Litepay is the new cryptocurrency payment processor for litecoin. This payment processor solves a very important issue concerning cryptocurrency payments. Aside from being faster than bitpay, it reduces the price volatility issue. Let us analyze what this new payment processor has to offer.
What is Litepay?
It is a better payment solution for litecoin transactions. As a payment processor, it powers individuals to conveniently pay in litecoin for goods & services online. On the other hand, it also enables businesses to accept litecoin payments seamlessly.
It is a fact that litecoin is faster than bitcoin, making it more suitable for online transactions. Therefore, payment processing via litepay is almost instantaneous and way more cheaper than other options. Conventional cards charge 3% on every online transaction. Bitpay is charging 5% with delayed confirmation times. Litepay on the other hand charges only 1% with faster transactions.
Like any other cryptocurrency wallet, this wallet also lets you manage your own litecoin finances. According to their official website, it is a multi-signature, SegWit wallet. It is powered by BitGo. Litepay also lets you use other litecoin wallets as well.
The most exciting feature of this payment system is the card. Litepay card acts as a bridge between your litecoin funds and fiat currencies. It lets you load both litecoin and USD/GBP directly into the card. This visa compatible card can then be used conveniently anywhere in world.
This card lets you spend your litecoins just like your fiat finances. It also solves the litecoin price volatility issue. The ability to immediately convert your litecoins into USD makes this payment processor stand out from the rest.
Litecoin as a Payment System
A simple analysis of litecoin as an alternative to bitcoin clearly indicates its potential in being a far better decentralized payment system. Only two years younger than bitcoin, litecoin offers better features.
Litecoin is fast. Its transaction confirmations are almost instant. And most importantly, transaction fees are very low. These features make litecoin a preferable decentralized payment system.
The introduction of litepay is truly a great step towards accepting litecoin as a better payment method.