NEWS - LITECOIN LAUNCHES LITEPAY, HELPING CRYPTO GO MAINSTREAM
GOOD AFTERNOON STEEMIT,
If you’re a follower of my Steemit blog or Twitter, you’ll know that I’m a Litecoin bull. From a fundamentals point of view, I have been speaking about the fact that LTC is a faster and cheaper alternative to BTC, with actual prospects for its use as day to day currency. Well those prospects are about to become reality, thanks to Litecoin’s network payment platform called LitePay.
LitePay, set to launch in February, is set to put a rocket under the price of Litecoin as it becomes the dominant player in the retail payment space. No single cryptocurrency has really stamped their authority as the go to coin for day to day payments but this release is set to put Litecoin in the box seat to turn prospects into reality.
What is LitePay?
So first of all, we should go over what exactly LitePay is, as well as what it intends to do for the consumer. I’m going to take this extract from the LitePay website to kick things off:
“Receive settlement from Litecoin payments directly to your bank account in your own currency, with zero price volatility or risk.”
Essentially, LitePay is a payment system where retail business owners can accept instant payments in Litecoin from anywhere in the world. But the real kicker here, is that LitePay removes volatility risk for businesses, by instantly ensuring the conversion to fiat at that time is locked in.
So merchants can accept Litecoin payments through the LitePay payment gateway and no longer have to worry about potentially losing money on a volatile price spike that could occur before they settle their cryptocurrency intake at their bank.
This is a hugely exciting step forward for not only Litecoin, but the entire cryptocurrency ecosystem being adopted into mainstream use.
Volatility is cited as one of the biggest risks holding back mainstream, day to day adoption of crypto for payments and LitePay eliminates this risk.
Massive!
How much does LitePay cost?
One of the biggest advantages of using Litecoin over other cryptocurrencies such as Bitcoin for transfers and payments has always been the fact their fees are so low. LitePay doesn’t remove this advantage and actually keeps fees lower than traditional credit card merchant fees.
LitePay will charge a flat 1% fee per transaction. No more, no less. When you compare this to credit card fees often of 3% or more depending on the card, you can see that using Litecoin over classic cards now actually gives consumers a real incentive to switch.
No cryptocurrency with the size, reach and real world partnerships that Litecoin has, can even come close to matching these prices.
How do you use LitePay?
LitePay is actually also a Litecoin wallet. You can easily load funds and manage your LTC payments and transfers through both crypto and fiat.
As a consumer, you would then be able to spend your funds at any business with either your phone, or via the regular credit card system, on a specially linked LitePay Visa card. Using the card would see Litecoin automatically deducted from your LTC wallet in real time.
As I’ve spoken about above, this really makes Litecoin one of the easiest and most efficient cryptocurrencies to spend for day to day transactions.
With the wider adoption of LitePay in mainstream society, I’m excited about the prospect of real world use of Litecoin for payments.
What does the Litecoin chart say?
Just like in Bitcoin and across the rest of the market, the Litecoin chart looks pretty damn ugly... and that’s putting it nicely.
Litecoin has ripped around 20% on the LitePay news, but after the month long bloodbath we’ve experienced in cryptocurrency, this really is an insignificant number.
LTC/USD Daily
As you can see on the daily chart above, price has come down to test higher time frame support, before finding some buyers and bouncing nicely.
What I’d love for you to do now, is leave me a comment with an intraday Litecoin chart that features some of the short term levels you’re trading around. Go go go!
If you like the way I analyse and trade markets, then be sure to check out yesterday’s Bitcoin long trade that I took when price dipped into the latest higher time frame support zone.
It is playing out nicely at the moment and is a prime example of how refining your entry by using an intraday retest of a short term level, can both minimise your risk and increase your total profit through better risk:reward.
Peace ✌🏻.
Instagram: @forexbrokr
Website: www.forexbrokr.com
Before I continue to read: LitePay is basically BitPay’s merchant service, right?
