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Even if you are not a LiteCoin holder, you have probably noticed that not only your currency of choice was going down with the market dip – other currencies fell down in price as well, due to the “misbehaving” of the current market demand. Although there are millions and millions of crypto enthusiasts, the market has been going downwards for months now, with an occasional rise or two only the lucky coins were entitled to. Relying on luck when it comes to investing isn’t that easy, so you can definitely feel the tension growing among the majority of crypto enthusiasts.

Another tension broke out a couple of days ago when LiteCoin announced that their digital product, which was a part of a promising breakthrough for this currency, LitePay, was announced to be delayed indefinitely. How come LitePay is not going to happen and what can we expect from LiteCoin further from this point?

LiteCoin: LitePay is not going to Happen (Yet)

LitePay was announced to be released first around the end of February 2018, then was rescheduled for launching at the beginning of March. However, all LiteCoin users that have taken time to apply for LitePay by pre-registering have gotten interesting, although a disappointing email from LiteCoin development team in charge of LitePay project.

The email stated that LitePay was delayed for indefinitely. That means that LitePay may never happen, at least not in the near future.

LitePay was supposed to represent an easy way to make transactions anywhere in the world at the tip of your finger – easy, simple and with only a couple of clicks away. LitePay project was also planned to have LitePay Debit Cards, similar to those MasterCard and Visa are issuing. So, with LitePay, you would be able to make transactions easily anywhere in the world while also being able to send LiteCoin units from any wallet to the LitePay Debit Card.

LitePay Debit Card should have worked in a way to automatically exchange LTC to any currency, depending on which ATM you are using, where these cards would be accepted anywhere in the world where Visa and MasterCard are normally accepted.

However, this is not going to happen, at least not in the near future. The greatest problem for LTC is that the announcement of LitePay has brought this currency a series of more than several price boosts on the crypto market, so thanks to LitePay, LTC has managed to jump up to trading at over 233$ per one unit after the announcement of LitePay launching.

But, as it would be expected, as soon as LitePay was announced to be delayed indefinitely, the price of LTC started to drop.

The price soon fell from dealing at 233$ per one unit to dealing at 209$ per one coin, while it soon fell under 200$. At the current moment, LTC is trading in the red and is far from the price of around 233$.

LiteCoin: Why LitePay Had to Retreat?

The reason for having to say NO to LitePay, for now, is the sad fact that the developers behind LitePay and LiteCoin couldn’t find anyone to issue their cards for them as card service providers like Visa or MasterCard are not as friendly towards cryptocurrencies as investors and holders are.

That means that LitePay is impossible to make happen at the current moment because card service providers are not interested in partnering up with cryptocurrencies or in this case with LiteCoin. So, that is how LitePay ended unsupported and delayed possibly for forever because they weren’t able to grab attention and capture the interest of any of the card service providers that would propel their project.

That is how poor LTC started to drop in price, slowly giving into the black wave of the dipping crypto market that has been going downwards for months now.

However, if LiteCoin manages to come up with another solution that would enable LitePay to commercially exist without having to use cards; the problem would be, without any doubt, solved.

How is LiteCoin doing at The Current Moment?

LiteCoin was doing great after the announcement of LitePay launching where this currency started to deal at around 233$ per one unit, but eventually, when LitePay was announced to be delayed for indefinitely, the price consequently started to drop.

The aftermath price was done hovering around 209$ per one unit, but it soon fell below 200$ as everyone wanted to get away from the “sinking ship” and see what they can earn along the way, so it is supposed that the price continued to drop further because many holders wanted to make profit from the most recent rises in the price.

We will be updating our subscribers as soon as we know more. For the latest on LTC, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of BTC Keychain via Flickr

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  • Spencer
    Posted March 15, 2018 2:12 pm 0Likes

    If Amazon do adopt Litecoin, surely Visa & Mastrrcard will have to take notice. Litecoin is not done and dusted yet.

    • Jaris
      Posted March 15, 2018 4:25 pm 0Likes

      I still believe in Charlie Lee. Yes we are still not dusted yet .

  • Jaris
    Posted March 15, 2018 4:29 pm 0Likes

    When we invest in a cryptocurrency, we see who is prime person moving its projects. In this case Charlie is man and i still believe he will try his utmost best when it comes to Litecoin.

  • Jack
    Posted March 15, 2018 5:33 pm 0Likes

    Litecoin has nothing to do wiyh litepays debit card issue. So why did the journalist say that it did? Trying to drive the value of litecoin down further?

  • Joshd
    Posted March 15, 2018 5:46 pm 0Likes

    That was hard to read.

  • Ken Johnson
    Posted March 15, 2018 10:37 pm 0Likes

    Whoever wrote this article is s idiot. The only reason all the cryptos have gone down is because of Mt Gox.

    • Paul Squire
      Posted March 26, 2018 4:40 pm 0Likes

      that has been proven not to be true unfortunately, I wish it was because then there aould be a major reason.

  • Tim
    Posted March 15, 2018 11:06 pm 0Likes

    This article is ridiculous, it’s a prime example of FUD.
    Fact is adaption will not be driven by people because of governments and news outlets spreading fear. The adaption will be driven by businesses as they have an opportunity to cut out merchants and increase their revenues overnight which in large scale examples – equates to millions of dollars/pounds/euros.

    Corporation has more money than government #fact

  • J
    Posted March 16, 2018 1:19 am 0Likes

    There are no facts in your “article”. Good try at creating a Łitecoin crash.

    • mebereal
      Posted March 18, 2018 1:40 pm 0Likes

      It’s pretty much all fact. All the hype behind litecoin was litepay. The new way to use litecoin. The bad news is that Litecoin Charley allowed the HYPE to continue for MONTHS , knowing there was not going to be a single debt card issued. That’s pretty much called a “Scam” He/ They could have announced months in advance that they were not going to issue litepay anytime soon. They decided to keep that a secret as litecoin kept climbing in value. This is why litecoin will tank.

      • Cryptochist
        Posted March 26, 2018 3:04 pm 0Likes

        You are a completely ignorant Noncoiner. Litepay has absolutely nothing to do with Charlie Lee or the litecoin foundation. You must be salty because you sound like your nuts.

  • Ronnie Dorsey
    Posted March 16, 2018 1:52 am 0Likes

    Hey why don’t you change the title to yet, instead of positing fud, some people won’t even delve into article and just read the headline, I know we want to get as much litecoin as possible but seriously man.

  • Jack
    Posted March 16, 2018 8:37 am 0Likes

    Why do so called journalists continue to talk shit about litecoin? Litecoin is not dependant on litepay.

  • Colin
    Posted March 17, 2018 2:25 pm 0Likes

    Was delayed for indefinitely? Do you even grammar bro? Painful to read (or attempt to (didn’t finish)) and just incorrect.

    Try again

  • Lynette
    Posted March 18, 2018 10:28 am 0Likes

    Litecoin does not need credit cards, and neither does society. All you need to do is partner up with Klarna and disrupt the credit card itself. Us litepay users expect to pay with litecoin from our mobile phones with the Klarna app. A solution will be found.

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