LitePay and LitePal - Two New Litecoin Payment Processing Services on the Way
- LitePay is to launch this week, and LitePal later this year.

Litecoin founder Charlie Lee last night used Twitter to post about the upcoming launch of a new payment processing service, in addition to the one that is to be launched in a few days.
Another payment processor for Litecoin. It's going to get a lot easier for merchants to accept LTC! @GoCoin @CoinPaymentsNET @AliantPayment @LitePayInc and now @LitePalOfficial #PayWithLitecoin https://t.co/fjvpeESpnX
— Charlie Lee [LTC] (@SatoshiLite) February 4, 2018
The service is called LitePal. A tandem LitePal announcement said:
"LitePal is a Litecoin-first payment processor. We envision a cryptocurrency world where Litecoin is utilised by merchants from all over the world; one streamlined, simple, less confusing process. Thank you @SatoshiLite for creating the LTC we all love!"
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LitePal is expected to be released later this year. According to the official website, users will be able to use the service with PayPal, Western Union, Bitcoin and Litecoin, and the fees will be "bone chillingly low". Apart from the vaguely-worded landing page, no information is yet available regarding this service, so I suppose a 'watch this space' is in order.
Palwasha Saaim, a research analyst at Lombardi Financial, explained the repercussions to the Sunday Express: “It would allow businesses to accept Litecoin without worrying about price volatility. Payments would be processed by LitePay instantaneously and settled directly with their banks. Take note that BitPay is currently charging about $5.00 transaction fees for processing Bitcoin transactions that take ages to confirm. The best part is that Litecoin users will be able to convert litecoins to dollars and vice versa through their Visa-compatible LitePay cards, which will be usable at all ATMs or businesses that support Visa payments.”
Litecoin is currently number 6 in the cryptocurrency rankings, and is worth over $9 billion dollars at market. It is popular because it is almost identical to Bitcoin, but solves many of its shortcomings. It is designed to be faster and lighter and it achieves this by generating new blocks at four times the speed and having a coin limit four times as large.
Institutions that decide to use cryptocurrency in some format always begin with Bitcoin, as that is the most well-established and valuable, but Litecoin is usually amongst the second wave of coins that said institutions add in the event that cryptocurrency works out for them. For example, Bloomberg Terminal added it in just this manner, and the two big Chicago exchanges that have been offering Bitcoin futures for a few months now are considering adding Litecoin too.
Litecoin was one of the first forks of the Bitcoin Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term. It was created in 2011 by a former employee of Google named Charlie Lee. Interestingly, Lee gave up all of his own litecoins back in December, claiming that he was tired of being unfairly accused of a conflict of interest.
The price of Litecoin spiked drastically after Lee published his message about LitePal.
Litecoin founder Charlie Lee last night used Twitter to post about the upcoming launch of a new payment processing service, in addition to the one that is to be launched in a few days.
Another payment processor for Litecoin. It's going to get a lot easier for merchants to accept LTC! @GoCoin @CoinPaymentsNET @AliantPayment @LitePayInc and now @LitePalOfficial #PayWithLitecoin https://t.co/fjvpeESpnX
— Charlie Lee [LTC] (@SatoshiLite) February 4, 2018
The service is called LitePal. A tandem LitePal announcement said:
"LitePal is a Litecoin-first payment processor. We envision a cryptocurrency world where Litecoin is utilised by merchants from all over the world; one streamlined, simple, less confusing process. Thank you @SatoshiLite for creating the LTC we all love!"
Discover credible partners and premium clients at China’s leading finance event!
LitePal is expected to be released later this year. According to the official website, users will be able to use the service with PayPal, Western Union, Bitcoin and Litecoin, and the fees will be "bone chillingly low". Apart from the vaguely-worded landing page, no information is yet available regarding this service, so I suppose a 'watch this space' is in order.
Palwasha Saaim, a research analyst at Lombardi Financial, explained the repercussions to the Sunday Express: “It would allow businesses to accept Litecoin without worrying about price volatility. Payments would be processed by LitePay instantaneously and settled directly with their banks. Take note that BitPay is currently charging about $5.00 transaction fees for processing Bitcoin transactions that take ages to confirm. The best part is that Litecoin users will be able to convert litecoins to dollars and vice versa through their Visa-compatible LitePay cards, which will be usable at all ATMs or businesses that support Visa payments.”
Litecoin is currently number 6 in the cryptocurrency rankings, and is worth over $9 billion dollars at market. It is popular because it is almost identical to Bitcoin, but solves many of its shortcomings. It is designed to be faster and lighter and it achieves this by generating new blocks at four times the speed and having a coin limit four times as large.
Institutions that decide to use cryptocurrency in some format always begin with Bitcoin, as that is the most well-established and valuable, but Litecoin is usually amongst the second wave of coins that said institutions add in the event that cryptocurrency works out for them. For example, Bloomberg Terminal added it in just this manner, and the two big Chicago exchanges that have been offering Bitcoin futures for a few months now are considering adding Litecoin too.
Litecoin was one of the first forks of the Bitcoin Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term. It was created in 2011 by a former employee of Google named Charlie Lee. Interestingly, Lee gave up all of his own litecoins back in December, claiming that he was tired of being unfairly accused of a conflict of interest.
The price of Litecoin spiked drastically after Lee published his message about LitePal.