CoinGate Recognized by Litecoin (LTC) Foundation as the ultimate tax payer

CoinGate Recognized by Litecoin (LTC) Foundation as the ultimate tax payer

LTC or Litecoin currently acts as one of the most influential cryptocurrencies in the world. It holds the seventh position and is popularly known for its ability to interact and exchange easily and quickly with BTC (Bitcoin). On Wednesday, November 14, 2018, its foundation announced that it had taken the decision to formally recognize CoinGate as its principal tax payer.

The partnership has been officially announced to the public by the payment manager. While announcing this news, CoinGate said it would be operating on the Lightning network from the start of this collaboration.

CoinGate tweeted,

Partnerships and developments of Litecoin

Going forward, it was recently noted that the Litecoin Foundation had commissioned an online survey on Twitter looking for public input related to 2 options for their PayWithLitecoin project: the two options were Lyft or Uber; the two main taxi companies provide services all over the world.

The two companies are seen as the main players in the sector that Litecoin seeks to pursue, although it has not fully engaged in the transport sector. When he replied, the results indicated that Uber had emerged victorious after collecting seventy-four percent of the total votes that had been cast.

This would suggest that Lyft could only collect a miserable twenty-six percent. The PayWithLitecoin is an initiative that was initiated by the LTC Foundation with the main objective of ensuring that more people adapt and use LTC coins in everyday life. It is a practice that has gained strength in many countries around the world, even in regions such as Australia.

The initiative was initiated by a technology startup called TravelByBit. The aim of the initiative was to try to convince more people to adopt the use of cryptocurrencies and not just LTC. Once the cryptic enthusiast named Jessy commented on this tweet asking if he had reached a point where LTC could now decide who the best payment processors were.

Information on Litecoin

LTC is a decentralized digital asset like BTC (Bitcoin). The platform uses the same encryption methods as Bitcoin to create, transfer funds and confirm whether a transaction was successful or not. When you look at the two coins, you will notice that their main difference lies in the fact that Litecoin tends to have faster transaction rates.

Furthermore, it has many coins that can be created. The coins are created through a process commonly called mining. All his transactions are recorded on a public ledger. LTC seems to have one of the largest market capitalizations in the world.

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