Daily Litecoin News Update
I confess, we got it wrong. We got it terribly wrong. “LitePay” turned out to be a damp squib, and a giant one at that. After the Litecoin Foundation and Charlie Lee made their confessions, it’s fair that I make mine.
LitePay is an abysmal failure. Despite its uninspiring launch, which failed to deliver on virtually all promises, we kept grasping at straws in hopes of a turnaround. In retrospect, however, I think the grave reality truly struck us after Ken Asare’s underwhelming AMA (Ask Me Anything) session on Reddit. It became clear that LitePay was a dud.
The LitePay founder failed to give satisfying answers to most questions. Quite frankly, he just beat around the bush.
I had expected LitePay to be a game changer since the model it presented was unique, in that it created one big portal for businesses and users alike. LitePay promised to deliver one clean and secure mobile app for holding and spending coins, that processed transactions seamlessly without fees and came with a Litecoin debit card that we could tap at Visa-compatible points of sales that accepted LTC.
It was the perfect concoction that could give Litecoin a big boost to the mainstream, but now that I think about it, it was probably too good to be true in the first place.
But obviously, most of us did not see it coming. We’re not prophets, after all. We’re analysts. We don’t always hit the bullseye. There are obviously some misses as well. This one, I have to agree, was way off target.
But now that LitePay is dead, I see that many LTC HODLers are letting their hopes and dreams die with it. I implore you, do not fret about it!
“Litecoin was doing perfectly fine before the promise of LitePay and will continue to do so. The ecosystem is far bigger than one company and is continually growing with support from many others with market ready products joining the space and fulfilling their promises to make it easier for the world to use Litecoin.” (Source: “Announcement on LitePay,” Litecoin Foundation, March 26, 2018.)
Those are the words consoling me at a time when Litecoin is shedding market value faster than Bitcoin. I’m looking at the bright side of things.
Let’s not forget that Litecoin is still up more than 162% in the past six months during which cryptos witnessed their grand rally followed by a massive plunge. Litecoin has performed better than most cryptos this year, particularly beating the two top dogs, Bitcoin and Ethereum.
So it’s not all doom and gloom. Quite the opposite, actually.
Chart courtesy of TradingView.com
Let me remind you that Litecoin now has a better shot at hitting the mainstream on the back of “Abra”—the first-of-its-kind investing application powered by Litecoin.
We also have a plethora of Litecoin payments processors, which, to a great extent, substitute LitePay now. Fiat currency payments processor Aliant Payments, leading Bitcoin payments processor BTCPay Server, and Canada’s top crypto-to-fiat gift card exchange platform Coincards are just some of the names that make to the top of the list.
There’s no reason for investors to lose hope in Litecoin. LitePay was just one drop in the ocean. Remove bucket-loads and it still won’t make a difference to the ocean. We’re remaining bullish on Litecoin as we turn our focus to other big projects vying to take Litecoin mainstream. As such, our Litecoin price prediction remains intact with a $400.00 price target.