Great post! Would love if you checked our my opinion on where the LTC price could go.
https://steemit.com/cryptocurrency/@cryptovate/litecoin-s-litepay-to-bridge-fiat-and-crypto
Hey @cryptovate. I like the look of what you’re doing on your blog so I’ve given you a follow and will hopefully see you around.
Keep up the great work!
But cheaper and faster 😎. Making LitePay more likely to be adopted by retailers and used by consumersz
...LitePay is gunna have to do things a lot differently than BitPay other than use a different protocol :) BitPay’s model has proven to have little interest and effectiveness in the brick-n-mortar world. All places I paid for goods with bitcoin in person were a joke, sadly.... wish I had the extra attention to share my experience here :D
You’re right that BitPay hasn’t had much interest in the real world, but that’s because it’s early days, fees are higher than credit, and price fluctuates too much. We have to give the technology time to be integrated and now the cost advantages over credit cards are there, we might see it happen faster. Hopefully at more reputable places.
I’d love to hear your real world experiences, if you’d like to share them?
Nah, it’s not because it’s the early days, it’s because they assumed people would use finances in the same, boring way. Stores don’t care about having “yet another payment system”, all they care about getting MORE customers!
And for example I don’t carry cash and avoid places that don’t offer credit card payment options. They’d have more customers from my generation if they weren’t cash only and crypto options will be the same.
good example.
Awesome post. Resteemed. Im considering trading my doge in for litecoin. I got the doge at all time lows so ive made a nice profit off it. Cant make up my mind though.
Haha well while I do love Dogecoin for small, easy transactions, I do still see a much wider mainstream use for Litecoin.
Consider it strongly 😉.
I pulled the trigger on it. I usually like having quantity which is why i was having trouble deciding to dump all my doge for 9 litecoins but i felt it was a good moment with the dip right now after the big gain.
Yeah, while it feels cool to have thousands of Doge, it’s all about the percentage gains in the end.
True. Well i got it now so hope all this good news helps drive the price up. I actually had litecoin before and traded it for the doge, which worked out great because I was able to get doge at such low prices and got more litecoin back then I started plus half my steem from profits.
Great post. Thanks.
More informative about the LitePay situation than all the non-steemit articles I read today, plus some chart analysis.
I bought a few LTC off this news earlier and it's up 7% now at 172.26 USD, but I'll probably be jumping out at 173.90 just to take my gains and run.
I'm not actually very bullish on LTC longterm since it seems BTC and ETH are making good progress toward scalability solutions.
Thanks Lee, glad I can help clear things up.
I think Lightning will have a huge bullish impact on Bitcoin as well, but Litecoin is getting in first as a proven coin for use as currency. I’m still bullish.
Thank you for elucidating that for us!
This is revolutionary! I can't wait to see how this unfolds in the mainstream. It's going to make it so much easier for people to get on board.. And low transaction fees, too, something BTC absolutely CANNOT boast!
This is all such good news after the bloodbath of the last month!
well good news or bad this market is surely only sustainable by bloodbaths !
The key here is that it allows crypto to truly be used by the mainstream. The fact it’s cheaper than traditional credit card fees is next level!
Very excited to watch adoption rates.
Is litecoin fundamentally strong
LitePay helps the fundamentals a lot, don’t you think?
Can only be good news for ltc.
The entire market is being dragged down by technicals at the moment, the funadamentally strong coins with real world uses will bounce back.
Can we buy steem by entropay visa card?
You mean LitePay?
No, it’s a Litecoin card...
Litecoin is really cheap and undervalued right now , with the introduction of Litepay i hope it will break it's all time high soon .
It’s a good start 😎.
amazing news! thanks for sharing! guess will get some good ole more bloodbath around the kind coinmarket owners (well, we anarchists hate blood, but we surely like kicking in the butt)
Haha what do you mean? You think that this will be bearish?
the whole thing is controlled by the very few with the 90% of all bitcoins isn't this true?
I’m not sure what you’re talking about here... Bitcoin?
Wow
This is great news
Wish I could spare some fiat to get some...
Thanks for the info though. I love how you make things so simple
Thanks for the kind words mate. I try to keep things simple and clear in my writing and analysis.