Cryptocurrencies and its related technologies keep evolving and so do the methods of making payments
A recent report from CoinGate, a prominent crypto payment gateway, highlights the growing popularity of altcoins for transactions.
This article focuses on three notable cryptocurrencies—Shiba Inu (SHIB), Solana (SOL), and Litecoin (LTC)—that are gaining traction in the realm of crypto payments.
As digital currencies become more mainstream, an increasing number of businesses are incorporating crypto payment options.
CoinGate’s report indicates a significant rise in crypto payments, demonstrating that altcoins and meme coins are not only used for trading but are also becoming practical payment methods.
In the second quarter of 2024, CoinGate processed over 404,000 orders, reflecting strong demand for crypto payments.
Solana: Speed and Efficiency
Solana has become a leading choice in the crypto payments sector. Since CoinGate integrated Solana payments in May 2024, there has been a noticeable increase in its usage.
By June, Solana was the sixth most popular network for payments on the platform, processing nearly twice as many transactions as Circle’s USD Coin (USDC) on the Binance Smart Chain (BSC).
Solana's appeal lies in its low transaction costs, high speed, and impressive throughput capabilities, making it attractive for both businesses and consumers.
With transaction speeds reaching up to 65,000 per second, Solana ensures near-instantaneous payments, enhancing the user experience.
CoinGate plans to support more cryptocurrencies in the future, with a positive outlook on Solana.
Litecoin: A Reliable Choice
Litecoin, often considered the "silver to Bitcoin's gold," has also seen substantial growth on CoinGate’s platform.
In the second quarter of 2024, Litecoin transactions increased by 3.43% compared to the previous quarter and showed a 67% growth year-over-year.
According to Alan Austin, Managing Director of the Litecoin Foundation, Litecoin's success can be attributed to its advanced security features, low fees, and reliability.
Users value the control over their funds that Litecoin offers, which contributes to its popularity.
The combination of a positive transaction experience and solid monetary features makes Litecoin a preferred option for many users.
Shiba Inu: A Niche Player with Potential
Shiba Inu, a meme-based cryptocurrency, has established a unique position in the crypto payments sector.
CoinGate expanded its support for Shiba Inu across the Polygon and Binance Smart Chain networks in May 2024, resulting in a 76% increase in SHIB orders from the previous quarter.
The vibrant community of Shiba Inu supporters plays a significant role in its popularity.
The enthusiasm and engagement of its users have helped SHIB grow as a payment option on various platforms.
As more businesses recognize the potential of meme coins like SHIB, further integration into the crypto payment ecosystem is expected.
Report | Coingate
Benefits of Using a Crypto Payment Gateway
Integrating a crypto payment gateway like CoinGate allows businesses to accept a variety of cryptocurrencies, including popular altcoins.
Here are some benefits of adopting a crypto payment gateway:
- Broader Customer Base: Accepting cryptocurrencies can attract a global audience that prefers digital currencies for transactions.
- Lower Fees: Crypto payments often have lower transaction fees compared to traditional banking systems, resulting in cost savings for businesses.
- Fast Transactions: Cryptocurrency transactions are usually processed quickly, improving cash flow and customer satisfaction.
- Enhanced Security: Blockchain technology provides a secure environment for crypto payments, reducing the risk of fraud.
As digital payment methods continue to evolve, cryptocurrencies like Solana, Litecoin, and Shiba Inu are proving to be significant players in the market.
By adopting these altcoins and using crypto payment gateways, businesses can stay ahead and meet the growing demand for digital currency transactions.