Litecoin has announced some exciting news this week. Litecoin will launch LitePay on 26 February 2018.
Even though the Litecoin community was told at Christmas 2017 that LitePay would be launching soon, the exact date was a mystery. That was until this week when the date was announced on the company’s Twitter account.
What is LitePay?
LitePay is a platform that allows users (individuals and businesses) to accept and make Litecoin payments and an official Litecoin debit card backed by VISA. It is being said that if LitePay succeeds it can revolutionize the cryptocurrency industry and make it mainstream.
One of the biggest challenges the cryptocurrency industry is currently facing is real-world usage. The number of Bitcoin millionaires are growing on a daily basis but the challenge remains how can they go about spending their cryptos without having to convert them into Fiat first?
LitePay aims to remove the volatility aspect of cryptocurrency transactions. By using the LitePay system, vendors can accept Litecoin payments immediately and at the same time, convert Litecoin into Fiat. Each transaction will have a 1% transaction fee. You can create a Litecoin wallet on the LitePay website. The wallet is a SegWit wallet that is operated on the BitGo platform. You can access the wallet from the majority of mobile and desktop browsers. With the LitePay card, you can load dollars onto the wallet. No transaction fees are charged for this.
Litecoin was released in 2011 by Charlie Lee who previously worked for Google.
According to Coinmarketcap, Litecoin is currently trading for $182.04 and has a market cap of $10, 050, 626, 176. It reached an all-time high of more than $320 during December 2017.
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