Charlie Lee Clears Up the FUDs Against Litecoin (LTC)

3 min read

The Litecoin project reaches more and more FUDs- Fear, Uncertainty, and Doubt day by day, mainly after a contorted information about the company’s founder spread around the communities.

Litecoin founder and employee at famous Californian cryptocurrency exchange Coinbase, Charlie Lee, is ready to stand against the circulating FUDs regarding altcoin LTC.

Here’s what Charlie Lee claimed:

“Recently, there has been a concerted effort to suppress Litecoin price by people/funds that are shorting LTC and by groups that see Litecoin as a threat. I will clear up this FUD and show why Litecoin has tremendous value.”

Is Litecoin’s LTC similar to other altcoins or not?

As reported by Charlie Lee, one crucial FUD that is circulating inside the crypto community is that the digital asset (LTC) has decreased in its edge and it actually cannot differentiate from other altcoins. The ones who posted such comments are those who believe Litecoin’s LTC reached its maximum level of development.

“Litecoin has one of the most secure networks of all altcoins. Litecoin has over $150MM of ASIC hardware protecting it. Litecoin dominates Scrypt mining by far,” Lee replied.

Speaking about Litecoin’s security features, Charlie Lee claimed that: “Miners have no incentives to attack the network because it will destroy the value of their ASIC hardware.”

He went on adding that the cryptocurrency “is on practically every fiat and crypto exchange (Gemini soon), even more than ETH.”

In Charlie’s opinion, Litecoin differentiates from other altcoins, and a proof is the high volume of daily transactions supported by the platform:

“Litecoin processes $200MM worth of transactions each day. And the network has worked flawlessly for 7 years! Litecoin works today as a global decentralized sound money, that can’t be censored, can’t be reversed or taken away, can’t be counterfeited, and can’t be devalued.”

Replying on another FUD that states Bitcoin can handle to deal with Lighting Network by itself, Charlie Lee commented:

“ Many of the LN clients and apps also support LTC because they see the value of Litecoin. With atomic swaps, LTC interoperates with BTC on the Lightning Network.”

At the time of writing, Litecoin’s LTC has a 24-hour traded volume of $240,536,318 and is valued at $55.10, according to CoinMarketCap.

Author: Adriana Midrigan

Elite CurrenSea

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