Litecoin’s payment system “LitePay” expected to launch this week – Here’s what it is!

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Litecoin, one of the rivals of Bitcoin is seeing more surge in its market value ever since it announced to launch its unique payment processor called ‘LitePay’. The launch date is scheduled this week on 26th of Feb which has raised the public interest in Litecoin from all over the world.

Litecoin is one of the most famous alternatives to Bitcoin as it poses a serious competition to it. The growth has been more than 50 percent since the announcement and 70 percent rebound seen by the market since 7th February, is surprising enough.

By now you would be interested in knowing much about LitePay and what it is. Simply put, LitePay is the payment processor of Litecoin. This would enable you to buy stuff from retailers where ever LitePay is accepted as the payment method.

For this you can use the Litecoin wallet. This would help you transfer litecoins to your LitePay card, which is expected to have widespread support. The VISA card would ensure that you can buy things off the shelve without keeping your cash with you.

The LitePay is expected to be officially available on 26 of February, marking the birth of yet another payment platform. In a tweet on Twitter the LitePay team tweeted, “We started to do this because people asked Bitpay to accept LTC. They did not refuse and we accepted the challenge. Launch of the platform for LTC on February 26.”

As reported by those behind LitePay, not only can LitePay work as a Debit card, but also allow merchants easily accept payments in light-boxes. This would certainly remove doubt amongst those who thought cryptocurrencies are hard to buy stuff with, clearing the pathway for a future all digital world.

Though, cryptocurrencies have seen an exponential growth over the years, they are still not trusted that much because of their volatility. Not only this, but the payment infrastructure for such currencies hasn’t really foreseen any major development. Only if crypto currencies could offer the convenience which your debit or credit cards can, then only can cryptocurrencies have a real future.

Bitcoin has been facing a similar problem. People are actually using it just as an investment rather than as a currency which it was rather meant to be. This means, that people are just storing up Bitcoins for now. This has lead to an increase in Bitcoin transaction fee and also the time for a transaction has also increased. Now LiteCoin, has a great chance of taking an industry lead if they go through their plan of adopting a payment processor, i.e. LitePay.

The LitePay functionality is quite simple:

“Accept payments from customers anywhere on earth.” Receive settlement from Litecoin payments directly to your bank account in your own currency, with zero price volatility or risk.”

Therefore, with LitePay, with just a 1 percent transaction fee, you can have instant conversion to fiat currencies through your LitePay card. This isn’t much since most credit cards charge around 3 percent charges for each transaction and BitPay transaction fee is also $5 per transaction.

Litecoin and Bitcoin emerged nearly the same time around, with more Litecoin in circulation than Bitcoin, though the market cap of Bitcoin is certainly more than Litecoin, Litecoin still ranks amongst the top 6 cryptocurrencies of the world.

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