Lysergi, a supplier of research chemicals and other products, has advised its customers to use litecoin (LTC) over its more popular rival bitcoin (BTC), The Cointelegraph has reported.
According to the report, the company sent an email to its customers, claiming that litecoin had many advantages over the original cryptocurrency, such as lower fees and faster confirmation times.
“We encourage customers to use Litecoin over Bitcoin where possible, a significant amount of money can be saved in fees,” Lysergi wrote, as quoted by The Cointelegraph.
The litecoin blockchain is very similar to that of bitcoin, but there are several key differences between the two. One of those is the block generation time, which is 2.5 minutes for litecoin and 10 minutes for bitcoin. This means that transactions can be confirmed four times faster in LTC. In addition, litecoin has already adopted the Segregated Witness upgrade, which helps increase the network’s scalability.
Lysergi is not the only company that has warmed to litecoin lately. Content micropayments startup Yours recently decided to move its platform to LTC, a move that litecoin creator Charlie Lee described as a notable win for the fourth largest cryptourrency. The activation of Segwit may have been the main reason for Yours’ decision.
In recent weeks, the majority of the bitcoin community has finally shown support for SegWit activation, as part of a two-phase scaling proposal called SegWit2X. However, this was preceded by years of heated debate within the community, with multiple groups proposing their own solutions to bitcoin’s scaling problem. In comparison, litecoin had a much smoother transition, which suggests that its network is much more adaptive to improvement plans than its older sibling. According to a development roadmap, recently unveiled by the Litecoin Foundation, the organisation is working on implementing lightning network and is interested anonymous smart contracts.
In today’s trading the litecoin price stood at $39.25, as of 10:44 BST. The cryptocurrency has fallen 2.6 percent over the past 24 hours, according to data from the Coinbase-operated GDAX exchange.
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