We know OpenBazaar will integrate support for a few different altcoins. Both Bitcoin Cash and ZCash are in the testing phase already, which is good news. Moreover, it seems Litecoin integration is also on the agenda. That is a good thing, as Bitcoin remains a far too expensive payment method right now. Come January 2018, things will get very interesting for OpenBazaar, by the look of things.
No one can deny good things are happening for OpenBazaar. This peer-to-peer marketplace solution has been well-received by the cryptocurrency community. However, this solution has always been hindered by only supporting Bitcoin. Although it is still the world’s leading cryptocurrency, it also has a lot of problems right now. Slow transactions, network congestion, and high fees are just some of the issues. Not an ideal situation by any means.
Litecoin may Come to OpenBazaar Soon
As a result, it makes a lot of sense for protocols such as OpenBazaar to support alternative currencies. Bitcoin Cash will certainly play a big role in this regard. This alternative version of Bitcoin has seen some major success in recent weeks. Its price has also soared to a new all-time high not that long ago. It is unclear how all of this will play out in the long run, though. For now, supporting BCH makes a lot of sense.
Additionally, we also see ZCash integration. A coin with optional privacy and some questionable development decisions is an interesting addition, for sure. Whether or not anyone will ever spend ZEC on OpenBazaar, remains highly doubtful at this point. There are a few different coins which could provide more privacy and would generate more transaction volume as well. An interesting decision by the protocol developers, but it may not yield any significant results.
Last but not least, the team is working on Litecoin integration as well. That in itself is pretty interesting. It is true Litecoin has had a good year throughout 2017. It would make a lot of sense to use this payment method on a decentralized peer-to-peer platform. For now, the Litecoin implementation is still in the exploration phase and actual testing has yet to begin. We can only hope to see a few more prominent altcoins get added to this platform in Q1 2018.