The bear market is in full swing which presents the perfect buy opportunity. But according to Litecoin creator Charlie Lee, this is the time to work on adoption as he announces the Litecoin SMS Payment.
Adoption is the key – Litecoin creator Charlie Lee
Bears have taken up residence in the crypto market as billion dollars gets wiped out. A majority of the cryptocurrencies are in the deep red for more than a week. This month started at a down note as the first Bitcoin then altcoins dropped at a rapid pace. The loss has resulted in the devaluation of about 90 percent in some of the altcoins from their All-Time High.
Bitcoin, the world’s 7th largest cryptocurrency has been trading at $62.65 at the time of writing. With a 24 hours loss of about 5.21 percent, it is managing the daily trading volume of about $300 million, as per Coinmarketcap. With a market cap of $3.6 billion, Litecoin is running in red in the BTC market as well.
The 7-day price movement of Litecoin as shown in the graph below has been a sharp drop from $77.89 to $62.29 a few hours back.
This cryptocurrency has lost about 83 percent of its value from its All-Time high of about $375. It is certainly the best time for people to add cryptocurrencies in their portfolio that they FOMO’ed over during the December surge. However, Charlie Lee, the founder of Litecoin cryptocurrency, believes there is another thing this bear market is perfect i.e. Adoption.
Litecoin SMS payments coming
Charlie took to Twitter to express his thoughts on adoption which according to him is an integral aspect to the growth of the crypto market.
Litecoin Creator, Charlie Lee says:
“A bear market is the best time for people to work on adoption.”
He shared this while announcing the Litecoin SMS Payments going live.
Lee stated, “Send and receive LTC on telegram. Eventually, it will support SMS also. Great workCharlie Lee team! We build it and they will come. Adoption is key!”
Lite.im is the application that is “opening Litecoin up to anyone” having any type of mobile phone. As for how it works, “With a simple SMS or Telegram message, you’ll be able to check your Litecoin balance, reveal a receiving address for incoming transactions, and send money to anyone with a mobile phone number, telegram account, or Litecoin address.”
“With lite.im anyone with an SMS-capable mobile phone can send and receive funds, anywhere in the world and without the need for a centralized authority. Litecoin was created as a tool for financial freedom. With lite.im, we’re extending that freedom to everyone.”
As for the use cases, it states on its website, it can be used in cases such as non-availability of a wallet or poor internet connection or if one “lives in a country where the government censors the internet or bans cryptocurrency use.”
Adoption is certainly the key as emphasized by Ethereum founder VItalik Buterin, Charlie Lee and a number of other experts. It is the way to the future!