However fans of Litecoin – essentially a faster spin-off of Bitcoin – are convinced that a new payment processor called LitePay will send the price soaring.
The Litecoin Foundation announced LitePay just before Christmas – but the actual launch of the product is expected this week. LitePay takes Litecoin out of the cyber realm and places it squarely in real life by allowing businesses to accept payment in Litecoin from anywhere on earth. Transactions will be super-fast and allow UK-based customers to pay for products and services in dollars with no transaction charges.
A Litecoin wallet will also be available for all major mobile and desktop browsers and instant withdrawals from VISA compatible ATMs and spend with any VISA merchant will be possible.
Palwasha Saaim, a Research Analyst at Lombardi Financial, called LitePay a ‘game-changer for Litecoin’.
She added: “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.”