While Twitter polls are admittedly not representative of the entire crypto community, I was surprised to find a recent poll revealing Litecoin to be more popular than Ethereum for payments.
Australian crypto travel company TravelByBit has been running a Twitter poll over the past two days that asks:
“We want to work with only the best blockchains. Which coin do you feel is important that our merchants accept?”
Options are limited and include only Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and, bizarrely, Binance Coin (BNB). With 837 votes and five days left on the poll, the world’s most popular cryptocurrency, Bitcoin, is winning – despite having one of the slowest transaction speeds (10 minutes on average according to recent analysis).
Litecoin is relatively close behind with 28 percent of the vote, leaving Ethereum with only 11 percent – even less than that of Binance Coin’s 12 percent.
While Ethereum ranks far higher by market cap than Litecoin, the results shouldn’t be all that surprising. Litecoin has far faster transaction times than Ethereum (2.5 seconds on average) and a much higher maximum capacity (56 transactions per second). Bitcoin, by comparison, handles about 3 transactions per second on average. As a result of this beneficial functionality, Litecoin has become one of the most popular means of payment on the Dark Web according to a report today by Smartereum.
In order to improve scalability and transaction speeds, Ethereum developers have been investigating the use of the zCash technology zk-SNARKs, which Ethereum creator Vitalik Buterin believes could speed up transactions to 500 per second. Bitcoin has also begun implementing a micropayments solution, Lightning Network, which promises to drastically improve transaction speeds. According to data from 1ML.com, the Lightning Network recently surpassed $2 million worth of transactions.
Earlier this year, online trading platform eToro released a report outlining the benefits of Litecoin over Bitcoin.