Litecoin seems to be firing on all cylinders lately and moving in all regards as it appears to be providing for liquidity and further utilization. The cryptocurrency is expected to be listed on Unocoin, one of India’s leading cryptocurrency and blockchain companies. Users will be able to sign up and purchase cryptocurrencies like Litecoin in addition to Ripple, Bitcoin cash, Stellar, Ethereum, and others.
Litecoin and Utility – Litepay
In addition to being added on exchanges, providing for more liquidity and access by investors across the world, Litecoin is also working to increase its utility as well.
Litecoin wants to work toward its goal of being able to process smaller payments and working to make it to where it will be simple for more merchants to accept the cryptocurrency. A big rollout that is expected by the crypto community will be LitePay, their payment processor. The payment processor is supposed to allow merchants to sell to anyone, anywhere, it is supposed to allow people to connect the world’s first borderless payment network – Litecoin. Individuals can receive payments in any amount, from anywhere in the world, from any computer or mobile device. The draw for individuals to participate in this network would be to keep more of their money, as credit cards charge fees as a high 3% on many transactions and these fees can add up over time. Litepay would allow for the acceptance of Litecoin and the reception of direct bank deposits in an individual currency for a flat one percent settlement charge. Another benefit for consumers of this service is that, through Litecoin, customers would be able to pay without handing over sensitive personal information, making it to where refunds would process through the merchant, meaning that there would be no chargebacks.
Litepay works like this, a customer would choose to pay with Litecoin at checkout, they would pay through Litecoin at the locked-in exchange rate, and then a conversion would take place. Litepay instantly converts the litecoin, covering the merchant from any volatility risk and the merchant will be able to receive direct deposits into their bank account.
Merchants will be able to see the rollout of this payment processor within this week. That’s not all, LitePal, another payment processor, will be coming out later this year.
According to a tweet by LitePal,
“LitePal is a Litecoin-first payment processor. We envision a cryptocurrency world where Litecoin is utilised by merchants from all over the world; one streamlined, simple, less confusing process. Thank you @SatoshiLite for creating the LTC we all love!”
The LitePay website states a couple of claims that make it worth watching.
They will integrate with current payment rails such as Paypal and Western Union
“Money comes in all shapes and sizes, whether your client wishes to pay through Bitcoin, Litecoin, PayPal or Western Union, we can make it happen.”
They minimize their fees, appealing to a broad base of users.
“LitePal fees are so bone-chillingly low, we appeal to all market sizes. Simple and easy to understand, no hidden agenda, we guarantee you’ll be happy.”
They built their system for scaling and being able to handle heavy use.
“All the infrastructure here at LitePal is built with global redundancy in mind, with no single point of failure, ever.”
The critical point with this possible innovation is that businesses will be able to minimize price volatility with instant settlement and processing by banks.
In other Litecoin news, the creator of the Litecoin project has published a public service announcement warning the general cryptocurrency community that there are others who are impersonating Litecoin and claiming that they are the real original litecoin.
“PSA: The Litecoin team and I are not forking Litecoin. Any forks that you hear about is a scam trying to confuse you to think it’s related to Litecoin. Don’t fall for it and definitely don’t enter your private keys or seed into their website or client. Be careful out there!”
This is a problem because growing cryptocurrencies like Litecoin needs to have cohesiveness, unity, and trust to be able to grow and provide real value to the world.