Most people, if not all, who own cryptocurrencies, want to be able to spend it easily to pay for goods or services. The regular peer to peer transfer of value, besides. This desire of the litecoin community is what litecoin developers are working on to bring to birth the product, litepal.
Source: litepal.io blog
The interesting thing is that litepal has registered its business with the Australian Securities and Investment Commission according to source.
Source: litepal.io blog
Expected release date for litepal, litecoin's first payment processor is Q2 to Q3 of 2018.
Meanwhile, litepay, another of litecoin's product is set to be released on Monday, the 26th of February, 2018.
Steemit Has Steempay Mobile Wallet
Steemit is ahead of the game. There is steempay, an easy to use mobile wallet, available on ios and google playfor android users. This open source steem app developed by @kodaxx, enables transfer of steem dollars(SBDs) from one account to another. Be sure to download the app from here. See a screenshot of mine below.
A Steempal payment processor better than paypal and litepal would be very good for the steemit community. This is one big dream that I have. It would tackle the challenge of first having to convert steem to other cryptocurrencies and then to fiat.
Lessons learnt: Wherever a gap exists in any venture, there lies a potentially big business.
Could litepal be the new paypal? Would you like to see 'steempal' developed on the steem blockchain? Please, share your thoughts below in the comment.
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Hey! Glad to see that you're enjoying the wallet. I've got some big upgrades planned for it. In the meantime, I've been working on a payment processor that has some features that litepay/litepal will never be able to accomplish due to their currency design.
See my recent steemvend post for an idea of where this is going. I will have a more detailed post about the card wallets soon.
Hi @kodaxx. Good to see you here. Yes, I am enjoying the wallet. It's really simple to use and has a clean interface.
Wow! It's exciting to know that you plan to upgrade it. I've watched the steemvend video, which you pointed me to. I like what I saw in the video. Please, if you haven't heard of @utopian-io, do well to contact them. Utopian.io rewards open source contributions. So, you could write a post and tag them first #utopian-io, before using #steem-dev and other tags. I think by so doing, you'll be able to crowdfund this steempay/steemvend project very easily. I'll follow up your posts for upgrades. Keep up the good work!
Hmm...I've heard of @utopian-io but never used them. Not sure how. I'll give it another look! Thanks
This is an awesome idea that could work in one of two ways: either Steempay replicates the Paypal model and lets us move and spend fiat (a big gap in the Steemit ecosystem in my opinion) OR enough merchants start accepting Steem/SBD so that we don't have to.
Either way would be very exciting.
Thank you, @edumurphy. Check out what the developer of steempay, @kodaxx is doing with steemvend. I guess that this will be to the benefit of US citizens only and other countries who accept the USD as their currency pair like Nigeria. Steempay/steemvend might even do better than paypal. Let's follow the developments. I just can't wait to start spending my SBDs/steem for coffee, groceries and other day to day needs. Thanks for your support.
This is a great initiative to ease stress that some went through to carry out some transactions. We are in the crypto world and life is becoming more easier through the crypto system. I love what litecoin just did and am anxiously waiting for #litepay.
Thanks for sharing this @maryfavour
@funkylove, you wouldn't believe how much value/money I lost today. I exchanged my SBDs for 0.5 Eth using blocktrades.us, then transferred the Eth to cex.io. The 0.5 Eth was exchanged for €320 about 3 days ago. Since then, I've been trying to withdraw the money to my bank account via Visa card, but they didn't let me. I was so unhappy and had to exchange the money for Eth & from Eth to Steem. Terrible! Honestly, I can't wait to start spending SBDs & Steem to purchase groceries! I think you should download steempay and start using it. Thanks for your comment.
Imagine the stress, time wasting and resources consuming one encountered during this processing of exchange. Am pretty sure that many merchants will definatenaly put in for the use of SBD/Steem as a means of transactions.
Thanks for given me the option to download steempay. I will definitely try it out.
I really appreciate your effort.
It was quite stressful and a total waste of time and resources for me to do that transaction. I've stopped looking the way of cex.io, at least for now. Steempay is definitely good. The developer, @kodaxx, says that there is some good work going on in the pipeline. Let's follow his blog for more updates. Thanks a lot, @funkylove.
I'd like that as my country can't really receive payment with PayPal for whatever frivolous reason. The future is decentralised, let's go the decentralised way. ✌️
Decentralisation is the way to go, @greenrun. I absolutely agree with you. Regarding paypal, I think Nigerians can send money through paypal, but cannot receive. Anyway, they've lost the huge Nigerian market.
Yeah, you can spend but you can't earn. Not a good idea if you ask me.
i don't think many are aware about this steempay we have got this already it should go on a new high :D
Just wait until you see what I've got cooking on the merchant side of things ;)
That's correct, @blazing. It was while writing this post I discovered steempay second time to pay close attention to it. I believe marketing steempay through running contests and other means will make the whole steemit community aware of the existence of the app.
It would be absolutely awesome because real value comes from use. These new innovation from litecoin this just on point price is pumping. SteemPal would also be awesome. I noticed most cryptos are working on enhancing use
This is very true, @willywealth. I love steem(it) for all the awesome apps that have been developed. However, it's time to start thinking of something bigger for the community. Of course most cryptos are working to enhance use.
Have you downloaded the steempay app? Thanks for your contribution.
[Edited...]
I'm downloading right away. Thanks for sharing. I try as much as possible to catch up on your post. Also saw your video on Youtube on how to transfer steem from bittrex to steemit i used it to transfer. It was Very helpful to me as a new bie. Thanks for adding value to me in this community.
@willywealth, It's good to know that you have taken action by downloading the steempay app.
Wow! Thanks for the credit and acknowledgement. It means a lot to me. Welcome to Steemit!
Photos are very good and attract attention
When you copy/paste or repeatedly type the same comments you could be mistaken for a bot.
Tips to avoid being flagged
Thank You! ⚜
Really great
@kebin, I would consider this comment spam and treat it as such.