Litecoin (LTC): LitePay Debit Cards a No-Go Due to Hostile Card Issuers

Litecoin (LTC) has nearly doubled in value since the beginning of the month, as investors have driven its price higher on the run-up to its February 26 LitePay launch. Yesterday was supposed to be the day that this new product, a payment solution that enables people to easily pay with Litecoin at e-commerce sites or with a LitePay card, would kick off. LTC fans were very excited about it:

So, technically registration did launch at 9PM PST yesterday, but there was one big disappointment that makes this new platform a lot less desirable than it was a couple days ago.

The LitePay debit card feature isn’t happening yet

This payment solution is a three-partner: businesses can register to accept LTC payments, consumers can set up a wallet to spend LTC where it is accepted, and a LitePay debit card could be pre-loaded to spend anywhere debit cards are accepted.

The debit card would work like this, according to the official site:

litecoin (ltc), litepay, debit cards, debit card, merchant, e-commerce

Unfortunately, the card part is on hold indefinitely. A bunch of people got emails yesterday from Litecoin (LTC) saying that, while the merchant registration process would still kick off, the debit card registrations would not be offered yet. Why? We can thank “recent hostile actions by card issuers towards crypto companies.”

Needless to say, some Litecoin (LTC) fans are annoyed.

But, at the same time, a lot of people have been coming to LTC’s defense by saying that the card launch failure isn’t that big of a deal.

This Litecoin service may be fine without the debit card

Sure, there isn’t a way for us to spend LTC anywhere debit cards are accepted yet – but that might not be a big deal in the near future. The wallet and e-commerce applications are still useful, and a lot of people are thinking this way:

So, I guess we will see how LitePay kicks off in the coming days.

But, as people are absorbing this information, this coin’s price growth is tapering off – it is now hovering around the $220 mark.

What do you guys think – does the debit card factor make a big difference?

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.


Please enter your comment!
Please enter your name here