Litecoin (LTC) price has been on a roller coaster like many other coins and altcoins in the cryptocurrency market. The 4th cryptocurrency by market capitalization has been struggling to recover its lost value due to the instability in the cryptocurrency market following pressure from regulatory authorities around the world. Its market capitalization stands at $9.65 billion.
The Litecoin Cash hard fork caused an upsurge in the price of LTC, but the crypto went through what is known us hump and dump which saw the value gain depreciate to the trading levels recorded in early December 2017. The announcement that Litecoin (LTC) will launch LitePay; a payment card system for purchasing goods and services caused another upsurge in the price of LTC from lows of $160 to $234. In addition to that, there was a $2 billion increase in Litecoin market capitalization.
What is LitePay?
LitePay refers to a payment processor developed by Litecoin LTC) to ease the exchange of LTC currency with government-issued fiat from all over the world. The system has been designed to be flexible and straightforward to use by any businesses intending to introduce cryptocurrency payment options. However, the system only supports Litecoin (LTC) cryptocurrency.
Reasons Why LitePay will be Adopted in 2018
- LitePay Solves the Current Problem of Cryptocurrency Commerce Adoption
At the moment, it is not easy for merchants and businesses to serve cryptocurrency holders directly by accepting digital assets payments. Firstly, because the cryptocurrencies are very volatile and fluctuate in prices. Secondly, because there isn’t a framework to enable the transactions in a fast, flexible and convenient way. The developers of Litecoin had all these issues in mind. Therefore, LitePay was designed to be the world’s first cryptocurrency payment platform that instantly converts cryptocurrencies using the current market rate to the fiat currency accepted by the merchant. In this way, the system can deal with fluctuations and market volatility. Furthermore, the transactions can be initiated from anywhere in the world adding to the endless list of benefits of using LitePay.
- LitePay State of the art Prepaid Card
Convenience is the key to the success of any payment system serving both customers and merchants. Visa and MasterCard have won the hearts of many across the world because of the convenience they offer their customers. Instant accessibility and faster transactions are some of the reasons why people from around the globe prefer these two systems to the rest. Litecoin (LTC) LitePay can achieve much more considering that the decentralized blockchain technology backs it. The incorruptible nature of the blockchain safeguards the security of the funds on the cards. The card will be linked to the digital asset and can also be used to make online payments on sites such as Amazon. The blockchain technology will pave the way for the instant transactions, making LitePay the preferred cryptocurrency payment platform that can integrate with the fiat currencies at the prevailing exchange ratio.
- LitePay lower transaction fees and Commissions
Virtually no one wants to pay huge transactions fees when making payments and sending money. LitePay system has been developed in such a way that it can negotiate directly with the local banking institution to find the appropriate rate for exchanging the cryptocurrency. Furthermore, the commission has been capped at a flat 1% rate. Contrary to the 3% standard commission charged by the credit card systems. Besides, LitePay’s rate is 2% cheaper compared to its immediate competitor, BitPay which charges 5%. In addition to that, the holders will be able to change Litecoin to dollars anytime and spend whenever and wherever around the world. On the other hand, the LitePay card will allow the users to load dollars at no fee into the Litecoin (LTC) wallet.
LitePay started operations on February 26, 2018. However, the company hit a snag with most of the banking institutions according to the communication from the developers. It halted the individual registration to an undisclosed later date. Although, business and merchant registration are ongoing. Online shopping sites like Amazon and eBay have already been reported to have commenced their registrations. LitePay will be the system that brings cryptocurrency to the investors and business owners in 2018, and its adaptability is expected to be widespread.
Please share an opinion on LitePay; will you consider using LitePay in 2018 and why?