Litecoin (LTC) – We are at a point in crypto where just talking about price won’t cut it, in improving the value of the crypto market. There are lots of people who have got burnt in the last 3 months that just selling them good news won’t bring them back. At least not in the short-term. The uncertain regulatory environment is not helping matters either. So, how can crypto lovers uplift the market again?
The only option now is to force adoption. If we can all push for adoption, the value of cryptos will grow. That’s why it’s impressive that Litecoin is running a twitter campaign called, #paywithlitecoin. Under this hashtag, Charles Lee the founder of Litecoin, is encouraging people to spend their LTC. He recently tweeted the following,
Ask not what Litecoin can do for you, ask what you can do for Litecoin.” – Here’s how:
- Tell all your friends and family about Litecoin
- Show your favorite merchants how to accept LTC
- Spend LTC wherever you can 4. Buy back your LTC that you’ve spent #Paywithlitecoin
This is a good strategy that could see the value of Litecoin (LTC) increase significantly in the future. That’s because as the number of people who use LTC increases, more merchants will accept it. More merchant acceptance means an increase its intrinsic value, and growth!
In essence, if the value of LTC is to grow, we will have to collectively overcome the HODL mindset, and start spending our Litecoins. LTC is meant to be a currency, and HODLing it doesn’t in any way improve on its value. It will simply keep it in a speculative, and highly volatile environment.
To understand this, you need to look at the dollar. The dollar has value because it is used for transactions all across the world. If everyone were to hoard the dollar in anticipation of a price rise, massive price crashes would ensue. That’s because it would be a case of the greater fool theory; where everyone accumulates, hoping to sell to a bigger fool. When that fool is no longer there, the value collapses. Therefore, by spending Litecoin, we would all be making it a global currency, and with that, its value would steadily grow.
You are probably thinking, but where do you spend, if not enough stores are accepting it? Well, Litecoin (LTC) holders can collectively force corporations to accept it as a means of payment. You are the customer, and you are king to any business you transact with. If enough people demand for it, companies would start accepting not just LTC but crypto in general. There is one interesting post under the #Paywithlitecoin hashtag that would work well in nudging corporations to accept Litecoin. The tweet read as follows,
#litecoinfam ! With not enough time in day between business and family I downloaded an app called “buffer” that will automatically send scheduled tweets to franchises for #litecoin adoption Any thoughts about this? #paywithlitecoin
This sounds like a great strategy to get corporations accepting Litecoin (LTC), if enough people can do the same to different companies.
In fact, this should be the trend for all other cryptos, and the overall wellbeing of the crypto market will improve. That’s the only way to overcome the speculative bubble we are currently in, and grow a stable market. Let’s all #paywithlitecoin and grow Litecoin (LTC) in 2018!
This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.