I simply incorporated Litecoin as a payment approach in my app. Here is why.
For background, I’m a business owner who utilized to work for a significant cryptocurrency. So I understand the various cryptocurrencies rather well.
I just recently began establishing ploties.com, a premium chat app with in-app payments. Generally men pay women for talking by the minute. I began the app with PayPal since it is an apparent option. Nevertheless, it is a real annoyance:
PayPal is taking a cut of 70 cents for a $10 deposit. That is 7%. My platform charges a 20% platform cost. Which is currently an excellent portion. I do not wish to distribute 35% (!!!) of that to PayPal simply for the deposits.
Then PayPal likewise charges currency conversion and withdrawal charges. I have actually passed the withdrawal charges on to the developers. Nevertheless in impact that is just increasing the platform cost from 20% to 23-27%.
Likewise PayPal has a great deal of constraints irt how it might be utilized. They do not wish to be utilized for adult deals and have the power to simply close down your account from one day to another. I do not wish to be informed by PayPal what I can do or seem like they own me. Which after they make more cash from my platform than I do.
Needless to state, I was searching for options. Regrettably all the significant payment processors charge the very same rates. Likewise they are a PITA to incorporate.
I understood that cryptocurrency would be the option. My significant concerns with utilizing crypto rather are still inadequate adoption to make them the only accepted payment approach and possibly utilize case ruining charges (see BTC and ETH) along with sluggish deal times.
Nevertheless, I saw that Litecoin quite well repairs the latter 2. I can presently send out a deal for less than 1 cent in 5 minutes. With an excellent mobile wallet it’s practically as simple as utilizing PayPal.
While adoption stays a problem for the time being, I think this is going to get better over the coming months as more individuals purchase cryptocurrency.
Another reason that I picked Litecoin was that it is a significant, well developed cryptocurrency, that makes it commonly supported on mobile wallets and cryptocurrency exchanges / entrances. Likewise it made combination a lot simpler for me since I might discover an excellent 3rd party API.
Litecoin isn’t extremely appealing or hyped up in the crypto area. And I do not HODL any. However it’s reasonable to state: It’s working and it’s working well. It’s quickly, low-cost, instinctive and recognized. That’s why I picked to incorporate it into my app. And if I am representative, then that must be an excellent indication for the future of Litecoin.