LitePay will be launched this week and LitePal later this year.
The founder of Litecoin, Charlie Lee, announced the launch of a new payment service for Litecoin called LitePal, which will be launched in the coming weeks. The announcement was made through your Twitter account:
Another payment processor for Litecoin. It will be much easier for merchants to accept LTC! @GoCoin @CoinPaymentsNET @AliantPayment @LitePayInc and now @LitePalOfficial #PayWithLitecoin
According to the official website, users will be able to use the LiytePal service with PayPal, Western Union, Bitcoin and Litecoin, and the rates will be "extremely low". Although the official page is a vague wording and empty links, there is still no information available about this service. in a LitePal tweet he says:
LitePal is a Litecoin payment processor. We visualize a world of cryptocurrencies where Litecoin is used by merchants from all over the world; a simplified process, simple and less confusing. Thank you @SatoshiLite for creating the LTC we all love!
On the other hand, the Litecoin community is already excited about the imminent launch of LitePay, which will make Litecoin usable anywhere Visa is accepted. This service will convert all payments in US dollars immediately, and all deposits will incur "a simple and flat 1% charge", compared to 3% charged by credit cards, according to the official website.
Palwasha Saaim, research analyst at Lombardi Financial, explained the repercussions for Sunday Express
It would allow companies to accept Litecoin without worrying about price volatility. The payments would be processed by LitePay instantly and settled directly with your banks. Note that BitPay is currently charging approximately USD $ 5 for transaction fees for processing Bitcoin transactions that take years to be confirmed. The best part is that Litecoin users can convert litecoins to dollars and vice versa through their Visa-compatible LitePay cards, which can be used at all ATMs or companies that accept Visa payments.
Litecoin is currently number 6 in the cryptocurrency ranking, and has a value of more than USD $ 9 billion in the market. It is popular because it is almost identical to Bitcoin, but it solves many of its shortcomings. It is designed to be faster and lighter and it does so by generating new blocks four times faster than Bitcoin, as well as having a four times higher currency limit.
Litecoin was one of the first bifurcations of the Bitcoin blockchain. It was created in 2011 by Charlie Lee, a former Google employee. Interestingly, Lee renounced all his litecoins in December, claiming he was tired of being unfairly accused of a conflict of interest.
The price of Litecoin increased drastically after Lee published his message about LitePal.