LTC does not attract investors’ attention makes it a valuable asset for crypto transactions. Companies accept Litecoin payments because the coin is not as speculative as Bitcoin while being secure to store.

Use Cases of Litecoin

Despite its low profitability for trading and passive role in crypto brokerage platforms, there is a reason why it still remains on the top 20 cryptocurrencies list and a solid option for most crypto payment processing companies. Let’s review some of the Litecoin use cases.

Online Transactions

Businesses of all types that transact in cryptocurrencies consider Litecoin a top option promoting speed and stability. Brokerage platforms, gambling sites, e-gaming platforms and e-commerce shops use a Litecoin payment gateway to accept crypto payments and offer their clients a larger selection of virtual coins.

Accepting Litecoin payments online has become much easier, and users are increasingly switching to LTC, given its secure structure and less exposure compared to famous cryptos.

Donation and Remittances

LTC price goes through times of stability compared to other currencies despite experiencing noticeable increases during market bull runs. Between 2018 and 2020, it hung around $50, while in 2022, it started to move around the $60 range.

Between 2018 and 2020, it hung around $50, while in 2022, it started to move around the $60 range.

This relevant stability and network security make it a preferable option for donors and financial institutions who choose crypto payment processing companies that offer LTC to send funds across countries.

Crypto Investments

LTC might not be the best option for making gains in the crypto market in a short time. However, it is a great long-term investment.

The longevity and stability of this coin make it a preferred option for position traders and those who want to keep crypto assets in their storage.

How to Accept Litecoin with B2Binpay

Sending and receiving virtual coins is made easier with B2BinPay’s solution, where you can create your Litecoin wallet and store LTC and hundreds of other cryptocurrencies. Here’s how you can do it.

Account Setup

Whether you want to sell products or services and receive your funds with crypto merchant processing or launch a brokerage firm where traders sell and buy Litcoin, the B2BinPay crypto solution is the one for you.

Set up your wallet within minutes for a one-time fee that includes onboarding, setting up and monitoring, and start transacting using hundreds of cryptocurrencies and tokens supported by tens of blockchains and decentralised ecosystems.

You can choose between an enterprise wallet that supports crypto exchange software, offering access to 350+ crypto assets or a merchant wallet that enables you to get paid in hundreds of crypto coins and tokens.

Moreover, you can create a token wallet, which must be linked to a parent cryptocurrency wallet. Some wallets must be activated by depositing a minimum amount in the denominated currency.

API Integration

APIs are used to integrate our Litecoin payment gateway with your checkout page, facilitating crypto transactions and allowing you to send and receive funds in Litcoin.

We use the JSON API protocol to guide quick data exchange between servers, as well as various encryption algorithms and models to secure data transfer.

After signing up, users will receive an email with their unique API credentials that identify their account when requesting data calls. Our API integrations facilitate payout automation, real-time exchange rates, and other features that you can pick and choose from.

Configuring Litecoin Payments

Gain control over your funds using the B2BinPay crypto wallet solution, where you can swap between currencies, create multiple wallets and own a blockchain solution to power your brokerage platform.

Explore ways to better control your wallet by inviting users and assigning them different roles that determine their control level (owners – read-only – admins – withdrawals with approval) to promote your funds’ security.

Create your Litecoin crypto wallet with B2BinPay and enjoy top-notch security, customisation and outstanding performance that boosts your business.

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