On Tuesday, LitePay, Inc. announced that it plans to launch its instantaneous Litecoin payment system on February 26th. This will help to revolutionize the acceptance of crypto as a payment currency by ordinary businesses. The concept of LitePay was first announced a few days before Christmas 2017. According to a Tweet, the launch will take place on February 26th.
According to the company, LitePay will allow businesses to accept LTC with ease during transactions. Besides this, the infrastructure will make it easy for businesses to accept the Litecoin debit card, which is powered by Visa. This will make crypto transactions instantaneous in a manner that was not possible before.
This Could Be a Game Changer
If it succeeds, LitePay will potentially revolutionize crypto and make it mainstream. The biggest hindrances to digital currency have been few use cases, market volatility, excess speculation, and obtuse whitepapers. Also, the shoddy infrastructure of various exchanges has made an already complex process more inaccessible to ordinary people. It has been said that unless paying in crypto becomes as easy as swiping a card, digital currency will never go mainstream.
Already Bitcoin has faced serious hurdles as a payment system, most people now consider it a store of value rather than a currency. Most vendors who used to accept the Bitcoin for payments have since shut down such services. Some of the issues they cite include high transaction fees and long transaction times. However, all of these issues could be solved soon with advances in the world of crypto.
However, it may not be Bitcoin that ends up being a mainstream payment system, but Litecoin. LitePay claims it will be able to solve the issue of volatility by allowing vendors to make instantaneous acceptance of payments. In addition, they will be able to convert LTC to fiat instantly. They will only be charged a small transaction fee of one percent.
According to a research analyst at Lombardi Financial, Saaim, LitePay is going to be a game changer. He explained,
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.
If LitePay succeeds, the sixth largest digital currency by market cap will be set to become the first to break down the barriers of crypto. It will help to usher in a new era of digital currency going mainstream. This will help change the mindset of various experts, who have dismissed digital currency as a useless asset that is driven by speculation.
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What do you think about the potential launch of LitePay? Could it help digital currency becomes accepted as a payment option? Leave us your thoughts in the comments section below.