As hype surrounds the news of LitePay and LitePal there has been some movement in the value of Litecoin. Many in the crypto space are excited to see some real world use of the technology they have invested into. Even though I hold no Litecoin at the moment ( I have only been on the scene for about three weeks) I have thought about what impacts a spendable Litecoin may have.
Now as I have stated, I am a crypto noob and by no means is this financial advice. I have little experience in this space and this is my read on the technology and how its future may look.
Being new to the scene affords me a less biased approach to assessing the merits of some of this technology without being bogged down in the hype of being too knowledgable - there are many aspects I am still learning. If there is a piece of the puzzle I am missing please let me know in the comments.
So one of the selling points to LitePay is that it will convert LTC into the local fiat to help the merchant secure the monetary value of the product; as we know crypto value is volatile. This is marvellous but I'm sure the customer will have similar concerns about using their volatile LTC value to pay for everyday items. I know I'd feel a bit salty if I payed $50 worth of LTC to fill up my car, only to watch it go to $150 a couple of days later.
So where does this leave the future of LTC in my opinion? Being that Litecoin holders may be scared of purchasing with an asset that could and should appreciate - the opposite of what fiat does - I see Litecoin possibly becoming the Tether of the future. No that does not mean LTC will dump to US$1 but I could see if falling to US$100 and holding stable at that while pruchasers translate 0.01LTC as the equivalent to US$1 for the context of making purchases.
This may still be some time away as the general public will still work out how the currency fits in the broader public and there still looks like plenty of room for profits off LTC throughout this year, but it may be something to think of.
Let me know what you think in the comments and if you liked the article feel free to upvote and resteem.