Digital currencies have multiple applications and over the past year, thousands of tokens and coins have seen the light of day, each with different aspirations, applications, and uses. The world of cryptocurrencies is constantly expanding and developing, and we start seeing the potential changes that these virtual currencies will achieve in fields like energy (with $POWR), philanthropy (with $PINK), business and finance with smart contracts on the Ethereum network, medicine, IT, privacy etc. One of the big application for coins that has been in development since the beginning is payments. Since Bitcoin was introduced in 2009 by Satoshi Nakamoto, paying with cryptocurrencies has been one of the main objectives of the blockchain technology. Bitcoin was the first currency to be used as a payment method and is still the most popular. However, litecoin is now attempting to take over, thanks to Litepay.
What is Litepay?
Litepay was created to compete against BitPay, the “world leader in bitcoin payments”. For a long time now, a lot of BitPay customers have asked the company to accept litecoin alongside bitcoin. However, it never happened and therefore it prompted others to consider the idea. The result: Litepay. Litepay is a safe and secure way of accepting litecoin for businesses in stores, as well as spend the currency online and in brick and mortar retailers. The service also allows users to convert fiat (dollars) into litecoin and vice versa. Furthermore, Litepay has an extremely attractive product in their litecoin Debit Card. Although its release was delayed recently, investors are still very much looking forward to it hitting the market.
What was the effect of the Litepay launch on the price of litecoin?
At first, the news of the Litepay launch have positively impacted the price of litecoin and has pushed it above $200, even reaching the $250 mark on Tuesday 27th February. However, a few days later, the coin’s value is back at $208 at the time of this article.
Will Litepay take over Bitcoin for payments, and will it be able to compete with companies like BitPay or Square?
TLDR: Litepay is a company that allows litecoin payments for businesses and gives the ability to convert fiat into litecoin and vice versa. It has recently launched and positively impacted the price of the coin.