I’m one of the people who were lazy enough to put their minds into understanding cryptocurrencies & blockchain technology 5 years ago. I’ll share my #REGRET story on how I missed the “Bitcoin Fortune” as well. But today, I wanna talk about LitePay & LitePal, the two upcoming Litecoin Payment Processing Services and why I won’t use either of them as a consumer.

I hope you’re well acquainted with the volatility of Cryptocurrencies. I remember buying a few litecoins at 50 USD/LTC in November 2017 as a new trader. Made a solid 5% profit, withdrew my money to bank and felt like a winner.

Next week, it had gone up to 200+ USD/LTC. Three hundred god damn percent increase in a week. I missed out on another cryptocurrency fortune yet again. It went up to 350 USD/LTC as we know it and then made its way back to 130 USD/LTC (its price at the moment). I’m not concerned about the millionaires that Litecoin must have made but am just stunned by the volatility still existing amongst cryptocurrencies after its existence being close to 9 years.

I’m a firm believer in blockchain technology, its vision and how decentralising everything is the future but it can never happen with a volatility co-existing with these cryptocurrencies.

Why I won’t ever use LitePay to pay my bills? Can you imagine paying for a couple of Pizzas with around 0.1 LTC (~$13) using LitePay or LitePal and then finding out a month later that LTC boomed up by 900% and the $13 worth Pizzas that I ate in half an hour are now worth $130.

I would anyday prefer buying some LTC, buying pizza separately with my fiat currency and then selling off the LTC when I’ve turned up some profit.

Being in a world where money is quite important, I can only see cryptocurrencies as an investment.

Don’t take me wrong, I still believe in certain cryptocurrencies like Ethereum (aka Blockchain 2.0 providing Smart Contracts functionality), Ripple XRP (providing RTGS, remittance network to banks for overseas payments even though it is a centralised currency) and many others with great applications that are possible right now.

But it has become a paradoxical situation because the people who will use LitePay/LitePal to pay via Litecoin are Litecoin believers, but these Litecoin believers also know that Litecoin is yet to reach its ATH (All time high), so why would they spend it at all right now. I don’t even know why people use bitpay (unless they’re using it for illegal purposes).

Conclusion:

I can’t spend cryptocurrency to buy anything if I know that its ATH is yet to come because that would be another regret added to my #REGRET story, which by the way I’ll write about soon.

If you’ve an opposing view, or a more correct view to the above, I’d love for you to share about it. Thanks in advance!