Litecoin Halvening Is Closing In, Prompting LTC Leader Charlie Lee To Warn Those Eager To Invest
Litecoin halvening is looming thick and fast, even as tech experts and industry veterans monitor any potential offshoot effects it could have on the crypto environment. Already, skeptics and speculators are having a field day, spreading bizarre rumors about it.
Some of the speculations now rife in the industry include the occurrence of lower block rewards and the ecosystem experiencing a complete market shutdown. But in the wake of all the theories, there’s a rather new feeling of disquiet and anxiety in the market that has forced industry leaders and influencers to set the record straight.
One of them is Charlie Lee, the vocal founder of Litecoin, who made a rare appearance just recently to shed more light on halvening. Lee, sharing his experience with the previous halvenings involving BTC and later LTC on an interview, made a statement that not every miner will revere to.
According to him, halvening isn’t necessarily a pleasant experience because it often creates a “shock” on those involved. Halvening not only leaves a profound effect on mining profitability but also forces some miners to cease operations altogether.
Charlie Lee, a Computer Scientist who currently serves as the MD of the Litecoin Foundation, added that as a result of halvening Litecoin, blocks would inherently slow down for a while. He said that slowing down would later give way for normal operations, although its effect on the system will undoubtedly be felt.
Litecoin ranks among the largest ten cryptocurrencies in market cap. But for its founder who offloaded his LTC coins a while ago, the current Bull Run is because many of those holding them are getting ready for the forthcoming halvening. He at length about the generally accepted perception of holding coins until the price shoots before one offloads them.
Going by the previous halvening of LTC, Lee expects the rise to a surge in the coin’s prices. But he warned those looking to invest in it, telling them that they should first beware that prices can drop to $20. He advised them to know the risk of price falling significantly beforehand.