LITECOIN (LTC): A decentralized, open source, peer-to-peer cryptocurrency
LITECOIN QUICK STATS
|CREATION DATE:||October 7, 2011|
|DEVELOPMENT STAGE:||Full Release|
|PROOF TYPE:||Proof of Work|
|BLOCK TARGET:||2.5 Minutes|
CoinPayments provides Litecoin payment processing options that allow merchants to receive, send and store Litecoin. Furthermore, CoinPayments was the FIRST crypto payment processor to support Litecoin payments. See our site from back in 2013 – you can also see how far we have come on the web design side of things 🙂
Litecoin is an open source global payment network that is fully decentralized on a secured network that empowers individuals to take control of their own finances. The Litecoin blockchain is capable of handling high transaction volumes and as a result, merchants get fast confirmation times even when selling bigger ticket items.
Litecoin founder Charlie Lee announced the groundbreaking news of LitePay, a Payment Processor for Litecoin that officially launched on February 26, 2018. LitePay was founded to allow merchants the ability to accept Litecoin (“LTC”), the crypto currency for payments. In addition to offering merchant processing, they also provide Multi-signature wallets and a LitePay debit card which allows users to instantly convert LTC into USD. It will instantly convert all payments to and from US dollars, and all deposits will result in “a simple flat 1% settlement fee” as opposed to the approximately 3% charged by credit card companies. We imagine our crypto community is ecstatic with these changes as they will increasingly implement the ability for consumers to spend cryptocurrency in a ‘not-so-niche’ market, while giving merchants a convenient processor that allows them to accept Litecoin at a locked-in exchange rate, thereby eliminating the uncertainty and volatility of crypto payments.
Litecoin has consistently delivered to its consumer base and it comes with no surprise that in recent days Arizona Senate bill 1091 which enables to accept cryptocurrency as tax payments was passed with a 16-13 margin and one no vote. Litecoin and Bitcoin were mentioned as two possible currencies proposed for tax payments.
Without further ado it’s safe to say 2018 is the year of Litecoin and our CoinPayments team is excited to see what’s next.