Litecoin [LTC]’s ecosystem sees aggressive adoption; scams continue to defame the coin

Litecoin has been facing a lot of aggressive adoption in recent days with the help of Charlie Lee and other members of the Litecoin community. Litecoin is being accepted as a form of payment at various places in the US. Restaurants in New Jersey and a few stores are accepting Litecoin and online payments for purchasing services or products.

Charlie Lee in an interview gave his insights for creating Litecoin. He said:

“I see Litecoin complimenting Bitcoin in being good sound money. One being digital gold and another being digital silver. So Litecoin is cheaper to spend and faster than Bitcoin. And with Bitcoin, there’s nobody to dictate, while with Litecoin I am present, which is good and bad.”

Surf Air Express announced that Litecoin and Bitcoin will both be accepted as a form of payment for air travels. The news of the announcement was also tweeted on their official Twitter.

Besides the adoptions, Litecoin network saw a huge transaction worth $62 million that took place recently which transferred a total of ~1.2 million LTC to a new MultiSig SegWit wallet. The address that received LTC is currently the richest address on the Litecoin network. The transfer of 1.2 million LTC cost a mere $0.50 which otherwise would have taken hefty fees if done through traditional banking systems.

Despite Charlie Lee’s efforts and speeches for the adoption of cryptocurrency, there have been people who are trying to get their hands on cryptocurrencies illegally. An Arizona-based man was recently fined a total of $1.146 million in restitution by the CFTC [Commodity Futures Trading Commission].