LitePay and LitePal Explained

in cryptocurrency •  7 months ago

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LitePay is launch this week, and LitePal later this year.


Litecoin founder Charlie Lee last week used Twitter to write about the upcoming launch of a new payment service beyond that to be launched in a few days.

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The Litecoin community is already excited about the forthcoming launch of LitePay, which will make Litecoin applicable everywhere, as Visa is. It will instantly convert all payments to / from US dollars, and all deposits will result in "a simple flat 1% settlement fee" as opposed to the 3% charged by credit card.

What is LitePay?


LitePay is the payment processor for Litecoin, which means that companies will be able to accept payment in Litecoin and the company's Litecoin exclusive debit card from all over the world.

LitePay will allow companies to accept Litecoin payments by instantly processing the payments settled directly with their banks.

Cryptocurrency is stored in a digital wallet where you can control your Litecoin payments and activity and load the coins on the LitePay Visa card.

The LitePay Visa card can be used where Visa cards are accepted, and it takes the money directly from your Litecoin wallet.

Businesses will also be able to accept cryptocurrency for payments as well.

LitePal is a Litecoin first payment processor. A cryptocurrency world where Litecoin is exploited by merchants from all over the world; a streamlined, simple, less confusing process.

LitePal is expected to be released later this year. According to the official website, users will be able to use the service with PayPal, Western Union, Bitcoin and Litecoin, and the fees will be "bumpy low". Except for the vague word landing page, there is not yet any information about this service.

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This is another one of the huge steps needed in the cryptocurrency world.

The big question from newer people is always the same: where can I spend this?

Developments like this take cryptocurrency from some type of online, techie thing to real money. Once people see that they can use it just like fiat, then it will start to ring true with them.

I am a big fan of Charlie Lee and have LTC as my third biggest holding. I believe he is going to really do great things with LTC as the years go by. This is just another area where he is starting to bring that token mainstream.

I believe he also cut a deal with Facebook...that will introduce billions to the crypto world. That will be huge.

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I am a fan of Charlie Lee too and I forsee a bright future for LTC.

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Litecoin to the moon

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Absolutely, but also another blocker for the masses adopting cryptocurrencies is convenience, I hope Litepal helps a lot with this.

Currently a lot of people switch off as soon as they hear they have to set up an online wallet, or buy bitcoin on coinbase in order to convert and buy whatever coin they’ve been told about on reddit. They get put off easily.

This is very bullish! I am happy that there is an iOS litecoin wallet loafwallet which is a fork of breadwallet used for bitcoin...haven't downloaded it yet but looking forward to the progress litecoin and cryptocurrenies are making. Litecoin makes bitcoin cash irrelevant

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We will see. I also really think that Litecoin will be bigger than bitcoin one day.

Thanks for sharing this @tradewonk, it's good to have someone explain these processes to people who may not be as involved in cryptocurrencies.

I think that when you combine these to innovations with the lightning network, it is clear that Litecoin has a very bright future ahead of itself. I'm happy to see that they have so many new things coming out, as LTC is and always has been one of my favourite coins.

Thanks again for the update, I'd really appreciate our feedback on my posts!

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I'm going to have too follow you @tradewonk as this is awesome news!

@tradewonk
I have a few of these cards some of which was cancelled due to mastercard and visa stopping support, I still however have one card from Bitstamp which runs through astro card.

This card works a charm and you can load money onto it with BTC. Have already used it to buy some bread and milk as a test, and the charges were a tad bit less than using my normal cards, so this is great as it shows real world use.

Guess we getting there slowly. I think the lightcoin payment option would probably work out cheaper than my current Astro Card setup. cant wait to test it out.

thanks for post.

Resteemed :-)

This is exciting news. I am going to have to look into how to acquire a litecoin visa. I'm curious what Visa's role in this whole thing is and how they are getting their cut. I'll be interested to see the fee breakdown. The great news is that if this is possible with Litecoin the there is always the possibility of coins in the future. The one thing I don't truly understand at this point, and I think I commented on a previous post about it as well, but it feels like the companies are taking on th risk of a volatile market. The amount of litecoin paid will adjust in real time to the USD value on the market I assume but what about after payment has been made? If the value goes down then companies will be losing money. Can all these companies afford to go through a market crash if and when it happens? Or is it Visa that is taking this role and paying companies out in cash while they deal with the LItecoin. Could be a great way for companies to make extra profit long term just on appreciation of the currency. All eyes on this going forward for sure!

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I don't think visa will ever do that.

