When it comes to crypto mass adoption, all indicators are that Litecoin (LTC) will emerge at the top. In fact, up to this point, it is leading when it comes to businesses adopting crypto. For instance, in Australia where the Brisbane international airport accepts crypto payments, Litecoin is leading in adoption. The same scenario replicates all across the world, pushed mainly by the #PaywithLitecoin campaign.
However, Litecoin (LTC) is about to get adopted at an even higher rate, all thanks to Zulu republic’s Lite.im. This is a project that aims to make Litecoin services accessible through SMS. Through this project, anyone with access to a mobile phone, can send and receive Litecoin anywhere in the world, through SMS. The best part about Lite.im is that one can send Litecoin to a mobile phone number, without having to key-in lengthy cryptographic addresses.
One of the implications of this project is that it will lead to wider inclusion of the world’s population into the global financial system. Research shows that only 33% of the global population has a smartphone, while more than 60% have access to a basic mobile phone. That’s to say that all across the world, even the poor do have access to a basic phone. As such, by giving them the chance to transact in money via SMS, they will literally be getting banking services on their phones, services that they would never have access to, under conventional financial structures. Litecoin could in the near future offer them a way out of poverty, since they can start saving small amounts of Litecoin (LTC) and get out of poverty over time.
On top of that, if people start using Litecoin SMS service at scale, businesses will be forced to start accepting LTC. That’s because businesses always use payment methods that are most popular, and accessible to their customers. It is simply a case of convenience to the consumer in order to nudge them to spend. In this case, when people have the ability to send money via SMS, and do so cost-effectively, safely, and fast, it will be in every business’s best interest to accept it as a payment method.
Both of the above implications all gravitate towards the mass adoption of Litecoin as a payment method. If this service gets adopted at scale, it could easily see Litecoin replace other payment methods and make Litecoin the default currency for every payments both domestically and in international business.
All these make Lite.im one of the best things to ever happen to Litecoin up to this point. That’s because once it takes Litecoin to the masses, demand will shoot up exponentially. And with such demand chasing only 84 million coins, one can only imagine how high Litecoin could go. Even a valuation of over $1000 appears very plausible with Lite.im Litecoin SMS payments coming into play.
It’s a good enough reason to be bullish on Litecoin (LTC) even as crypto prices continue to slide lower, with Litecoin now trading under $60.