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Not discouraged by its objective as an established form of payment, Litecoin enlists CoinGate as its payment processor
With one of the main problems faced by cryptocurrencies as a form of payment of the scalability of daily transactions, Litecoin has managed to move forward thanks to the partnership with the established payment platform, CoinGate as a processor.
The official announcement came in place of CoinGate's recent Twitter post regarding the decision of the Litecoin foundation to collaborate with the platform. The leading payment platform had emphasized that it would collaborate with the Litecoin Lightning Strength Development Foundation.
"We are thrilled to announce it #LitecoinFoundation CoinGate credited as the reliable #Litecoin payment processor. With the trust of the Foundation, we continue our work on the next Litecoin #LightningNetwork. More information on this soon! " the Tweet to read.
CoinGate as a Litecoin payment platform
The increase in payment platforms has certainly been one of the main ways of filling the gaps between the cryptic and the fiat world. Since its integration in 2014, CoinGate has sufficiently provided a way to easily convert crypto into fiat and vice versa.
The platform offers its customers the opportunity to pay cryptocurrency traders and these traders are allowed to cash in their cryptocurrencies in forms of legal currencies, even if limited to US dollars and euros.
The payment processor works in various ways for traders based on the nature of their business. CoinGate offers online sellers the opportunity to make use of their money by adding web plugins to their accounts or adding payment buttons to their website. Real-world traders can accept their encrypted via an app.
The payment processing platform has been noted supported about 50 altcoin with Litecoin one of these. However, it is not news that the decentralization of cryptocurrencies has been one of the main problems affecting their adoption in the mainstream financial market.
CoinGate is, on the other hand, a centralized platform that, in its true form, is a part disapproved of the cryptic world. Thus, the integration of CoinGate with Litecoin's Lightning Network is set to establish an element of unity between the two worlds.
With the Lightning network built to rely on peer-to-peer nodes for transactions, CoinGate's integration with the network is bound to make it less centralized. This could, in fact, facilitate a shift towards generalized adoption and, in turn, establish an element of trust between the fiat and crypto markets.
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