iStock.com/Scanrail1 Daily Litecoin News Update
The bull is taking a breather this morning as cryptocurrency prices stabilize. The Litecoin price has dropped from its high witnessed yesterday. Just as we had expected, the pump ahead of the Litecoin hard fork and “LitePay” launch is deflating. As I pen this update, the average LTC to USD rate has settled at $225.88, after reaching as high as $235.09 yesterday.
In the last two updates, if you’ve been following, we informed our readers about the possible speculative trading underway with Litecoin. There’s been a good chance that most of these new buyers have not been looking to HODL this coin, but only to make a quick buck as anticipation builds for the hard fork and LitePay launch.
To avoid feeding more fodder to these speculators, we’ll be focusing on a fundamental development this week. If you’re an LTC HODLer, this should be music to your ears.
The largest crypto trading platform in the U.
S. and quite easily one of the largest in the world, Coinbase , has just launched a PayPal-like service, which will make cryptocurrency payments as easy as pie.
The service will accept transactions in only four cryptocurrencies for now.
Litecoin is one of them.
And here’s the best part. It integrates with Shopify Inc (NYSE:SHOP).
Allow me to explain why this may be a bigger deal than LitePay.
The service, called “Coinbase Commerce,” will allow businesses to accept cryptocurrencies seamlessly and securely. Consumers will be able to checkout via Coinbase Commerce without having to go through the hassle of entering private keys or credit card numbers. The payments process is made as simple as ABC to allow anyone with little to no understanding of cryptos to easily pay with Litecoin at hundreds of online stores.
The service comes with the added bonus of Shopify. The e-commerce platform, which hosts thousands of other e-commerce web sites and online stores, will provide them the option to add Coinbase Commerce as one of the payment options (just like PayPal) with a few simple clicks.
Consider Coinbase Commerce to be a “BitPay” and LitePay rival that is going to accept not one but four cryptocurrencies: Bitcoin , Litecoin, Ethereum , and Bitcoin Cash.
Investors have been going gaga over LitePay, which has not even been released yet, while completely overlooking this momentous achievement unlocked by Litecoin earlier this week.
Coinbase, being an already established crypto platform with massive visibility, has the ability to take Litecoin mainstream much faster than LitePay or, for that matter, any other merchant processor.
In fact, Litecoin founder Charlie Lee has been working tirelessly to get this service to accept Litecoin.
Back in December, Lee had hinted that he would announce a major partnership with a merchant processor in 2018. Turns out, he was talking about Coinbase Commerce and not LitePay.
While we are equally bullish on LitePay, we are now counting on Coinbase Commerce to be the real game changer. Analyst Take
LitePay or Coinbase Commerce? The more the merrier, we say. All these services only serve to speed up mainstream adoption of Litecoin, which is why we remain bullish in our Litecoin price forecast with a $400.00 LTC price target for 2018.
This post first appeared on Profit Confidential.
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