Like the leader Bitcoin [BTC] and all other following altcoins, the token-prices have been experiencing ups and downs very often in a very short amount of time. Litecoin – the fifth largest digital currency by market capitalization [above $9 billion] is feeling the pressure which is building up around authorities towards cryptos in a global scale concluding with struggle to keep a stable price increase.
A price hoisting factor for LTC against the US Dollar was the Litecoin Cash hard fork that the network underwent, however the market in general went through a pump and dump phase in which very low trading levels were felt. The announcement that Litecoin (LTC) will launch LitePay; a payment card system for purchasing goods and services caused a $2 bil increase in market cap.
The above mentioned system – LitePay, made by the team supporting Litecoin – is a payment processor to make LTC changing hands with gov-issued traditional money [in a global scale] easier. As required, the service is developed in that way to be straightforward to use and flexible for any firm that has crypto-payment options in its roadmap.
For the time being, firms and merchants do not find ease at delivering their service to users that hold crypto which intend to pay using that asset because cryptocurrencies do move in price a lot and there is no framework that enables transactions to be completed fast, convenient and flexible. Which is why, the developers of Litepay created the certain system to be the first crypto-payment platform that instantly converts the currencies.
Because of the convenience that giants like MasterCard and Visa have delivered to their users, many prefer the two systems above many. However, Litepay can reach even higher keeping in mind what technology it is supported on – Blockchain. The incorruptible nature of the blockchain safeguards the security of the funds on the cards. The card will be linked to the digital asset and can also be used to make online payments on sites such as Amazon.
It is obvious that no one has the will to pay high rates of fees when they send money or make any sort of payment. The Litepay system is designed in that way that it is in direct contact with the local banking institution to find the best rate to exchange the currencies. Which is why, in contrary to the standard 3% commission, the rate has been capped at 1%.
LitePay will be the system that brings cryptocurrency to the investors and business owners in 2018, and its adaptability is expected to be widespread.