Continuing my Litecoin series of posts, another feature that is set to be a major milestone in Litecoin's development roadmap is coming later this year -- LitePal.
Not much has been revealed on LitePal other than that it is a Litecoin-first payment processing service. By that it means LitePal will serve as an intermediary to facilitate transactions. Payments made through a LitePal platform will be automatically forwarded to the merchant's Litecoin address. It is another solid step in making it easier for merchants to adopt and embrace Litecoin.
By positioning Litecoin, LitePal is touting a much cheaper medium of making transactions. Whereas Bitcoin transactions incur a variable transaction fee of $0.50 - $5.00 per transaction, Litecoin transactions incur a variable transaction fee of just $0.01 - $0.10 (USD). This translates to a 50x reduction in fees!
This is similarly the case with LitePay, in comparison to credit cards. Whereas credit cards charge between 3% - 5% of the purchase price per transaction, LitePay users will incur only a flat 1% transaction charge. This translates to a 67% - 80% reduction in fees!
All in all, these new alternative options are welcome news to consumers like you and me, and if LitePal can deliver on the promise of offering a fast, safe, secure, seamless and synergistic means of conducting transactions, it has a potential to become a mainstream technology in the future.
Do you have any thoughts on LitePal? Do you have new information to share? Please feel free to leave a comment below.
Check out my previous blog on LitePay here.
Photo courtesy of Pixabay