After a month of deep double-digit dives in the cryptocurrency markets, we may be about to witness a launch that sends it all skyward. The Litecoin Foundation is rumored to be only days away from releasing LitePay. The new transaction tool that was first announced before Christmas. LitePay will allow businesses to accept payment in Litecoin from anywhere in the world instantly and without any of the worry associated with cryptocurrency value volatility.
According to TipRanks Crypto Center, Litecoin (LTC) is down by almost $200 from its all-time high of $357 set back on December 18. Those numbers aren’t preventing some analysts from offering up bullish predictions for the coming days.
Palwasha Saaim, a Research Analyst at Lombardi Financial feels the tide is about to turn for Litecoin thanks to LitePay, calling it a “game-changer.” The benefits for businesses are clear, Saaim added: “Payments would be processed by LitePay instantaneously and settled directly with their banks.
Up until now, Bitcoin has been setting the benchmark with BitPay. One purchase made with BitPay will run you about $5.00 in transaction fees. The five-dollar figure makes no sense for consumers shopping for small ticket items like a $10 lunch or a $25 piece of clothing. In addition to being cost prohibitive, Saaim points out that, “Bitcoin transactions take ages to confirm.”
Contrast that to LitePay, with their 1% transaction fee and you can quickly see why people are getting so excited. The good news doesn’t end there. According to Palwasha Saaim “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.”
Litecoin lays out the news on their website like so:
“LitePay allows you to accept payments in Litecoin and receive funds directly to your bank account. Bank deposits in 38 countries, settled in US Dollars, Euros, GBP, and more.”
According to Litecoin, transactions will be carried out in four easy steps: 1) Customers select Litecoin as a payment method during the checkout process; 2) The customer pays their invoice at a locked-in exchange rate; 3) LitePay instantly converts the Litecoin protecting merchants from any risk associated with volatility; 4) Finally, and most importantly, merchants get paid via direct deposits into their bank accounts.
What happens when you make using LitePay just as simple and even cheaper than using a credit card? According to LitePay we’re about to find out. Some credit card companies charge up to 3% in transaction fees. LitePay only charges 1%. That 2% difference could add up to hundreds of dollars in savings on sizable purchases and serve as a real incentive for consumers to get on board.
There are some who are speculating that the imminent release of LitePay could mark the beginning of a significant shift, even a sea change, in how the public perceive crypto cash. If buying online with LitePay is as simple and seamless as selecting it from a list of payment options at check-out like credit cards and Paypal, then the pain of being an early adopter has all but passed us by.
E-commerce payments using LitePay could figuratively ‘light’ the way to making the payment method main-stream. Online merchants can confidently accept Litecoin payments without the worry of volatility because it’s instantly converted into the currency of their choice and deposited into their bank account. All of this adds up to exciting days ahead for the cryptocurrency market.