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 ✌🏻.
Please leave a comment with your ideas or just share a chart.
Blogging about markets is all about sharing ideas and making us see all possible angles. I look forward to having you follow along and reading what you throw at me.
Twitter: @forexbrokr
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Website: www.forexbrokr.com
