Daily Litecoin News Update
The broader cryptocurrency market is correcting on Thursday and so is Litecoin. The LTC to USD rate is retracing its steps toward $200.00 but that’s not the number we’re eyeing right now. The figure to watch is “41.” That’s the number of countries where “LitePay” is being released in four days.
The payments processing service is initially being introduced to 41 countries on February 26 and will soon be ramped up to reach an additional 29 countries, taking the total number of its markets to 70.
LitePay Chief Kenneth Asare was on air this week, identifying how LitePay fits into the grand scheme of things.
Asare reminded us that as time goes on, people will not only be investing in cryptos but also earning in them. Services like LitePay will allow anyone with a smartphone to store, spend, or transfer money. That includes the $5.0-billion digitally-connected world population—most of which remains unbanked to this day.
He laid out the magnificent idea behind the creation of this service, that is, to bank the unbanked.
Asare also reminded investors that they shouldn’t consider cryptocurrencies to be tools to get rich quickly. He explained that cryptos like Litecoin are more purposeful. They are instruments of transferring value, and LitePay aims to be the bridge between people and businesses to make this transfer seamless. We couldn’t agree more.
Remember that the concept behind LitePay is to allow businesses to accept payments in Litecoin and then easily convert them to fiat currency. On the other end of the spectrum, the service will make it easy for Litecoin users to store and spend Litecoin securely. LitePay will take price volatility out of the picture.
But there’s more to LitePay than what we see in this formal description.
Chart courtesy of TradingView.com
Beyond LitePay’s ambitious objectives, what I truly find striking about this service is that LitePay is not some average mobile application created by a bunch of faceless, pseudonymous, computer geeks working out of their parents’ basements.
This is a product of a formally incorporated company that will be using stringent compliance methods to filter out bad actors in order to ensure that LitePay users are getting matched with trustworthy businesses.
LitePay Inc has a formal compliance department that will work on the same lines as a bank’s compliance department to sift through merchants applying to add support for Litecoin. (Source: “The “Internet of Money” and Future of Crypto Commerce,” Cheddar, Inc, February 20, 2018.)
This means that what we have here is a genuine product that can stack up against the likes of Paypal Holdings Inc (NASDAQ:PYPL). This is precisely why I’ve termed LitePay a “game changer” for Litecoin. It may take Litecoin a giant step closer to mainstream adoption.
The LitePay chief’s sales pitch is strong. We’re sold on the idea of LitePay, which we believe could take Litecoin to the masses quickly, particularly in the developing nations where digital currencies make a good use-case. This is why our Litecoin price prediction is upbeat, with an LTC price target of $400.00.