Charlie Lee, president and CEO of the Litecoin Foundation, recently took Twitter to defend Litecoin, his genius, and transform the apparent FUD into a case for widespread FOMO.
1 / Recently, there has been a concert effort to suppress the price of Litecoin by people / funds who are surrendering to LTC and from groups that see Litecoin as a threat. I will explain this FUD and show why Litecoin has enormous value.
– Charlie Lee [LTC⚡] (@SatoshiLite) 20 September 2018
Litecoin, ranked in the 7th largest cryptocurrency by market capitalization, is currently trading at around $ 60 a piece for a while. 39; of context.
Litecoin has lost its margin?
In a tweetstorm, Charlie Lee, the aforementioned founder of the Litecoin project, pointed out that contrary to popular belief, his "son" "He has not yet lost himself in the ocean of mundane, impractical benches. pointing out that "[the Litecoin Network] has over $ 150MM of ASIC hardware protecting it", while the network also dominates the Scrypt extraction in general According to a cryptocurrency analysis website, it would cost about $ 32,915 / hour to run an attack on the Litecoin network, which is rather the heavy sum, to say the least.
Flexibility of Litecoin
"Litecoin has a lot of liquidity" says Lee, which is essential for the cryptocurrency and fiat-to-trade exchanges. crypto.This is not unsuccessful claims, as LTC is present in almost all fiat and encrypted exchanges, making it more popular than Ethereum, which has become a very popular subject in the cryptosphere.scene encrypted via fiat should always be easy and fast, since Lee flaunts the ability of Litecoin to access such accessible exchanges.
Payment Processors And Litecoin
Lee points out that LTC is actively supported and processed by over nine payment processors, including Aliant Payment, BTCPay, CoinBase, CoinGate, CoinPayments, Globee, GoCoin LTCPay and TravelbyBit, proving once again how easy it is for traders to accept LTC as a viable payment method.
From A Bitcoin Fork To Lightning Network Guinea Pig
Lee says that over the past 7 years, the Litecoin network has worked flawlessly and continues to process transactions for over $ 200 million every day. As such, it is difficult to break down such a well built network, so the counterfeiting or devaluation of the popular cryptocurrency would be a rather difficult undertaking.
Several critics have stated that the BTC chain is climbing through the emerging Lightning Network, Litecoin could simply become obsolete. However, Lee emphasizes that LTC is also supported by the lighting network because of the similarities in the architecture of both chains. Moreover, BTC and LTC go hand in hand with the use of atomic swaps, which allow users to immediately exchange between the two currencies in a big step towards decentralized exchanges.
Speaking of the matter, Lee, who passes "SatoshiLite" on Twitter, wrote:
"Litecoin will always be the cheapest and fastest on the ramp of Lightning Network and with solutions like submarine swaps, you can use on the chain LTC to pay a flash BTC bill! "
Litecoin and its development
Despite accusations of the stagnant development of the Litecoin project, Lee assures his followers that the staff behind the project are working on the important aspects of LTC, while indicating users in the right direction. He clarified: "We do not work on the main branch, where people are watching .This is generally a good practice Git! Demonstration: we released 0.16.2 last week and just released 0.16.3 today, which solved the recent critical bug in the DoS. "
Charlie Lee also confirmed that he is working full-time on Litecoin, which is what the true believers of the project evidently want to hear.