What is LitePay?
LitePay is the payment processor of Litecoin and it means businesses will be able to accept payment in Litecoin and the company’s Litecoin-exclusive debit card from anywhere in the world.
LitePay will allow businesses to accept Litecoin payments by instantly processing the payments that are settled directly with their banks.
The cryptocurrency is stored in a digital wallet where you can manage your Litecoin payments and activity and load the coins onto the LitePay Visa card.
The LitePay Visa card can be used wherever Visa cards are accepted and it takes the money directly from your Litecoin wallet.
Businesses will also be able to accept the cryptocurrency for payments as well.
LitePay launch: When does LitePay launch?
Litecoin will have much quicker transaction times compared to Bitcoin and significantly cheaper fees.
Bitpay – a Bitcoin and Bitcoin Cash transaction processor – charges consumer $5 dollars per transaction to make payments in Bitcoin which take a long time to confirm.
In comparison, payments would be processed by LitePay instantaneously and settled directly with their bank.
When does LitePay launch?
Litepay is expected to be released this week, no official release date has been confirmed but it “is on track for its February launch and is expected to be released for consumer use this week.”
The transaction processor was initially made public just before Christmas by the Litecoin Foundation. It has been called a “game-changer for Litecoin” by Palwasha Saaim, a Research Analyst at Lombardi Financial.
She said: “It would allow businesses to accept Litecoin without worrying about price volatility.”
Retailers do not have to worry about price volatility because the payment can be converted into dollars immediately.
When businesses accept the cryptocurrency at a given price at a given time, they will be paid that final value – they do not have to be concerned about any price changes.
LitePay users will be able to load funds onto the Visa-compatible LitePay cards
Where will you be able to use LitePay?
LitePay users will be able to convert litecoins to dollars and vice versa through the Visa-compatible LitePay cards, which can be used at all cash points or business that support Visa payments.
The LitePay Visa card can be used wherever Visa cards are accepted and takes the money directly from your Litecoin wallet.
LitePay will charge a flat 1% fee per transaction, compared to standard credit card fees which are around 3% and the BitPay transaction fee of $5 dollars per transaction.
What is Litecoin?
Litecoin – which uses the acronym LTC – is a peer-to-peer cryptocurrency and was launched in October 2011 by engineer Charlie Lee.
It was created as an upgrade to Bitcoin and was created through the original Bitcoin source and incorporated some of Bitcoin’s code.
Lee created Litecoin to be the silver to Bitcoin’s gold but the main difference to lie in the transaction speed.
Litecoin is used to transfer funds directly between businesses and people without the requirement of intermediaries such as banks.
This process reduces any major processing fees involved with traditional payments and reduces delays in the payment process.
The launch of LitePay mean payments can be accepted instantly worldwide
Bitcoin and Litecoin were introduced around the same time. Bitcoin’s creator Satoshi Nakamoto launched Bitcoin in 2009 and two years later Litecoin was introduced.In comparison to Bitcoin, Litecoin can confirm the legitimacy of transactions a lot faster and process a higher number of them within the same time frame.
Cryptocurrencies have a limited supply of coins – Bitcoin has 21 million coins in circulation and Litecoin has 84 million.
Although the market cap of Litecoin is significantly lower than that of Bitcoin, Litecoin still ranks within the top six cryptocurrencies at the time of publication.
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