Enjoying “finger lickin’ good” fried chicken has just become a whole lot easier for Bitcoiners—at least in Canada. Yesterday, KFC Canada began offering the first of its kind “Bitcoin bucket”—a bucket of fried chicken that can be purchased with bitcoins. (Source: “KFC Canada Is Accepting Bitcoin for Fried Chicken,” CoinDesk, January 12, 2018.)
With this, the fast food giant becomes one of the first international food vendors to accept payments in a cryptocurrency.
The good news is that this initiative is only a test run to check the viability of this payment method. When asked if KFC Canada would be accepting Litecoin, the fast food chain did not reject the idea and instead gave us hope, saying they’ll be adding “one cryptocurrency at a time.”
Today, accepting Bitcoin has become a lot easier for merchants. Services like “BitPay” and “BTCPay” have made Bitcoin integration and payment processing very seamless.
While BitPay does not yet accept any other cryptos at this point, BTCPay added support for Litecoin just a week ago.
But to speed up Litecoin’s mass adoption, Litecoin “hodlers” have been wishing for a BitPay equivalent for Litecoin.
Their prayers were answered last month after the Litecoin Foundation announced that a Litecoin-owned payment services processor, “LitePay,” was in the works.
We’re now just days away from the launch of LitePay, which is due to be released in February.
Here’s why it’s a game-changer for Litecoin.
For starters, it would allow businesses to accept Litecoin without worrying about price volatility. Payments would be processed by LitePay instantaneously and settled directly with their banks.
Take note that BitPay is currently charging about $5.00 transaction fees for processing Bitcoin transactions that take ages to confirm. For the KFC Bitcoin Bucket, too, which costs about $20.00, you must pay an extra $5.00 to BitPay as processing fee. LitePay, on the contrary, would not charge a penny for transactions.
Secondly, the best part is that Litecoin users will be able to convert litecoins to dollars and vice versa through their Visa-compatible LitePay cards, which will be usable at all ATMs or businesses that support Visa payments.
Finally, LitePay would allow users to store and use their litecoins from a single, secure mobile or desktop application. So not only will new users bypass the hassle of searching for the best wallets and worry about their safety, but the LitePay wallet would also bring everyone together in one place, creating one big ecosystem.
In short, LitePay would likely add a nitrous oxide boost to Litecoin’s public adoption rate in the coming days.
Analyst Take
We’re super excited about the launch of LitePay in February, which will bring us one step closer to seeing Litecoin become the go-to digital medium of exchange ahead of Bitcoin. Our Litecoin price prediction for 2018 remains bullish with an LTC price target of $400.00.
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