Bitcoin Fork Litecoin (LTC), also known as Digital Silver, celebrated its 8th birthday on Sunday, October 13. One of the oldest cryptocurrencies in space, today Litecoin ranks sixth in terms of capitalization in the CoinMarketCap ranking.
The network was launched on October 13, 2011. And this date is considered the official reference point for LTC history. The source code of the project, however, its creator Charlie Lee published six days earlier.
In a published tweet, Lee notes that over eight years of Litecoin's network existence, transactions worth more than $ 500 billion were carried out.
Happy 8th birthday Litecoin! 🎉
The Litecoin network has been running continuously for the past 8 years with zero downtime. LTC transactions worth over USD 500,000,000,000 were made at that time. 😮
We are waiting for the next 8 years and more! 🚀 pic.twitter.com/ItcDWrdCf1
– Charlie Lee [LTC⚡] (@SatoshiLite) October 13, 2019
The cryptocurrency celebrated its eighth birthday at a time when the Litecoin Foundation behind its development has some financial difficulties. Assuming the organization is on the verge of bankruptcy, Charlie Lee categorically rejected, asking users not to spread false information online. According to him, the money available today is enough for at least 2 years of work.
This is not close to bankruptcy. Don't listen to stupid whores and lies. We have enough money to last 2 years.
– Charlie Lee [LTC⚡] (@SatoshiLite) October 14, 2019
In August, Charlie Lee confirmed the reduction of salaries to finance employees, but according to him he took this step on his own initiative to support the organization. Donations from the creator of cryptocurrency make up to 80% of the total funding of the Litecoin Foundation.
We also note that compared to the beginning of 2019, LTC trades 88% higher (around US $ 57 on October 14), although at this time the cryptocurrency had to survive a 60% correction from the June maximum.
In addition, soon after August, hash Litecoin began to fall. This means that the network has become less secure, and miners have significantly reduced activity. To date, network computing power compared to the peak index in July has fallen by almost half.
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