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Litecoin [LTC] creator tells its users to look beyond speculation, propagate adoption

Priyamvada Singh

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Litecoin [LTC] creator tells its users to look beyond speculation, propagate adoption
Source: Pixabay

Recently, Charlie Lee, the Managing Director of the Litecoin Foundation and the creator of Litecoin [LTC] delivered his keynote speech at the Litecoin Summit 2018, held in San Francisco. Here, Lee spoke about the adoption of the cryptocurrency and why it is significant to increase the usage of it as money.

Lee began by defining Litecoin as the decentralized money or people’s money. Hence, he encouraged people to think about what they can do for Litecoin, instead of only taking a reverse approach. Furthermore, he believes that buying Litecoin and helping its price is important, but a more significant way to help Litecoin is to propagate its real-life use-case among the crowds. According to the computer scientist:

“People today, when they use Litecoin and Bitcoin, they may not actually understand what’s so good about it. Maybe it’s complicated to use, the price is really volatile, but once people actually get past that and see what it means to actually have freedom of money, then they will realize what it’s all about. I bet half the crowd here may not even understand that fully. Most people in this space are in it just to speculate on the price.”

Subsequently, Lee expressed that he wants the community to get past the speculation point and realize that Litecoin is being built as sound money. He also stated that it might take a generation for people to realize the value of cryptocurrencies in terms of monitory freedom.

Next, he revealed that he does not invest in Litecoin but still buys Litecoin for everyday use, wherever possible. Therefore, he also urged the listeners to promote Litecoin as money among friends, family and acquaintances.



Recently, the Litecoin Foundation also started a new campaign for the purpose of promoting its adoption among merchants and vendors. The campaign was named #PayWithLitecoin and was mentioned by Lee in his keynote speech. He then directed the attention of his audience to an online portal created by his foundation to assist merchants in understanding the simple use of Litecoin in daily trade.

At the summit, the Litecoin Foundation also conducted a stress test for the LTC network to present the efficiency of the transactions. The foundation sent 0.1 LTC to 1,263 addresses by a technique called batching. The experiment was carried out by an LTC developer known as Loshan, who took only two transactions to fund all the 1,263 addresses with Litecoin. By batching, a party can save the transaction fee in bulk and make cheaper payments, as per a Bitcoin expert.





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

Daily Crypto News – May 25

1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.

Read more at https://bit.ly/2VRQwb0

2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.

Read more at https://bit.ly/2W40sTR

3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.

Read more at https://bit.ly/2X6fdlw

4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.

Read more at https://bit.ly/2McaTjE

5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.

Read more at https://bit.ly/2wmk4mJ

6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.

Read more at https://bit.ly/2HUEnNB



7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.

Read more at https://bit.ly/2W64KKj





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