The FUDs (Fear, Uncertainty, and Doubt) spread against Litecoin (LTC) is increasing day by day, especially after a distorted information was shared about the founder of Litecoin, Charlie Lee.
Now, the founder and one time employee at Coinbase said heâ€™s now ready to confront those spreading FUDs against the altcoin.
â€œRecently, 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.â€�
Has Litecoin Lost Its Edge?
According to him, one of the FUDs that is being spread about Litecoin is that the cryptocurrency has lost its edge and can’t differentiate itself from hundreds of other altcoins. This message is all on Twitter and spread by those who claim the cryptocurrency got its major boost from cheap Coinbase listing.
Replying to the FUD, he said:
â€œLitecoin 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.â€�
Talking Litecoinâ€™s secured network, Charlie said â€œMiners have no incentives to attack the network because it will destroy the value of their ASIC hardware.â€�
Speaking further, he said the cryptocurrency has a ton of liquidity, adding that Litecoin â€œis on practically every fiat and crypto exchange (Gemini soon), even more than ETH.â€�
More than Nine Payment Processors Supports Litecoin
Charlie said the cryptocurrency is being supported by over 9 payment processors among which are Aliant Payment, BTCPay, Coinbase, CoinGate, CoinPayments, Globee, GoCoin LTCPay, and TravelbyBit.
He said the support from payment processors â€œmakes it extremely easy for merchants to accept LTC. There are too many LTC merchants to countâ€�.
Growing Daily Transaction On Litecoin
Charlie boast of increasing Litecoin transaction on daily basis which makes the cryptocurrency stand out among other altcoins.
â€œLitecoin 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.â€�
Adding another FUD, he said haters of the cryptocoin are of the opinion that Litecoin is no longer needed since Bitcoin can scale with Lighting Network.
â€œ 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.â€