Lysergi, a supplier of research chemicals and other products, is recommending the cryptocurrency Litecoin over the more popular Bitcoin to its customers. The company claims that Litecoin has many advantages over its rival Bitcoin, including lower fees and better confirmation times.
In its email sent to customers, the company said that they should use Litecoin over Bitcoin whenever possible. Part of the email reads:
“We encourage customers to use Litecoin over Bitcoin where possible, a significant amount of money can be saved in fees. Litecoin can be purchased from many of the major exchanges including Coinbase.”
Litecoin vs. Bitcoin fees
Among the various advantages of Litecoin over Bitcoin that were cited by the company are its lower fees and faster confirmation times. The claim about the speed of confirmation of a Litecoin transaction can be true as it was proven that it is faster than Bitcoin, which takes about an average of 10 minutes to complete a transaction. This time can be a lot higher when the network is congested.
The claim of lower fees, however, is debatable as Bitcoin fees were reduced considerably as of late July 2017. Still, the recommendation by Lysergi could benefit the digital currency market as it will foster tougher competition among the cryptocurrencies.
Other developments in the use of Bitcoin and Litecoin
The decision by Lysergi to recommend Litecoin over the better performing Bitcoin is quite intriguing. However, there were other companies which tried to switch to Litecoin from Bitcoin in the past. One example is the cryptocurrency project Yours. A possible reason behind their move to favor Litecoin is the implementation of the SegWit expansion solution to the Litecoin network.
Lysergi is not expected to benefit much from its promotion of Litecoin, but it will surely create some discussions among the industry players.