Cryptocurrency payments and Litepay's opportunity

Despite not being the first cryptocurrency to bridge the gap between fiat and crypto - see Bitpay, Litepay could very well be one of the most successful examples to date. With bitcoin payments provider Bitpay being the dominant competitor, several factors in recent times have played to Litecoin's favour, which may have catalysed the launch of Litepay. These include:

High transaction fees and network congestion in the Bitcoin network, with transactions requiring over 2 days to clear - this makes Bitpay inconvenient for POS (point-of-sale) purchases in comparison to credit cards

High volatility in the price of Bitcoin, making it inconvenient for merchants to adopt as a payments system. This has led to Steam removing cryptocurrency payments, as $20 transactions and rapidly-changing valuations make the currency 'untenable'

In comparison, Litecoin has been less volatile than Bitcoin to-date, with transactions processed faster and cheaper enough to actually facilitate small daily purchases, being regarded as a relative pillar of stability in the crypto world.

Palwasha Saaim, a research analyst at Lombardi Financial, called Litepay a 'game-changer for Litecoin'. 'It would allow businesses to accept Litecoin without worrying about price volatility', she added.

What is Litecoin and Litepay?

Litecoin was released via an open-source client on GitHub on October 7, 2011 by Charlie Lee, a former Google employee, who envisioned a faster, better Bitcoin. The Litecoin network went live on October 13, 2011. It was a fork of the Bitcoin Core client, differing primarily by having a decreased block generation time (2.5 minutes), increased maximum number of coins, different hashing algorithm (scrypt, instead of SHA-256), and a slightly modified GUI.



LitePay was founded in 2017 to allow merchants the ability to accept Litecoin (“LTC”), the crypto currency for payments. In addition to offering merchant processing, Litepay also provides Multi-signature wallets and a LitePay debit card which allows users to instantly convert LTC into USD.

LitePay aims to make it easier

For businesses to accept Litecoin as payment

To settle Litecoin payments directly with banks, and

To manage Litecoin finances all in one place through the open source Litepay mobile and desktop wallet

As put by Saaim,

“The best possible phase is that Litecoin customers shall be in a position to convert litecoins to bucks and vice versa thru their Visa-compatible LitePay playing cards, which shall be usable in any respect ATMs or companies that strengthen Visa bills.”

See for yourself what Litepay can do for you:

