Game-Changing LitePay Launching This Week?

litecoin
Credit: iStock.com/allanswart

Daily Litecoin News Update

Fasten your seatbelts, HODLers! The “chikun” may soon be taking another flight. The game-changing “LitePay” launch is just around the corner.

While we don’t yet have an official release date, word on the street is that the Litecoin processing service will be launching no later than this week.

For investors who haven’t been following this space, we informed our readers about the impending launch last month. (You can follow our daily Litecoin updates here.)

LitePay is a merchant processor created with support from the Litecoin Foundation. To give you an idea why we’ve been calling it a game changer for Litecoin, LitePay may allow Litecoin to take giant leaps toward mass adoption.

LitePay is Litecoin’s equivalent of “BitPay”—the processor that lent sizable support to Bitcoin in reaching the mainstream.

For reference, payments processors allow businesses to seamlessly accept cryptocurrencies for payments. On the other end of the spectrum, it also makes storing and spending cryptos a piece of cake for coin holders.

Litecoin users have been anxiously waiting for a BitPay alternative for Litecoin as it’ll make using Litecoin a whole lot easier. Here’s how LitePay will bolster Litecoin.

What You Need to Know About LitePay

LitePay’s service is three-pronged. It’ll make “accepting,” “storing,” and “spending” Litecoin child’s play. For a technology that remains unintelligible to the average Joes and Janes, a service that makes it easy to use is being hailed heartily by the investor community.

Businesses will be able to “accept” Litecoin payments without having to worry about price volatility as LitePay Inc will assume the responsibility of ensuring that merchants get paid at the right exchange rate.

Users will be able to “store” Litecoin in LitePay’s secure wallet and “spend” Litecoin without having to pay hefty fees. Unlike BitPay, which charges a $5.00 fee for each transaction, LitePay will be free to users. Plus, the service will come with an added bonus of Visa-compatible debit cards usable at ATMs accepting Visa.

The Director of the Litecoin Foundation confirmed in a Tweet that Litecoin users won’t have to wait much longer now. Users may soon be able to pay with Litecoin at some of the popular merchants that currently support Bitcoin.

Franklyn tweet

Analyst Take

As I’ve said before, LitePay will be a game changer for Litecoin in the long run, which is why we’re sticking with our original Litecoin price prediction with an LTC price target of $400.00.

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Litecoin is similar to Bitcoin, and in some ways a direct competitor. Like Bitcoin, Litecoin exists as a blockchain where participating nodes process transactions, and miners provide security and verification for each of those transactions. Litecoin was originally conceived and developed by Charlie Lee in 2011. For a period of time, Charlie was a Director of Engineering at Coinbase, having joined our team in 2013. Since its launch in 2011 Litecoin has seen steady adoption with an active community of traders, merchants, and developers. We believe Litecoin is here to stay and will continue to play an important role in cryptocurrency and digital asset development.
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