LitePay, a new service for spending and accepting Litecoin (one of many digital cryptocurrencies) anywhere on Earth launched yesterday. With this next leap in the acceptance and availability of Litecoin, cryptocurrencies are more appealing to use than ever. Here’s what you need to know.
LitePay uses Litecoin as its cryptocurrency of choice. Litecoin is an alternative cryptocurrency that is very similar to Bitcoin. LitePay’s mission is to grow the acceptance, spending, and use of Litecoin by creating a platform for venders to accept Litecoin and for consumers to use Litecoin. They are attempting this by using a number of methods in which consumers can use the cryptocurrency. Customers can visit LitePay’s website to create a wallet address in which they can send and receive Litecoin. They can then use a mobile device, or a credit card issued by Visa to send/receive Litecoin. Visa’s card will be very different. The only way to purchase items with the issued card is to have Litecoin loaded onto that card.
The process is simple. A customer creates a Litecoin wallet and can opt to have a Visa Card issued to them once their identity has been confirmed. When they receive the card, it will need to be activated just like any other credit/debit card. After activation, they will be able to load Litecoin onto the card through the wallet they created, a direct deposit, or through an employer. When they are ready to purchase an item, they can use that card at checkout.
On the merchant’s end, once a customer uses Litecoin during checkout that Litecoin then has a locked value, so the merchant does not lose or gain any profit. LitePay then instantly converts that locked price and amount of Litecoin into the physical currency of choice. That amount is then direct deposited into the merchant’s bank account of choice.
The process is opening more ways of using cryptocurrencies then just strictly investment. It will also allow for easier methods of payment when traveling to a foreign country. The days of having to exchange currencies could be gone, as this credit card would work anywhere a Visa card is excepted, without any fees or additional conversion charges.
What do you think of this new payment service? Do you plan on signing up? Let myself and other readers know below!