Litecoin has dominated the cryptocurrency market this week. The fifth largest cryptocurrency by market cap has surged upwards of 50 p.c from Tuesday morning to the time of this writing, arguably bringing the remainder of the market with it. Litecoin is at the moment buying and selling at $233.81, after buying and selling as little as $153.51 earlier this week.

Let There Be LitePay!
The cryptocurrency’s dramatic worth improve has largely been pushed by the announcement that LitePay — an instantaneous cost processor permitting distributors to immediately convert Litecoin transactions into fiat foreign money — will launch on February 28th.

We began as a result of the folks requested @Bitpay to just accept LTC. They wouldn’t, so we took the problem. Infrastructure for LTC February 26 #PayWithLitecoin #LitePay
— LitePay, Inc. (@LitePayInc) February 13, 2018

According to Palwasha Saaim, a analysis analyst at Lombardi Financial, LitePay is ready to redefine the “foreign money” facet of cryptocurrencies. Saaim explains:
Litecoin customers will be capable of convert Litecoins to dollars and vice versa by way of their Visa-compatible LitePay playing cards, which shall be usable in any respect ATMs or companies that help Visa funds.
LitePay’s potential is critical, to say the least. Cryptocurrencies have largely been hindered by restricted use circumstances and minimal acceptance. The means to make use of VISA-powered Litecoin debit playing cards to conduct transactions may certainly be a sport changer for the cryptocurrency house — and traders are possible shopping for into that hypothesis.

The announcement of LitePay was additionally adopted by an announcement from main cryptocurrency market Coinbase, which has launched a brand new service affording retailers the flexibility to just accept Bitcoin, Bitcoin Cash, Ethereum, and Litecoin funds.
Cash Me Outside
The digital foreign money has additionally obtained an additional increase due to a deliberate weekend forking of Litecoin into Litecoin Cash. Not completely dissimilar to Bitcoin Cash’s forking from Bitcoin, Litecoin Cash claims to be higher than its predecessor — although there’s little proof to help such a declare.
The fork is scheduled to happen on Sunday and can award Litecoin holders free Litecoin Cash. For each one Litecoin, traders will obtain 10 Litecoin Cash.
Charlie Lee, the founding father of Litecoin, has referred to as the proposed fork a “rip-off”, tweeting:

PSA: The Litecoin crew and I usually are not forking Litecoin. Any forks that you simply hear about is a rip-off attempting to confuse you to assume it’s associated to Litecoin. Don’t fall for it and positively don’t enter your personal keys or seed into their web site or shopper. Be cautious on the market!
— Charlie Lee [LTC] (@SatoshiLite) February 4, 2018

Lee isn’t the one one with a damaging view on forks, which have turn out to be considerably of a nuisance in cryptocurrency as of late.
Many view Litecoin Cash as simply one other try and get wealthy fast by using a widely known model’s likeness to confuse inexperienced traders. However, a consultant for Litecoin Cash informed CNBC:
Charlie Lee is completely proper to be skeptical and to warn the group about potential scams […] in the end, what’s good for miners is nice for the community.

Regardless of 1’s opinion of Litecoin Cash, hypothesis and the will at no cost cash has undoubtedly helped drive the value of Litecoin even greater.
Are you excited in regards to the potential for instantaneous Visa-powered Litecoin transactions by way of LitePay? Do you assume Litecoin Cash is a rip-off? Let us know within the feedback under!

Images courtesy of AdobeStock, Twitter/@SatoshiLite, Twitter/@LitePayInc, and Bitcoinist archives.
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