LitePay by will process Litecoin payments and rival BitPay
Litecoin, one of the world’s top cryptocurrencies, is set for huge gains this month and following a “game-changing” LitePay announcement.
The peer-to-peer cryptocurrency has been slowly falling in value in recent weeks during the annual early year crypto dips and is currently trading around $112, which is down from December ’17 highs of around $325.
Litecoin to the moon?
Litecoin experts are now convinced that the launch of a new payment processor called LitePay will send the price soaring.
The introduction of LitePay was announced just before Christmas by the Litecoin Foundation, but the actual launch of the service is expected this week.
LitePay takes Litecoin – essentially a faster spin-off of Bitcoin – and brings it to the mainstream by allowing businesses to accept payment in Litecoin from anywhere in the world.
Transactions will complete extremely fast and will allow customers to pay for products in other currencies without transaction charges.
A new Litecoin wallet is due to be introduced for all major smartphones and desktop browsers.
Instant withdrawals from VISA-compatible ATMs will be available along with the ability to make purchases from any merchant that accepts VISA.
Leading Research Analyst at Lombardi Financial, Palwasha Saaim called LitePay a “game-changer for Litecoin.,” adding:
“It would allow businesses to accept Litecoin without worrying about price volatility.
“Payments would be processed by LitePay instantaneously and settled directly with their banks.
“Take note that BitPay is currently charging about $5.00 transaction fees for processing Bitcoin transactions that take ages to confirm.
“The best part is that Litecoin users will be able to convert Litecoins to dollars and vice versa through their Visa-compatible LitePay cards, which will be usable at all ATMs or businesses that support Visa payments.”
Litecoin – also known by the acronym LTC – is described on Wikipedia as “a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license. Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority. The coin was inspired by, and in technical details is nearly identical to, Bitcoin (BTC).”
The blockchain currency was invented by ex-Google employee Charlie Lee in October 2011 as a faster, better alternative to Bitcoin.
In November 2013 Litecoin’s value increased exponentially with a 100% leap in a single day.
In the same month, Litecoin reached a $1 billion market capitalization, and by the end of November 2017, its market capitalization was US$4,600,081,733 ($85.18 per coin).
Shortly before Christmas last year, Litecoin’s marketcap had reached US$20,000,000,000, and each Litecoin was valued at more than US$371.00.