Definitely a step in the right direction. This could drastically increase the reach of Litecoin

2018 is going to be a big year for Litecoin. Charlie Lee left his position with Coinbase last Summer to focus on his creation. Charlie has been actively pursuing ways to advance and grow Litecoin, to make a true global currency, easily used by all. Fast transactions and low fees make this crypto currency very attractive for businesses and for those of us wishing to use crypto more and fiat less. Recently, the prices on LTC have been an absolute bargain, I hope everyone has taken advantage of these prices, because this coin is going to have a huge increase in price this year.

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Same thoughts

LitePay will be a revolution! I'm very much looking forward for the LitePay launch , and still hoping that litecoin will be the Starbucks payment :)

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Would be generally great for the crypto market.

your update is alwaseuseful usfull ,I always follow your post and update.i realy follow and upvote you.

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Thank you!

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Well come.please upvote me.because i am a new steem member.

Very good introduction indeed. LitePay looks impressive to me. Thank you for sharing

Appreciate your posts. This is a great development--fast, inexpensive, and widespread real world use for Litecoin will be great for consumers and merchants alike.
Once other people see the potential this drive adoption and legitimize crypto

Good work and good post,i like it,

un excelente posts @tradewonk gracias por la información.

very clear post and.

Great news bro
I will surely watch what happens
Thanks for the info bro

I personally believe it is gonna be a BIG THING for LTC.
thats why I am keeping my LTCs nad planning to buy more :)

the actual launch date i was told was the 28th from the litecoin foundation.

great stuff ! Thats the way to go!!! Who will win? XRP or Litepay?

Loving ltc note and more and more

Would it push litecoin price or it will stay as is. Following bitcoin progress and ups and downs.

So we can convert all our cryptos into litecoin and then use it to buy whatever we want, and then the fees charges are lower than visa.

The crypto future is bright, hope I can get a litepay card when it is launched.

thanks for information on litepay and litepal ☺

Nice Info Bro.. Thanks
@daiku7

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I want to use it.

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I think it would be a pretty good idea to put some money into Litecoin before they make the announcement.

A welcome development. Cryptocurrency is here to stay. Thank you sharing.

@stevenmosoes

Hopefully it will make litecoin go to the moon

i wanna get one when it comes out! I will just turn my spending cash into LiteCoin and buy stuff with the card.

I am super excited about this. I want to purchase at least one Litecoin in the next few days. I know this will launch Litecoin to the moon and I want to be a part of the ride when it does!

Litecoin is honestly my favourite currency to use for transferring wealth. It's quick, cheap and simple. What more could you ask for in a currency?

Looking forward to using litepal

Excelente alternativa de servicio magnifico

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thank you for this important info.
I always follow and will share your post
because I am very interesting with your postinflgan
hopefully you always succeed in your business venture

Litepay will be boost for ltc price holding ltc from 20usd

This is great!

when is the launch date??

amazing news for the future of crypto cant wiat to see that 1 trill market cap

Although I am personally not ready to spend my Litecoin (still in accumulation phase;0) I can see broad utility for this and am looking forward to its release. In addition, I believe the LitePay Visa card will encourage many more to join the crypto space. By linking the familiar (charge cards) to the new (crypto), the masses are far more likely to give it a try. Delighted to have this option available!

litepal is the latest trobosan in the digital payment world, with this litepal card out, you can travel the world without worrying about money that has not been converted, with only one card you can make payments around the world

It's funny, had you asked me in December which of the top-10 I thought would have been the most likely to fall in 2018, I'd have said Litecoin without so much as a second thought. Now, I'm super excited about what the company has to offer and genuinely think they are going to make crypto more accessible than ever before.

As barriers to entry for the cryptocurrency space fall and new user friendly applications for cryptocurrency owners increase the market will see incredible gains. This user friendly solution could become the credit card of the 21st century and usher in a wave of new investors. Rising tides raise all boats.

thank you for sharing.

@tradework wow what a nice post i was thinking that how i will withdraw my crypto no the problem solved now can i use it in pakistan ?

Good reading. i just posted some update on Bitcoin in Norway, Bitcoins is taxed as an asset in tax law.

Litepay release will have a good impact on ltc price i think we can break the 220 usd mark

The timing couldn't have been better.

Can anybody explain if this means a merchant can receive litecoin without any special POS? It says that a user can use litepay visa card where visa cards are accepted. does that mean the one accepting the card will get the cash value automatically? if so, how is that even possible? The only way that I can imagine is while the transaction is made, litepay card will sell the coin from the crypto wallet and send the fiat currency to the fiat wallet and then make a real transaction? can someone please explain?

You can fund the Shift debit card with Litecoin too!

wow. so much movement in the crypto world this year.

My big question is How litecoin will handle the price volatility inherent to crypto currencies. The moment this news is out litecoin price surged 30%. So if this gets into the same hype as bitcoin and price surges on daily basis who will think of using this as a payment currency than value of storage by holding for long.