Litecoin Surges on LitePay News
As both the metal and cryptos markets continue their uptrend (Bitcoin up another 7.4% overnight, Ether up 2.1%, Ripple 0.8% and Litecoin 1.9%) can this be the signal that the bear market for cryptos is over?
The Litecoin price surge of over 30% we mentioned yesterday was on the back of speculation of a hard fork and news of a merchant solution for Litecoin called LitePay, due to be released next week on 26 February 2018. Litepay will join other merchant solutions already available such as Coinbase Commerce. Charlie Lee, founder and creator of Litecoin has been rather quiet in the last month or so and has obviously been working hard in the background to bring about new innovations for Litecoin.
In fact, the ever popular Charlie Lee has recently quoted on Twitter:-
It will be interesting to see what that ‘one huge unexpected surprise’ is! There has been talk of Litecoin being accepted on Amazon…..It will definitely be interesting to watch the developments play out in 2018.
With the roll out of LitePay users will be able to convert Litecoin to dollars and vice versa through the Visa-compatible LitePay cards, which can be used where ever Visa is accepted. It is not clear yet when or if the LitePay cards will be available in Australia.
The provision of merchant services for Litecoin is a step in the right direction for the cryptocurrency which is often viewed as the “silver” to Bitcoin’s “gold”. The easier it becomes for consumers and businesses to use a cryptocurrency such as Litecoin for day to day transactions can only increase mainstream adoption which in turn increases the market cap and overall value of Litecoin as an investment.
The speculative component of that price jump was reports of a hard fork imminent for Litecoin called Litecoin Cash and the promise of ‘free coins’. What has transpired is Litecoin Cash is simply a new coin or simply a scam. The danger for the less experienced is uploading your private Litecoin wallet key to ‘claim’ your forked coins and being scammed.