Start of LitePay will become one of the largest events in the field of cryptocurrencies in 2018
Start of LitePay will become one of the largest events in the field of cryptocurrencies in 2018, and its influence will quit far beyond Litecoin ecosystem.
Declaration of the LitePay Inc company. about service start on February 26, became the catalytic agent of growth of cost Litecoin for 37% during the next several days. But even such impassioned reaction completely does not reveal what actually will be LitePay for Litecoin, and its influence on a role of cryptocurrencies in the global economy. It is really turning point in the history.
What is LitePay?
LitePay is a convenient method to spend Litecoin in any place where there is an opportunity to use the credit or debit card.
Clients order a card on the website LitePay. When the card of LitePay comes by mail, the client activates it on the website LitePay, creates the accounting entry of the cardholder. Then the client transfers the amount of Litecoin which he wishes to spend, in this respect.
The card of LitePay is linked to the accounting entry. When into the account of the accounting entry money arrives, the card is ready to use, as well as any other prepaid credit card. You can use LitePay card practically everywhere as it works with the huge Visa Inc network.
When using, the card converts Litecoin amount of local currency to the seller. The payment from the user account LitePay instantaneous goes to the bank of the seller. According to information on the web site LitePay, the system is available in 41 countries and works with several currencies, including US dollars, euro and the British pounds.
LitePay not only simplifies to owners of Litecoin use of cryptocurrency assets but also creates a row of advantages to sellers.
So, the LitePay service realizes the instantaneous conversion of currency, removing any risk which the seller would consider in case of oscillations of the cost of Litecoin. One more plus is the instant translation of money as cryptocurrency payments usually are followed by time delays lasting several minutes or even hours.
But the biggest advantage is that transactions of LitePay are assessed with the commission in the amount of only 1% — that makes about a half from the amount of the commission for exchange which is used by the Visa and MasterCard Inc systems. Such low commission can stimulate sellers and buyers to use the LitePay system for calculations more often than normal credit cards.