The founder of Litecoin (LTC) and the Litecoin Foundation – Charlie Lee, has come out to speak against the ‘FUDsters’ that are spreading false news about the digital currency. In a defensive manner, the founder has spoken out to put speculations at bay and stated that even though the value of the digital currency is very low right now, it still has the potential to grow and it will pull in an enormous value again.
Charlie Lee’s Statement
According to Lee’s statement, “There has been a concentrated effort recently to overwhelm the price of Litecoin (LTC) by funds/people who are shorting Litecoin (LTC) and by groups that see the digital currency as a threat. Lee said he will clear up this FUD and show why the digital currency has tremendous value. Litecoin (LTC) has one of the most secure networks amongst all the altcoins. Litecoin has more than $150 million of ASIC hardware protecting it. The digital currency dominates Scrypt mining by far.”
Litecoin (LTC) Price Today – LTC / USD
He further added that the digital currency processes daily transactions worth over $200 million, and the network has been working seamlessly for seven years. Litecoin (LTC) functions today as a global decentralized sound money, which can be reversed or taken away, can’t be censored, can’t be devalued, and can’t be counterfeited. Most of the Lightning Network clients and applications also support the digital currency because they see the value of Litecoin (LTC).
Charlie Lee does seem to disregard the fact that the digital currency is undervalued at the moment, and he disregards that over the past couple of months, LTC has really fought to hold values in the same way the other digital currencies in the market have. In order for the digital currency to recover, it needs to seek out new use cases and listings. Litecoin (LTC) is a digital currency with real potential for adoption, hence it needs to be accessible and seen as a viable option in the real world.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.