With traditional financial institutes raising the charges associated with each transaction, people are increasingly flocking towards blockchain technology. The Litepay is such a payment processing system. It also features a Litepay Visa Card that allows you to seamlessly make transactions using the crypto in your wallet. In this article, we will look into this payment system in detail, its key features, and how you can safely make payments using Litepay.
Litepay & Its Key Features
Litepay is a payment processing system that was mainly designed to make transactions using BTC and LTC. The main aim behind this platform was to increase the adoption and use of cryptocurrencies in day-to-day life. It provides an easy and secure way for merchants and consumers to conduct transactions. Litepay has several key features. Here, we will look into some of the important ones.
1. Privacy
You don’t need to provide personal information that could help gauge your identity when conducting transactions. That is, you can conduct transactions securely and privately.
2. Low Gas Fee
The platform only charges a minimal fee of 0.5% for each transaction that occurs. This is lower than the fees charged by most financial institutions.
3. Instant Payment Processing
Payments are processed swiftly and efficiently with one network confirmation, which is required before sending payment to the sender’s address.
4. Litepay Visa Card
The Litepay users can easily convert their litecoins into fiat currency using the Litepay Visa Card. This allows them to spend LTC anywhere Visa is accepted.
5. Integration Options
Litepay provides merchants with various Application Programming Interfaces (APIs) that allow them to integrate crypto payments into their website or application.
Making Payments Using Litepay: Step-By-Step Guide
If you’re currently wondering how to make payments using the Litepay software, you have come to the right place. Here, we will provide a step-by-step guide on how to do so. You can refer to.
1. Choosing A merchant
First of all, you can only make payments to the merchant using your LTC only if they accept Litepay. So, if you want to make direct LTC payments, then look for a merchant who accepts Litepay.
2. Add Items To Your Cart
If you’re shopping online, then add the items to your cart on the merchant’s website. Otherwise, pick out the items you want to buy. After choosing the items that you wish to purchase, proceed to checkout.
3. Using Litepay
During checkout, choose Litepay as your preferred payment method. It will normally appear along with other payment options. After selecting the payment method, you will be redirected to its gateway.
4. Payment
Enter the payment details by scanning a QR code or using the Litecoin wallet address provided by the merchant. Then, confirm and verify your payment. After successful payment, you will receive a confirmation message or transaction summary.
Potential Risks Associated With Litepay
Like any other software out there, Litepay also has its set of advantages. Here, we will look into these risks so you know exactly what you’re getting into with this payment gateway.
1. Lack Of Regulations
The Litepay crypto payment system does not have a central authority governing it. So, users will likely encounter fraud, hacking, and other potential cyber-attacks.
2. Volatility
The value of cryptocurrencies can go up and down at any given moment. Sudden drops in the price movements of LTC or BTC could lead to significant losses on the merchant’s part.
3. Operational Risks
Recently, Litepay has experienced an operational failure where it couldn’t provide users with services. If this repeats, it could lead to loss of assets and other transaction difficulties.
4. Cyber Threats
Like any other software, Litepal is also vulnerable to cyber attacks like hacking. If the security gets compromised, the users could lose their assets.
5. Dependant On Crypto Adoption
The success of Litepay entirely depends on the acceptance rate of cryptocurrencies at a global level. If it does not increase over time, the number of people using Litepay will also be limited to a great extent.
Conclusive Thoughts
Litepay is introducing an innovative way in which you can easily use the crypto in your wallets to make everyday purchases. Its user-friendly interface and security features are also a plus point. However, there are also many considerable risks associated with using Litepay. One of the main notable is the volatility in the market. This volatility can result in significant losses to the users. So, it would be better to conduct thorough research and consider these factors carefully before relying on Litepay for crypto transactions.
