LitePay Litecoin payment platform on track for February launch

Posted: 18 January 2018 2:34 pm

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The platform will offer Litecoin cards, wallets and payment terminals.

Payment platform LitePay is on track for its planned February launch and aims to bridge the gap between Litecoin and fiat currency.

LitePay aims to make it easier

  • For businesses to accept Litecoin as payment
  • To settle Litecoin payments directly with banks
  • To manage Litecoin finances all in one place through the open source Litepay mobile and desktop wallet

It also plans to create a LitePay card, to let users load dollars into their Litecoin wallet without any fees, and use it at ATMs, merchants and anywhere else VISA cards are accepted.

Tried and untested

Litecoin isn't the first cryptocurrency to bridge the gap between fiat and crypto, but if all goes to plan it might be one of the more successful examples to date.

Throughout 2017 bitcoin saw growing acceptance as a payment system, with more merchants accepting bitcoin, bitcoin debit cards and various systems to make it easier to convert fiat currencies to bitcoin and spend it on demand.

See a map of bitcoin ATMs and shops that accept bitcoin in Australia

However, these plans were constrained by bitcoin's high transaction fees and network congestion, and bitcoin actually became a less widely-accepted payment method the more popular it got.

A lot of platforms aim to enable seamless conversions between bitcoin and fiat currency on demand, but network issues mean they're still largely untested and unable to proceed until the bitcoin Lightning Network upgrades.

Litecoin might be a more ready-to-go stand-in, with transactions being quick and cheap enough to actually let you buy a cup of coffee with your coins.

To date, Litecoin has also appeared a little less volatile than bitcoin. Its prices still swing much harder than you'd want in a fiat currency, but it's a veritable pillar of stability by cryptocurrency standards.

What's the difference between Litecoin and bitcoin?

LitePay is a project by the Litecoin Foundation, one of the primary teams behind the coin. Its branches are taking off in the UK and USA, and it aims to be more widely available over time.

Note: The LitePay discussed in this article has no connection to the Westpac LitePay international payment system, except as the possible recipient of cease and desist letters if it comes to Australia. It's also worth noting that the defining feature of Westpac LitePay is its efficient low-fee transfers, which take only two business days and have fees of only $5 to $8 per transaction. By contrast, Litecoin transfers can be completed in a few minutes and can cost just a few cents.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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