Litcoin’s Payment Processing Services – LitePal and LitePay To be Launched This Year
One cryptocurrency which has grabbed all the attention of investors last year is Litecoin. Having started 2017 at a mere price of $4, Litecoin surged to its all-time high of $346 with a whopping over 80,000% returns in the last year. Litecoin has established its foothold in the crypto markets as one of the favourite pick of investors and is currently the sixth largest cryptocurrency by market cap.
Litecoin was created in 2011 by one of the former Google employees Charlie Lee and was the outcome of one of the first forks in the Bitcoin blockchain. In a recent set of development, founder Charlie Lee announced on his Twitter account saying that he is planning to launch two new Litecoin-based payments processing services ahead this year.
One of the services will be called as LitePal that will be announced later this year. The official website states that this service will be having a fee which is “bone chilling low” and users will be able to use the service with Western Union, PayPal, Bitcoin and Litecoin. However, not more details are available regarding this service at the moment but a tandem announcement said: “LitePal is a Litecoin-first payment processor. We envision a cryptocurrency world where Litecoin is utilised by merchants from all over the world; one streamlined, simple, less confusing process. Thank you @SatoshiLite for creating the LTC we all love!”On the other hand, the Litecoin community is quite excited about the launch of LitePay that will make Litecoin usable anywhere and everywhere Visa is being used. The service will instantly convert all payments to/from U.S Dollar immediately and the deposits will incur a flat 1% transaction charge against 3% incurred by credit cards at the moment.
A research analyst at Lombardi Financial, Palwasha Saaim while explaining the merits of LitePay said: “It would allow businesses to accept Litecoin without worrying about price volatility. Payments would be processed by LitePay instantaneously and settled directly with their banks. Take note that BitPay is currently charging about $5.00 transaction fees for processing Bitcoin transactions that take ages to confirm. The best part is that 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.”
One of the key reasons investors are attracted to Litecoin is that it is quite identical to Bitcoin but addresses many of the shortcomings of Bitcoin. Litecoin is designed to a lot lighter and faster in Bitcoin’s comparison and it does this by creating new blocks at four times the speed with a coin limit four times as large.