We have all known that Litecoin (LTC) is a faster and cheaper alternative to Bitcoin (BTC), but that difference is about to get a whole lot more tangible this month. This blockchain network’s payment platform, LitePay, is set to launch this month, maybe even within the next week. So far, it’s looking like this new system is going to shake things up in the cryptocurrency market, and it’ll certainly boost LTC’s dominance in the retail payments space.
What is LitePay?
LitePay is a new system where retailers can accept Litecoin payments instantly from anywhere in the world. It has a few components. First, it’s an e-commerce payment tool. Merchants can accept Litecoin payments via an easy payment gateway – and you don’t have to worry about volatility because you can have it converted into USD immediately. As their website puts it:
“Use LitePay’s retail, e-commerce, billing, and donation tools to 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.”
Imagine just accepting a cryptocurrency at a given price at a given time, and being assured that you will be paid in that fiat value – without having to worry about holding onto a volatile financial asset.
What about fees?
One of the biggest draws toward dealing in cryptocurrency over traditional financial institutions is the fact that it’s usually cheaper. LItePay charges a flat 1% fee per transaction, which is fantastically low compared to standard credit card fees which are around 3%, typically.
Oh, and Bitpay (which is like LItePay, but with Bitcoin) is around $5.00 just to complete a transaction. Bitpay also takes a pretty long time just to execute a transaction.
LitePay is also a Litecoin (LTC) Wallet and Debit Card
You probably would have already assumed this – but this platform is also a wallet where you can manage your LTC payments and activity. It’s also where you can load funds using fiat money.
Those loaded coins can then be used with the LitePay Visa card, which can be used wherever Visa cards are accepted. It just takes the money directly from your LTC wallet.
This Makes Litecoin (LTC) One of the Easiest Coins to Spend
Litecoin (LTC) is already one of just four coins tradeable on the world’s most popular cryptocurrency exchange, Coinbase. It is also looking pretty good that LTC will be tradable on Robinhood Crypto – it is already one of the watchlist-enabled coins, after all.
This is a pretty big step for LTC. Cryptocurrency has come a long way, but there still aren’t a lot of people out there swiping crypto debit cards everywhere they go – or paying using coins on e-commerce marketplaces.
This could be one of those moments where we start to see a wider shift toward everyday use adoption – and Litecoin is poised to stay on top. At least it could stay that way for a while. There are some pretty cool competing platforms coming out later on down the road.