LitePay Reveal Coming February 26th: Market Responds with Bump
Cryptocurrencies have been met with almost constant criticism about the apparent lack of real use cases as a currency.
Well that reality may see a significant change coming very soon. LitePay, which was just unveiled back in December of 2017, is claiming to allow Litecoin to be spent anywhere that accepts Visa payments, including at ATMs. The company announced on Monday, via Twitter, that the infrastructure for this technology would be revealed on February 26, 2018.
If, as the company claims, the Litecoin holder is able to seamlessly and immediately convert LTC to fiat at the point of purchase, then it would eliminate the need for merchants to take the risk and make the changes necessary to accept cryptocurrency directly.
But what about transaction fees? A major roadblock that crypto has come up against is the prohibitive nature of transaction fees for small purchases. LitePay has said that fees for using the tech will be only 1% of the purchase price! That is significantly cheaper than the typical fees for credit cards which hover around 3%.
We will wait and see how successfully they are able to deliver on these goals, but it does look promising. The company website does leave me wanting though. For example, there is a tab called "Docs", which looks like it is intended to be an FAQ, but none of the links in the list of topics actually work. Not a great way to inspire trust.
Meanwhile, markets are responding positively
Litecoin was hit hard by the recent correction, like most everything else, dropping below $100 a coin on some exchanges. It had a pretty quick bounce back up to about $150, and has been floating there for the better part of a week.
It started a climb last night and hit a top of about $220 this morning. At the time of writing, it is at $207.
I am not making any price predictions. It may continue to rise, it may hover, or it might drop back down.
LTC is not the only coin experiencing a bump though. Notably, Bitcoin is up above $9,000 a coin again for the first time in a couple of weeks. We will have to see if there will be enough support to sustain that and/or continue to rise.
Cheers, and good hunting,
Sam
Image Sources: LitePay, LTC Price
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