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Litecoin, which had been on a downward trend for quite some time now, finally has something to get its investors excited about! The cryptocurrency recently shot up by over 30% amid expectations from the upcoming LitePay and Litecoin Cash announcements. Litecoin price jumped from $160 to $235 in just 48 hours. While the entire cryptocurrency markets have been in a boom-phase, Litecoin is the biggest gainer of them all.
A part of this surge in the Litecoin prices can be attributed to the arrival of LitePay, which is Litecoin’s new payments processor which will launch on the 26th of February. LitePay will enable businesses in 41 nations to easily accept Litecoin payments. LitePay is a Visa-compatible system which will accept LTC payments, convert them into dollars and pay the merchants. Basically, users will soon be able to pay with Litecoins at every place where Visa is accepted.
“Our goal is to create a way for merchants to earn Litecoin, which is a particularly good cryptocurrency for payments,” LitePay CEO Kenneth S Asare commented on this new technology. Moreover, Coinbase too launched an app that allows merchants to easily accept cryptocurrency payments which includes Litecoins.
While LitePay is one of the reasons for this spike in Litecoin prices, another major reason can be attributed to the fact that Litecoin is all set to get forked (or at least that’s how it is being promoted). Litecoin Cash, which is all set to arrive on February 18 at block 1371111 is one of the biggest reasons for this boom. Every Litecoin holder at that point of time will be awarded with 10 Litecoin Cash tokens per LTC.
However, it is not as easy as it sounds. Unlike in other forks where you are directly given the tokens, this is a complex process that involves setting up multiple wallets. Litecoin founder Charlie Lee has warned: “The Litecoin team and I are not forking Litecoin. Any forks that you hear about is a scam trying to confuse you to think it’s related to Litecoin. Don’t fall for it and definitely don’t enter your private keys or seed into their website or client. Be careful out there!”
For more (LTC) Litecoin related updates and news stay tuned to Cryptocrimson or you can also bookmark our page. We’ll also keep adding updates to this article for real-time analysis.
Disclaimer: Neither the management nor the authors at CryptoCrimson are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions – which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advice.