The British watch brand Kingston Farrell has announced that it is the latest business to accept Litecoin as a form of payment. There has been a wave of businesses offering cryptocurrency payments as an option to customers, as it helps to negate the worry of currency exchange rates and processing fees.

Across the globe, recent examples of companies accepting Litecoin as payment include a Tesla Model P85 sold for 5,447 ($90,000) Litecoins in California through a car dealership, and an Australian IT provider (Ellenet) has become the first in the country to accept Litecoin. It is only a matter of time before higher profile businesses jump on board with the acceptance of crypto as payment for goods and services.

Litecoin has a number of benefits when compared with other digital currencies, including Bitcoin. The first is that it has a relatively low transaction fee in comparison with Bitcoin. This lower fee works for many people, especially those who wish to make regular small payments of Litecoin.

Due to the block time being much smaller on Litecoin, the transaction process is likely to be much faster than it currently would be through a Bitcoin payment. There will come a time when Litecoin has to face the same problems that Bitcoin has, in terms of speed and pricing relating to scalability, but as it stands it is a much faster process.