Hot updates on Litecoin (LTC)
News Updates for Litecoin (LTC): Litecoin has been through many growths and declines since its inception in 2011. Nonetheless, it still managed to be amongst the top five cryptocurrencies. Litecoin is the brainchild of engineer Charlie Lee.
To be an upgrade to Bitcoin, Litecoin is commonly abbreviated as LTC and is a silver coin against Bitcoins Gold coin. Litecoin allows the trader to trade without any intermediaries like banks.
Litecoins’ current valuation
Litecoin climbed its highest point of $412.96 in May 2021. Which is beyond twice its average market price. Since May 2017, the price of Litecoin has been gradually increasing. There was a surge in the price in December 2017 when it averaged $339.45. Oddly, Bitcoin exhibited the same trend over the last few months, peaking at $19,005 in December 2017.
It is difficult to predict the future valuation of Litecoin as many had failed previously in the past.
Launch of LitePay and card services.
Litecoin has had a string of setbacks, including the failure to launch the much-anticipated LitePay card. It was anticipated that LitePay would be launched on February 26, 2018. Litecoin surged at a quick pace, especially in the days leading up to the launch. Businesses expected to be able to transact using the LitePay credit card, which was designed to be the payment processor for Litecoin. LitePay was created to allow businesses to accept Litecoin and have payments forwarded to their banks.
It was one of the factors that contributed to Litecoin’s steady rise, as LitePay was likely to provide far more than BitPay. $5 was chargeable for every transaction carried out.
LitePay became popular within the crypto community as it promised faster processing at a cheaper rate. However, this could not materialize and the launch of LitePay did not occur even six weeks after the failed launch. As of now, there have been no updates regarding a new launch date.
Technically the launch of LitePay on Litecoin did occur, but it was without the card service which was the enticing part of the deal as it would have offered more flexibility while using Litecoin.
The launch offered a three-way payment solution; Allowing the user to set up a wallet and spend their LTC anyplace that accepts it, users can register for a LitePay credit card, which can be loaded and used everywhere credit cards are accepted, and businesses can register to accept Litecoin. Businesses can still sign up to utilize Litecoin, but card services have been suspended indefinitely.
Failure to launch LitePay card
The creator of Litecoin apologized to the Litecoin users after the failure to launch the LitePay card. The failure to launch LitePay was attributed to card issuers’ current hostility toward cryptocurrency companies.
Many people believe that introducing a LitePay credit card will be impossible since there is too much conflict between card issuers and cryptocurrencies. Many people were not surprised by the failure of the LitePay credit card business, given that cryptocurrencies have recently been denied the ability to integrate card services. After this development, there have been conflicting reactions. Although some cryptocurrency fanatics have lost interest in the coin as a result of their inability to use card services, many others appear to be unconcerned with the development. They claim that LitePay doesn’t require a debit card to make its services more appealing. Litecoin still has a lot to offer, even if a credit card would have made it more convenient to use.
What are the possibilities of LitePay launching a Debit Card?
The question now is whether or not the LitePay Debit card will be implemented. Since many payment companies do not allow cryptocurrencies, the issue with cryptocurrencies is how to spend them. The release of the card would have addressed that issue and propelled Litecoin ahead of other cryptocurrencies.
Other cryptocurrencies, such as Bitcoin and Monero, have likewise aspired to become a centralized financial currency. BitPay was introduced to address some of Bitcoin’s issues, however, it was never able to gain traction as a centrally accepted currency.
The limitations of Litecoin can be overcome by the introduction of the LitePay debit card. But will the LitePay debit card ever be a reality? The truth is that cryptocurrency payments are classified as cash advances by card issuers.
Purchasing cryptocurrency using credit cards is banned by some banks. This shift is the outcome of banks’ paralyzing dread of taking on risky loans as a result of cryptocurrency transactions.
Although the concept of LitePay and LitePay credit cards has been praised, putting them into practice is altogether a difficult process. It is difficult to predict if LitePay can ever succeed in the introduction of a debit card.
Finally, while the price of Litecoin fluctuates, this moment can still be considered a favorable time, even if it is not ideal. Cryptocurrency supporters have also pointed out that the launch of the debit card will not guarantee the viability of Litecoin as a viable payment option.
LitePay has other options that one can rely on to make the system work. It may include the support of NFC payment methods using smartphones. The introduction of Litepay on Litecoin could mean more options are available.
Time is the only factor that can tell if card services would ever be a reality. As of now, the performance of Litecoin to Bitcoin and Ethereum is good.