Litecoin Payment System LitePay Launches Today

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Litecoin’s (LTC) much awaited payment system is set to launch today, February 26, 2018. Since its inception, Litecoin was always intended to be used more as a currency than as an investment. So it is very exciting news that they are about to launch a payment system that will revolutionize worldwide sales and payment transactions.

LitePay will initially be made available for business and individual use in 41 countries. Later on, an additional 29 countries are expected to make the list. Just like how Litecoin was created to outdo Bitcoin, LitePay is aimed to be a better alternative to BitPay. LitePay allows users to accept LiteCoin transfers or payments, keep them secure in a wallet and convert their LTC into dollars.

LTC Acceptance

Businesses may avail of LitePay tools to accept LTC as payment for their products and services. According to their website, online merchants can receive LTC from customers from anywhere in the world. Their customers can also benefit from the quick transaction that doesn’t require them to input personal information like they would when transaction with, say, a credit card. Merchants can also accept LTC payments in their physical stores with LitePay’s POS or point-of-sale tool.

These LTC settlement payments will be deposited directly to their bank accounts, depending on their settlement preferences.

Here is the process summarized in a graphic from the LitePay website:

LTC Wallet

With LitePay, users will also be able to create a wallet where they can store all their LiteCoin. It is a multi-signature pay-to-script-hash (P2SH), segregated witness (SegWit) wallet that will be secured by BitGo™—a company well renowned for its wallet security services.

This wallet will be available for major mobile and desktop browsers.

LTC Card

Users can order their own LitePay card that will allow them to load dollars into it with their LTC wallet at 0% fees! It is a Visa compatible card that will, of course, be accepted by all merchants that accept Visa. You can even withdraw straight from any compatible ATM. All you have to do is go on the LitePay website <a href=http://litepay.us></a>here and order your card.

Here is the process summarized in a graphic from the LitePay website:

LitePay vs. BitPay

As is it still yet to launch, we cannot truly compare the two payment systems yet. However, from the information made available to us, we can point out two major differences that put LitePay on the top:

Transaction Fees

BitPay currently has a $5.00 fee for its transactions. This steep fee discourages people from making small transactions. LitePay charges a flat 1% for its transactions—making small transactions very much affordable to make. And as mentioned earlier, there are no fees for loading the LitePay card itself.

Transaction Time

A huge complaint for Bitcoin and BitPay is that it takes “forever” for transactions to be confirmed. As with Litecoin, LitePay will have a much shorter transaction time compared to BitPay. In fact, settlement payments happen automatically every business day.

LitePay and the Future of Cryptocurrency

One of the first issues the public had with cryptocurrency is that they didn’t really see much use to it over normal currencies. With innovations like LitePay, cryptocurrency can be integrated in our everyday lives making them much more valuable than they were first perceived. More and more people will be drawn into the world of cryptocurrencies this way.

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LitePay is a definite game changer. What are your thoughts on this new payment system? Are you interested in using it? Comment your opinions down below!

Send us a message if you want to get your hands on some LTC and try LitePay for yourself. Like and follow us, too, at facebook.com/CryptoClubPH

 

 

 

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