Litecoin supporters will definitely remember the anticipation that preceded the launch of LitePay back in February. It, however, soon turned out to be nothing forthcoming, and all crashed into emptiness.
What LitePay intended to do
In Q1, Litecoin had looked ready to storm to the top with the launch of its LitePay transaction processor.
LitePay was being developed as a payment processor that would have allowed retailers to accept LTC payments from anywhere around the world. It was seen as an instant crypto (LTC) payment method.
A Litecoin debit card would have allowed users to load the coin into their wallet and use them globally, potentially opening up mass adoption.
LitePay users could have been able to convert Litecoin to USD, conveniently helping to make payments via crypto possible.
What can Litecoin (LTC) achieve with its new campaign?
For a long while, the Litecoin Foundation had looked somewhat unsure of what step to take next. And its prices have seemingly taken a really big hit.
From prices near $200, the coin tanked to reach new lows below $80.
But optimism is back. Even though prices are still far off a bull run, belief is that the new #PayWithLitecoin campaign will take the coin to the next level.
It is very clear what Litecoin is trying to achieve with its campaign. Litecoin Foundation has rolled out the campaign to encourage businesses, merchants and vendors accepting the coin for payments.
Litecoin founder Charlie Lee commented on the campaign in early June, saying that:
“The team at LTCFoundation pulled together all the resources in one place to help businesses accept Litecoin so people can #PayWithLitecoin everywhere money is accepted”
In short, the team wants to see the crypto used as money, the payment currency for everyday use. What is likely to happen is that these efforts will rope in big players within the payment industry.
We’ve already seen several businesses accept LTC since the launch of the campaign in Q2.
It’s not difficult to tell that companies and businesses would have no qualms accepting cryptocurrency payments, but there’s an inherent fear that the systems are largely untested.
That is coupled up with incessant price swings, which could affect business. However, Litecoin allows instant payments which mean that businesses get paid at the price values agreed upon at that particular time.
They don’t have to worry about price fluctuations. There’s a visible enthusiasm around this campaign and we could see bigger firms follow suit.
In the end, #PayWithLitecoin is being pushed forth as an early channel that will pave the way for global adoption.
Just what Litecoin (LTC) needs
According to Luke Shipley, R_Block co-founder this campaign could prove to be just what LTC needs.
He told Express.co.uk a while ago that: “Everyone in the core Litecoin camp is speaking very positively at the moment.
They are very publicly having a marketing drive with the view to achieving wider merchant adoption.”
He went on to say that “If Litecoin is successful in its new adoption campaign I think it will make a move back to the third largest cap crypto.”
Can LTC achieve all these? It all depends, we should say. Charlie Lee and the Foundation are definitely doing all they can to see the project gain mainstream use.
It thus goes without saying that any achievements along these lines will depend on the success of the campaign.
And there are suggestions that LitePay may be revived sooner rather than later to consolidate the present ideas that have seen a huge interest from social media.
At the moment, LTC prices are looking to ride a positive market to break above $100.
Whether the expected bull run does arrive is anybody’s guess. However, it’s clear that Litecoin wants to see the cryptocurrency adopted for payments around the world.