LitePay, a new payment application that will facilitate fast LiteCoin (LTC) based transactions will be released in just under two weeks.
On Tuesday morning, LitePay Inc. posted an announcement on Twitter saying it would be released on Monday the 26th of February. The application, which can be used on desktops or mobile devices, enables payment for goods and services in LiteCoin which can then instantly be transferred into a fiat currency and deposited into mainstream banks. LitePay charges users a flat 1% settlement fee for each transaction.
— LitePay, Inc. (@LitePayInc) February 13, 2018
LitePay uses a network made up of thousands of computers which process and verify transactions near-instantaneously. According to its website, the speed in which it can complete transactions and convert LiteCoin into fiat currency effectively nullifies the issue of volatility: a factor which has impeded widespread adoption of digital currency into the business world.
Fluctuations to the tune of a thousand dollars or more have been frequent since the start of the year. In just over 24 hours last week, the price of Bitcoin plummetted by nearly $2,000 from $8,047 on Monday morning to $6,234 early on Tuesday. The US payment app Stripe announced in late January it would no longer accept Bitcoin later this year because of the crypto’s high price volatility.
By making payment nearly instantaneously, LitePay is set to make LiteCoin a crypto with mass utility, rather than a speculative asset. It also has the potential to make the crypto-market leaner. There are currently over a thousand different digital currencies, each claiming to speed up transactions, make it cost-effective and therefore more useful than fiat transactions. Being the first horse out the stall, LTC has the potential to kill-off smaller or ineffective competitors and lead to a higher concentration in a smaller collection of cryptocurrencies.
LTC started the day trading at $161.57 with a market cap of $8,916,808,661. As of 10:39 GMT, the coin’s value has since declined by just under 5% to $154.81, giving it a cap of $8,545,207,694.
Founded by Charlie Lee, a former director of engineering for the cryptocurrency exchange site, CoinCheck. LitePay had first been announced just before Christmas.