Litecoin Price going up, Hardfork or Scam?
Litecoin (LTC) got a huge boost in December, but after the peak in mid-month, the value of the currency declined steadily. Until 14 February, because suddenly the coin was completely hot again. The value fluctuated between 140 and 160 dollars for a long time, but now one LTC is worth $ 230. Admittedly, that does not come close to the value in December, but it is a start.
The reason? LitePay will be introduced on February 26 and from that moment on it will be much easier to use Litecoin as a real currency. For example, shops and webshops can accept Litecoin as a means of payment, without having to own Litecoins themselves. You pay in Litecoin to LitePay and they transfer (for example) euros to your account.
CEO Kenneth Asare states that LitePay has been in development since the summer of 2017. He sees Litecoin as a much more suitable payment method than Bitcoin, because the transaction costs are much lower and transactions can be processed much faster. For investors it is especially important that it appears that LTC will soon be used much more. That makes the currency interesting and so a lot of money is being invested at this moment.
UPDATE 1: another reason is the hard fork that has to take place next weekend. The fork for Litecoin cash would go on Sunday night, but it is not an official fork. The Litecoin maker (Charlie Lee) even warned via Twitter that it can be a scam and that the name Litecoin is being misused.
PSA: The Litecoin team and I are not forking Litecoin. Any forks that you hear about is a scam trying to confuse you to think it's related to Litecoin. Don't fall for it and definitely don't enter your private keys or seed into their website or client. Be careful out there! https://t.co/qXbiIxp5Al
— Charlie Lee [LTC] (@SatoshiLite) February 4, 2018
Litecoin is a great project and a great Coin. Also the price of LTC is still undervalued in my opinion. So LTC is a good buy right now. Just don’t fall for for the so called Litecoin Cash (LCC) Hardfork and definitely don’t enter your private keys or seed into their website or client. Be careful out there!