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Charlie Lee Defends Litecoin and Addresses FUD

charlie lee

Litecoin still remains as one of the top cryptocurrencies today. Despite the criticisms of Charlie Lee for selling his Litecoins during its peak, it has continued to remain on the top ten cryptocurrencies. In fact, there were even attempts to ramp up the adoption of the cryptocurrency. There was a campaign that invited small businesses to adopt Litecoin.

Recently, Charlie Lee issued a statement on Twitter regarding the FUD surrounding the cryptocurrency. These criticisms were mirrored from the past claiming that Litecoin is a dead project in terms of its innovation.

Lee mentioned via Twitter that: “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 Litecion has tremendous value”.

He further mentioned that “Litecoin Core v.016.3 has been released which includes a very important security fix for a DoS vulnerability, CVE-2018-17144! All users are advised to upgrade as soon as possible.”

Lee has focused on the strengths of the cryptocurrency saying that it was the leader in terms of Scrypt mining making a 51% attack from miners unlikely. He also mentioned that “miners have no incentive to attack the network because it will destroy the value of their ASIC hardware”.

Last week, Litecoin fluctuated from $47.67 to $58.44. However, Charlie Lee was proud to say that Litecoin has liquidity. Litecoin is going to be on Gemini soon.

Payment Processors That Support Litecoin

One of the things that make Litecoin a solid cryptocurrency is the fact that it is supported by over 9 payment processors. Among these payment processors include LTCPay, Aliant Payment, CoinPayments, Coinbase, CoinGate, BTCPay, Globee, GoCoin,  and TravelbyBit. And for this reason, it makes it easy for Litecoin to be used by merchants.

Charlie Lee mentioned that there is an increasing number of Litecoin transactions on a daily basis. He said that: “Litecoin processes $200 million 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”.

Is Litecoin Still Needed Despite The Lightning Network?

There are those saying that Litecoin is no longer needed as Bitcoin now makes use of Lightning Network. Charlie Lee addressed the issue by saying that “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”. He also added that “Litecoin will always be the cheapest and fastest on ramp to Lightning Network”.

As far as development of Litecon is concerned, Charlie Lee is still focused on Litecoin. He mentioned that he will never buy back his Litecoin claiming that there is “conflict of interest” if he is holding Litecoin shares. He is still working on Litecoin full-time despite the fact that he no longer holds any Litecoin.

Is Litecoin ever going to be the second best cryptocurrency next to Bitcoin? So far, Ripple has now replaced Ethereum.

Lee Jenkins

Lee is our resident cryptocurrency expert who knows the ins and outs of each coin and the blockchain technology behind them. You’ll find that most of our technical guides are written or overseen by Lee and they are all easily digestible by the new and experienced alike, so there is no better place to learn blockchain 101 than here. Occasionally you may see a news article from him if it’s tech related!

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