The exponential increase in popularity and growing price of Bitcoin had so far marginalized other cryptocurrencies, including Litecoin. But thanks to increasing scalability issues faced by the Bitcoin network, other cryptocurrencies were presented with a fighting chance.
Litecoin, the cryptocurrency commonly referred to as the digital silver (while Bitcoin is considered as the digital gold) has slowly started to regain prominence. Following the activation of Segwit on Litecoin network, the confidence in Litecoin has been regained. Now, treading the same path as Bitcoin, the digital silver has got its own ATM.
Now cryptocurrency community members in Canada’s Toronto area can buy Litecoin on LocalCoinATM’s Bitcoin ATMs. According to the company’s latest announcement, it has extended Litecoin support to selected Bitcoin ATMs in Toronto and GTA area. With the new development, LocalCoinATM has become the first player in Toronto to support Litecoin transactions on ATMs.
In its announcement, the company has instructed the users to ensure they have a Litecoin wallet handy while purchasing the cryptocurrency on the Bitcoin ATMs. The machine screen will provide an option to “But Altcoins,” using which the cryptocurrency can be purchased from any of the 5 locations. Currently, the company is providing a 20% on purchases, the code for which is available on the website.
The company has also announced the upcoming installation of cryptocurrency ATM in North York. However, it hasn’t offered the exact address or the date of unveiling yet. It is also entirely possible that the company is planning to extend support for other altcoins in the near future, which is indicated by the inclusion of “Buy Altcoins” option.
While cryptocurrency ATMs present the easiest way to obtain Bitcoin, they are not the most economical ones. A percentage of the commission charged ranges anywhere between single to double digits. However, it might all soon change as the industry becomes more competitive by the day.