Over the last few weeks, Litecoin price has seen an increase given its hard fork a couple of days back and the LitePay launch approaching. Riding on $230 currently, it has been expected that with today’s launch of LitePay, Litecoin will soon become the preferred choice as a mode of payment.
LitePay: litecoin payment service for litecoin
While the cryptocurrency market slumped in the initial month of this year, Litecoin(LTC) kept establishing itself. According to the Coinmarketcap, this cryptocurrency is currently riding on $230 with a market cap of $12,800,684,113 USD.
For the last few days, there has been a lot going on around Litecoin. The digital currency underwent a hard fork i.e Litecoin Cash on February 18 and is scheduled for the launch of LitePay today.
LitePay is basically a payment processor that allows you to exchange your Litecoins for your fiat money from anywhere in the world. It is designed to be the first cross-border crypto payment network whose focus is on providing easy to use solutions.
An alternative to BitPay, LitePay accepts cryptocurrency for goods and services. In this scenario, Litepay is a cheaper and faster alternative to bitcoin. You can easily convert your LTC into USD by using your LitePay card and of course the wallet.
With the Litecoin Cash hard fork, there has been a surge in the Litecoin price and now with the launch of LitePay here, it has been expected that there would be a huge boost in its prices as had been of 7 percent today. Currently, it ranks at the fifth spot in terms of popularity in the crypto world.
An easier & faster mode of crypto payment
It has been expected that LitePay will expand the adoption of altcoins and will further facilitate the interest in the Litecoin, especially from merchants. LTC can become a favored cryptocurrency if it becomes successful in allowing people to spend the cryptocurrency more easily. In result, more and more people will turn to this digital currency to use it for crypto payments.
As per LitePay, users will be able to receive the settlements directly in their bank accounts through Litecoin payment. This settlement would be in their own currency that too with no risk and no price volatility.
However, the major criticism that Litecoin has to face is having an unoriginal technology. But given its wider adoption and now allowing people to spend the coin, it will certainly work in its favor.
It has been widely predicted that soon the market capacity of Litecoin will surpass Bitcoin cash. And as the adoption of Litecoin grows, it is a high possibility that this might just happen.
What are your thoughts on the launch of LitePay? Do you think it will affect Litecoin price exponentially? Let us know below!
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I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.