Litecoin (LTC) might have had a rough start of the year once its spot of the 5th largest cryptocurrency was taken over by the uprising EOS (EOS), later on making way for another digital asset, Stellar (XLM), which surpassed it by market cap that way pushing it down to the spot number 7.
Despite the obvious decline in its price in oppose to competitors in the market, LTC moreover managed to break the resistance in its price going above 60$ per one unit even with the latest decline by -1.88$ which represents a sluggish trend in the market on the first day of October 2018.
Moreover, since one of Amazon’s subsidiaries, Amazon Web Services, partnered up with a blockchain-based company called Kaleido, as published back in May by CNBC, numerous indications appeared on the matter of having Litecoin partnering up with Amazon in the near future.
The talked-about partnership has not arrived even 5 months since the rumor started, so what are the facts and what is an urban myth in the story of Litecoin and Amazon “potential” partnership?
Amazon is indeed Interested in Blockchain
If anything is true about the connotation on the matter of Litecoin partnering up with Amazon, one of the largest e-commerce companies with numerous subsidiaries, it is the fact that Amazon is indeed interested in the blockchain.
Back in May, CNBC wrote about a blockchain-driven partnership between one of Amazon’s subsidiaries, Amazon Web Services, and Kaleido.
Kaleido is actually a blockchain-based cloud computing startup and the partnership between this company and Amazon Web Services has a pretty practical and straightforward purpose; which is to enable Amazon Web Services’ customers to be able to take advantage of blockchain-driven use case without the actual need of being particularly familiar with the technology.
With this partnership, Amazon Web Services will enable their customers to move forward to utilizing blockchain technology by placing their services on the blockchain, which consequently provides more functionality and promptness to AWS customers.
However, even though one of Amazon’s subsidiaries have introduced blockchain technology to their operations, none of Amazon representatives mentioned that the e-commerce giant is planning on introducing cryptocurrencies as alternative methods of payment on the official website of Amazon online store.
The Possibility of Introducing Litecoin to Amazon Services
When it comes to a purely speculative possibility of having Litecoin “listed” on Amazon as an alternative payment method that the customers would use to pay for goods and services, the potential is there, and it is real.
This is the case because Litecoin did manage to provide faster processing times and cheaper transactions in oppose to its “mother chain”, Bitcoin.
Forked out of the first crypto ever to be launched, Litecoin represents a direct hard fork from Bitcoin chain, fulfilling the promises made on coming up with a lightweight cryptocurrency that takes less time to validate transactions with the ability to low-charge and process microtransactions as well, with 2.5 minutes for block time in oppose to 10 minutes Bitcoin is taking for the same operation.
In that sense, Litecoin does have a great potential of becoming a payment method, not necessarily on Amazon, but in any physical or online store across the globe. However, in case Amazon adopts the need of introducing cryptos as alternative methods of payment on Amazon store, Litecoin can definitely be the first in line for the listing as it has what it takes to pose as a fast and cost-effective currency.
The Origin of Amazon-Litecoin Partnership Rumor
It all started with the Litecoin community as numerous members and holders of LTC have expressed the enthusiasm to see LTC as a payment method on Amazon more than several times, consequently taking the matter to Charlie Lee, the CEO and founder of Litecoin foundation and LTC.
Back at the beginning of 2018, the rumors on potential partnerships between Litecoin and companies such as Amazon, Facebook, Google, and even Starbucks started to appear. Charlie Lee responded that he is not aware of any of these partnerships, adding that “they want me to lie just to pump the price” as a reply to a group of dissatisfied followers on Twitter.
Even back in December of 2017, we could see glimpses of these indications on Twitter, especially regarding partnerships between Amazon and Facebook, regarding Lee openly stated that the respective companies should announce partnerships with LTC in case there were announced partnerships at all.
However, this doesn’t exclude the potential that Litecoin has for representing an alternative payment method on e-commerce giants like Amazon given its potential.
Moreover, Dogecoin fans would also love to see DOGE get to Amazon, so one of DOGE holders started a petition on Change.org with already collecting over 18,000 signatures for the petition that is ought to be submitted to the CEO of Amazon. Despite the goodwill and enthusiasm, this won’t guarantee the “listing” as Amazon is not showing any interest in cryptocurrencies in oppose to their open interest for blockchain as a prominent technology.