As some of you people may know who heavily is invested in Litecoin, yesterday was supposed to be the official launch of the Litepay Debit Card and we would be able to order one so we can use our Litecoin to purchase things in the real world with the card. And also give merchants the ability to accept Litecoin as payment in the not so distance future.
But unfortunately, the Litepay debit card has been delayed until further noticed thanks to credit card companies like VISA and Master Card going against this ideas to use cryptos in a debit card and did not wanted to partner with them. It's a real shame.... especially that they know that they see cryptos as a threat to their long term business success.
What REALLY sucks is that this crap had to be directly announced by the Litepay company THE SAME DAY OF THE SUPPOSIVE RELEASE!!!
Here is the email that Litepay sent us:
So at least the merchants are going to be able to sign up for this and soon they should be given the tools needed to eventually be able to accept Litecoin as form of payment. So... not all hope is lost. Eventually we will get a Litepay debit card, right? Just disappointed that it did not happened at the day they promised and did not gave us a heads up on the delay at least a few days prior to release... But this post that Charlie Lee posted on Twitter does give some more hope:
When he says that Litepay is not paying with Litecoin directly, I think I understood what he meant about that. What his goals are is to be able to PURELY pay with Litecoin without the use of banks of converting to fiat currency. But paying Litecoin and transfer it from one Litecoin wallet to another.
I really hope moving forward things will get better soooo.... Litecoin will not be getting any price spike anytime soon as it seems... but there are still many great things coming to Litecoin in 2018. Only 2 months has passed in 2018 so far so let's all have hope for all those believing in LITECOIN! :)
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There's no doubt that financial giants like Visa and Mastercard wholeheartedly hate cryptocurrencies and see them as a threat to their business models. Commercial banks too are freaking out over crypto and want to cut it off from financial markets as much as possible.
This is the whole reason why Bitcoin and crypto's have seen their values rise and fall in humongous waves. If the banks and other financial institutions would just embrace crypto, their subsequent values would hold steady, and we wouldn't see so much turmoil in markets.
I say the crypto world needs to continue to put pressure on banks and companies live Visa and Mastercard to play nice. Banks do nothing but rob the world of its wealth anyway, and all of humanity needs an alternative to the greedy corporate bank structures were see today.
In America, banks control our entire economy and people are left penniless.
Maybe the way forward is to destroy the banks by shutting them out and pushing the world to adopt crypto only solutions. I wholeheartedly hate banks and hope they all fail, they're a disgrace to the modern world.
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I agree with you when you said the banks controls most of the economy, if the world was ran by peer to peer transactions with no middle man and the countries will be run by the people and not just by the rich 1%... we would be living in a much freer world than we are now. That everything can be paid with cryptos, that would be great when the day comes it happens. I hate it when Credit Card companies tries to push cryptos away from us...
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Cryptocurrencies do present some challenges as far as integration with standardized payments systems like those of Visa and Mastercard, such as constantly fluctuating market rates of crypto as compared to fiat currencies. But, real time updates within payment systems should be able to handle this issue fairly easily. The problem is, so far they don't work all that well.
This is why the online gaming giant Steam, stopped accepting Bitcoin transactions for games on its platform, because they couldn't properly update the price fluctuations of bitcoin fast enough to integrate with their prices.
So, besides the banks and financial institutions hating crypto, there appears to be other challenges facing Crypto from a technological standpoint as well. In the case of Steam, they stated that acknowledgement of transactions with Bitcoin were often very slow, this created a problem because merchants need to know that a transaction has processed/been accepted, before following through with delivering products and services.
So, there's a lot of issues at hand. But payment processors like Visa and Mastercard should do the world a favor stop running from Crypto, and instead find ways to make it integrate better with their payment systems.
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