Ethereum

Bitcoin Cash

Cryptocurrency

Litecoin

Bitcoin

<div class="finbold"> 
 <p class="paragraph">Bitcoin (BTC) and Ethereum (ETH) transaction fees surged in 2023 and continue at higher levels. Facing expensive transaction costs, people started seeking more efficient cryptocurrencies to use as <a rel="dofollow" title="payment" href="https://thebittimes.com/tag/payment.html">payment</a>, like Litecoin (LTC).</p> 
 <p class="paragraph">In this context, monthly <a rel="dofollow" title="payment" href="https://thebittimes.com/tag/payment.html">payment</a> data by one of the largest cryptocurrency <a rel="dofollow" title="payment" href="https://thebittimes.com/tag/payment.html">payment</a> services, BitPay, evidences this phenomenon.</p> 
 <p class="paragraph">Notably, the platform’s users favored Litecoin by 38.25% in December, surpassing Bitcoin (23.24%) and Ethereum (10.45%). This trend started in November 2023 when LTC dominated 34.52% of BitPay <a rel="dofollow" title="payment" href="https://thebittimes.com/tag/payment.html">payment</a>s, against 30.55% using BTC.</p> 
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  <img decoding="async" width="1024" height="483" src="https://cdn.thebittimes.com/images/2024/01/06/52cf14eb0cd39c0fc2f1b7d7362ef0dd.webp" alt class="wp-image-147683" srcset="https://cdn.thebittimes.com/images/2024/01/06/52cf14eb0cd39c0fc2f1b7d7362ef0dd.webp 1024w, https://cdn.thebittimes.com/images/2024/01/06/52cf14eb0cd39c0fc2f1b7d7362ef0dd.webp 300w, https://cdn.thebittimes.com/images/2024/01/06/52cf14eb0cd39c0fc2f1b7d7362ef0dd.webp 768w, https://cdn.thebittimes.com/images/2024/01/06/52cf14eb0cd39c0fc2f1b7d7362ef0dd.webp 1536w, https://cdn.thebittimes.com/images/2024/01/06/52cf14eb0cd39c0fc2f1b7d7362ef0dd.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Payment count by cryptocurrency. Source: <em>BitPay</em>
  </figcaption>
 </figure> 
 <p class="paragraph">Additionally, Dogecoin (DOGE) got fourth place with 7.38% of BitPay users’ transactions in December 2023. Followed closely by Bitcoin Cash (BCH), with 6.18%; Polygon (MATIC), with 5.09%; and Circle USD (USDC), with 2.07%.</p> 
 <h2 class="wp-block-heading" id="h-bitpay-relevancy-on-cryptocurrency-payments">BitPay relevancy on cryptocurrency payments</h2> 
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  <p class="paragraph">“BitPay is the leading crypto <a rel="dofollow" title="payment" href="https://thebittimes.com/tag/payment.html">payment</a> processor in the world.”</p> <cite>— BitPay</cite>
 </blockquote> 
 <p class="paragraph">BitPay’s relevancy is notable, with reportedly 390,401 crypto transactions processed over the last six months. In December, the platform processed 51,896 <a rel="dofollow" title="payment" href="https://thebittimes.com/tag/payment.html">payment</a>s with cryptocurrencies, of which 19,850 used Litecoin.</p> 
 <figure class="wp-block-image size-large">
  <img decoding="async" width="1024" height="238" src="https://cdn.thebittimes.com/images/2024/01/06/39688235292fa79650b155b3aaf5785b.webp" alt class="wp-image-147684" srcset="https://cdn.thebittimes.com/images/2024/01/06/39688235292fa79650b155b3aaf5785b.webp 1024w, https://cdn.thebittimes.com/images/2024/01/06/39688235292fa79650b155b3aaf5785b.webp 300w, https://cdn.thebittimes.com/images/2024/01/06/39688235292fa79650b155b3aaf5785b.webp 768w, https://cdn.thebittimes.com/images/2024/01/06/39688235292fa79650b155b3aaf5785b.webp 1536w, https://cdn.thebittimes.com/images/2024/01/06/39688235292fa79650b155b3aaf5785b.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   6-month and 30-day crypto transactions processed. Source: <em>BitPay</em>
  </figcaption>
 </figure> 
 <h2 class="wp-block-heading" id="further-data-on-litecoin-bitcoin-and-ethereum-payments">Further data on Litecoin, Bitcoin, and Ethereum payments</h2> 
 <blockquote class="wp-block-quote"> 
  <p class="paragraph">“Litecoin is the cryptocurrency most commonly used for transactions”&nbsp;</p> <cite>— BitPay</cite>
 </blockquote> 
 <p class="paragraph">Interestingly, data from <em>BitInfoCharts,</em> retrieved by Finbold on January 6, shows a similar dominance for Litecoin transactions.</p> 
 <p class="paragraph">In particular, the Litecoin network had $1.23 billion sent in 525,888 transactions in the last 24 hours. This amount accrues for 25.28% of LTC’s market cap, according to <em>BitInfoCharts</em>.</p> 
 <p class="paragraph">On the other hand, Bitcoin had $15.88 billion sent in 418,600 transactions, for 1.86% of its capitalization. Meanwhile, Ethereum’s volume was lower than $3 billion, representing less than 1% of its market cap. Nevertheless, the number of transactions on the Ethereum network surpassed the 1 million daily mark.</p> 
 <figure class="wp-block-image size-large">
  <img loading="lazy" decoding="async" width="1024" height="511" src="https://cdn.thebittimes.com/images/2024/01/06/89c4247fadf401c8537e5797da061d5d.webp" alt class="wp-image-147685" srcset="https://cdn.thebittimes.com/images/2024/01/06/89c4247fadf401c8537e5797da061d5d.webp 1024w, https://cdn.thebittimes.com/images/2024/01/06/89c4247fadf401c8537e5797da061d5d.webp 300w, https://cdn.thebittimes.com/images/2024/01/06/89c4247fadf401c8537e5797da061d5d.webp 768w, https://cdn.thebittimes.com/images/2024/01/06/89c4247fadf401c8537e5797da061d5d.webp 1536w, https://cdn.thebittimes.com/images/2024/01/06/89c4247fadf401c8537e5797da061d5d.webp 1610w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Bitcoin, Ethereum, and Litecoin transactions data. Source: <em>BitInfoCharts</em>
  </figcaption>
 </figure> 
 <p class="paragraph">In closing, Litecoin started earning protagonism in the realm of cryptocurrency payments. This is mostly due to Bitcoin’s inefficiencies as a medium of exchange, with users migrating to more efficient alternatives.</p> 
 <p class="paragraph"> </p>
</div> 
<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/people-use-litecoin-for-payments-the-most-leaving-bitcoin-ethereum-behind-tbt75781.html">https://thebittimes.com/people-use-litecoin-for-payments-the-most-leaving-bitcoin-ethereum-behind-tbt75781.html</a></p>

People use Litecoin for payments the most, leaving Bitcoin, Ethereum behind

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