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Litepay

Finally, what was once feared but then was rather an expectation has finally arrived; that is the shut down of LitePay. The platform that was set specifically for the purpose of enabling payments in Litecoin across the globe has now seen its pathetic end.

With LitePay a vendor was given the opportunity to actually accept payments done with Litecoins through the use of a merchant processor. What helped the most was the fact that the vendors who received Litecoin payments received the money in actual traditional fiat currencies. The platform gave Litecoin owners an avenue to freely utilise their coins and also gave vendors a chance to trade in cryptocurrencies and gain more exposure to the global cryptocurrency community.

The LitePay system helped in making it possible for people who owned cryptocurrencies to make transactions even with people who did not own any cryptocurrencies, thus it did not force people to adopt the Litecoin cryptocurrency. Even though the system has failed to thrive and is now shut down, it doesn’t necessarily mean that cryptocurrency payments of all sorts is going to fail. Most developers could learn from LitePay’s failures and make even better cryptocurrency payment systems available in the future. Thus, one may have the privilege of choosing between making payments with either your cryptocurrency or with another medium.

The collapse of LitePay doesn’t affect any Litecoin owners per say, it only affects the Litecoin development team judging by the funding and time that went into the development of the technology. It also will cost them a bit as Litecoin’s value is likely to dip considering the fact that many people adopted Litecoin because of the LitePay system.

Silicon Valley And Start-Up Failures

LitePay failure among many failed silicon valley projects

One thing that is no news in the tech area is failures. New technologies come and go at every point in time. The ones that stay revolutionise our lives and the ones that fail serve as lessons to come back better and bigger. Failing big and early is always better as you have the chance to come back again as you learn from your mistakes, and this is one of the reasons why LitePay’s failure isn’t something that shouldn’t be viewed from a pessimistic stand point.

Of course the shut down will definitely send shivers through the spines of crypto enthusiasts. However, the principles and protocols of the LitePay system are a stepping stone for the creation of other payment systems within the crypto world.

Cryptocurrencies in general are a thing only people with patience can handle. One Reddit user stated that Litecoin “is a coin for pioneers, not for pilgrims”. This statement actually applies to all cryptocurrencies. I mean, all coins have dropped drastically by between 60-80% of their value just in 2018. This has really got many of the people against cryptocurrencies in general going like “we did say this was going to happen”, “crypto is definitely the biggest sham in all finance history”. But just as we have seen many cryptocurrency comebacks, so are we going to see a better innovation spring up from the ruins of LitePay.

 

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