Wirex Offering LTC Debit Card Services as Litecoin Gains More Support
Ever since Litecoin came onto the cryptocurrency scene, its purpose has been clear: to give crypto users a faster, cheaper, and more efficient method of payment than bitcoin’s older architecture. While bitcoin may be the oldest of the cryptocurrencies, it is limited by its own design. One of the most salient issues with the bitcoin network are the high fees or the constant fluctuation in the cost of fees depending on the market’s performance.
The founder of Litecoin, Charlie Lee, saw these shortcomings of the bitcoin network and decided to create a streamlined version of it in order to solve some of these payment and transaction issues that bitcoin has yet to fully address. Mainly the issue of latency in the network between initiating a transaction and receiving it as well as the unstable fees that change based on the volume running over the network.
Litecoin has started to act on some of the improvements it has proposed for its system and have begun to see positive results from them. The Lightning Network that sent the first successful LTC payment almost exactly a year ago and just last week a $99 million LTC payment was sent from Zürich to San Francisco in under three minutes and cost as little as 40 cents in fees.
This week, Wirex has announced that they will start offering Litecoin support on their crypto debit cards, allowing users to access their LTC wallets and make deductions the same way you would use a traditional debut card service. In their company blog, Wirex went on to explain their move to include Litecoin:
“Customer polls last year revealed the popularity of Litecoin as a rival alternative crypto to Bitcoin…It’s faster than Bitcoin, has lower blockchain fees and may become a global payment option available on dozens of big brand websites in coming months.”
This is a huge development for the coin, given the last promise of a viable debit payment service fell through with the LitePay scam that managed to even trick Charlie Lee into getting his hopes up, as well as the rest of the community.
By finally having a working payment service, Litecoin has been given a foothold and is using the momentum gained by successful implementation of these services offered by the network to raise it back up into the top four cryptocurrencies by market cap. Currently, Litecoin sits at number 7 on the list of top cryptocurrencies after being slightly overshadowed by the altcoin boom and the Bitcoin Cash experiment that many believe to be attracting more attention than they deserve. With Litecoin’s strong fundamentals being displayed more openly, it is becoming more apparent that even though it has taken a while, we might see Litecoin make a serious come back in these next coming weeks.