Litepay Litecon, What Is It, How Does It Work?
The introduction of a new form of payment based on one of the largest and most successful cryptocurrencies, Litecoin’s Litepay, has been postponed to an unspecified date.
The new system was supposed to be operational as of February 26, but in an e-mail addressed to the public a few days ago, Litecoin’s top management officially stated that the launch of the Litepay Litecoin rechargeable card based on cryptocurrency was not possible due to the hostile attitude of the official payment card issuing circuits. The Litepay project, a new way to carry out commercial and financial transactions immediately, without intermediaries and thanks to the use of blockchain technology and the circulation of Litecoin, is still standing, but at the moment registrations of new users and holders of the new rechargeable card are still suspended.
The development of Litepay could, therefore, have an influence on Litecoin’s prices, which we remind you are tradable on several trading and exchange platforms including the Plus500 trading platform.
Litecoin: Reasons for Success
Since its creation in 2011 by Charlie Lee, Litecoin has secured a respectable position on the digital coinage scene, and even though for a long time she was considered Bitcoin’s younger sister, a sort of minor version of the most widespread among cryptocurrencies, since she shares part of the code of origin with it, today Litecoin has definitively acquired her personality becoming “adult”.
The latest data, updated after the wave of huge increases recorded throughout 2017 and the sharp slowdown in the first months of the new year, tell us of an asset that boasts considerable importance in the new digital currency market: to date, with its 55 million units in circulation traded over $ 200, Litecoin is among the top 5 cryptocurrencies with a market capitalization of over $ 11 billion, below Bitcoin, Ethereum, Ripple and Bitcoin Cash.
Not bad, for a cryptocurrency that many considered only a light copy of Bitcoin and that today is affirmed with solidity in the international panorama of trading and transactions governed with blockchain technology.
The Advantages of Litecoin
Since its origin Litecoin proposes itself as an alternative method of payment compared to traditional circuits, and aims to acquire importance and authority by exploiting its main features. Based on blockchain technology, a Litecoin-based payment system offers a dual advantage. On the one hand, it shortens the time needed to validate a transaction to the maximum limit, being able to count on a fast and efficient computer chain that validates value passages instantly. In addition, commission costs for transactions are drastically reduced as no intermediary between the parties involved is required.
Although Litecoin’s value has clearly lagged behind in recent weeks, especially in light of the exhilarating cryptocurrency performance in the marketplace during 2017, the potential for growth still seems solid, and the introduction of new tools, such as LitePay Litecoin’s rechargeable card to safely and quickly make payments and transactions, can accelerate Litecoin’s race to success.
How to Buy Litecoin
There are several services available on the net to get Litecoin and build a digital portfolio, or wallet. Among the numerous platforms, we can point out in this article some of the best known, and in particular Plus500 and eToro.
Plus500 is one of the most popular tools, both in Italy and internationally, for online trading and cryptocurrency trading. It has been active in Italy for 10 years, and is regularly registered in the Consob register of companies; it also operates at EU level according to the CySEC regulation. Plus500 boasts a clean and simple interface and at the same time offers numerous functions to its users.
eToro has gained great success and popularity thanks to the ability to repeat and replicate the performance of established traders and thus gain an immediate advantage from their experience. The Copy Trading function allows eToro users to identify, through special performance charts, a reference trader; the platform will then automatically duplicate the transactions made by this trader to the user’s account.
In both of these platforms, recommended for the degree of security and professionalism they guarantee, it is possible to trade on Litecoin and open positions upwards and downwards: it will then be sufficient to guess the direction that the quote will take, in a certain interval of time, to make a profit. A Buy position, or upwards, generates profit if the Litecoin value increases in the market, and vice versa will result in a loss for the trader if he loses value; specularly, a Sell position, or downwards, generates profit if the Litecoin value falls in the market, and vice versa will result in a loss for the trader if the quote increases.
With Litepay’s new project, Litecoin is trying to enter the world transaction market with an agile instrument. The new circuit proposed by the team of developers led by Charlie Lee involves the issue of a card, with characteristics similar to rechargeable or prepaid cards, linked to the actual possession of a certain amount of Litecoin. This will in fact be the currency used to settle transactions between the parties, in the context of blockchain technology that already controls and regulates current cryptocurrency transfers.
The transaction with Litepay Litecoin will be Visa-compatible, in almost instantaneous time, and is negotiated directly by the platform with the counterparty’s bank or financial institution, bypassing any further intermediary with a clear advantage in terms of time and cost of the transaction. On each transaction carried out with this new payment method, Litecoin’s platform retains a 1% commission, which is characterized as extremely competitive against the 3% that is normally retained by institutional credit card circuits.
How do I get LitePay Litecoin?
LitePay Litecoin is therefore the payment instrument built around Litecoin, and thanks to it merchants, investors and traders can make and receive payments in cryptocurrency with undoubted advantages in terms of efficiency, security, time and cost.
There are no boundaries within which LitePay Litecoin works: in theory, this new payment system can be accepted anywhere, at a commission price of 1% per transaction.
Users will be able to exchange Litecoin quantities, use them to make payments, and keep these values in their wallets, simply by using an internet connection and a mobile device or computer.
According to the instructions determined by the platform that developed LitePay Litecoin’s LitePay project, simply make an application to the Litecoin Foundation to issue a LitePay card in your name. After verifying the identity of the applicant and the presence of an account, the system will send the payment card to the address provided, which must be activated on the LitePay website once it reaches its destination. At this point, it will be sufficient to transfer any amount of Litecoin or other digital currency from your wallet, and your LitePay card will be fully operational, like any other rechargeable card, to be used with the same compatibility as Visa.