Litecoin's Litepay to be released on February 26
One of the reasons cryptocurrencies haven't become more widely-accepted is the lack of payment options. This is about to change, though, as LiteCoin will launch its LitePay system on February 28. It is being billed as a "game changer" for the cryptocurrency industry, and could open doors to a new wave of cryptocurrency fans.
Litecoin, the sixth largest cryptocurrency by market capitalization, made the announcement on Tuesday that it was just days away from pulling the trigger on the system, which will give businesses the ability to easily accept Litecoin and Litecoin debit cards for payments. The system will allow for payments that are as simple as accepting cash or current Visa-backed debit cards. Vendors will be able to receive Litecoin payments that are instantaneously converted into their equivalent amounts in fiat. As opposed to cards that charge a 2-3% transaction fee - as well as Bitcoin's exaggerated high fees - LitePay transactions only incur a fee of 1%.
The cryptocurrency evolution has been somewhat suppressed due to volatile markets, poor infrastructure and speculative investments. By introducing a fully-functioning cryptocurrency system that is equal to current payment methods, Litecoin is set to revolutionize the cryptocurrency industry. Provided all goes well, LitePay could provide a huge leap forward for cryptocurrencies, and bring them into everyday acceptance quickly.