Here’s Why Litecoin (LTC) Is Important, According to Abra CEO Bill Barhydt

Here’s Why Litecoin (LTC) Is Important, According to Abra CEO Bill Barhydt

Time Stamp: January 4, 2023 6:05 PM
Source Node: 1868397

The CEO of crypto wealth management platform Abra thinks Litecoin’s (LTC) reliability makes it important to the broader crypto space.

Bill Barhydt says that Litecoin is the only decentralized peer-to-peer payment system with 10 years of uninterrupted uptime.

Uptime measures the percentage of time a system has been up and operational.

According to some estimates, the Bitcoin (BTC) network has been functional for more than 99.98% of its existence. The most recent Bitcoin network outage happened in March 2013, meaning BTC will hit its 10-year mark of uninterrupted uptime in about two months, assuming nothing goes wrong with the network between now and then.

Barhydt says he uses BTC to store wealth but prefers to use Litecoin to do peer-to-peer payments via crypto “when possible.”

Explains the Abra CEO,

“Litecoin is important for a few reasons [in my opinion]…. They test new technologies and system settings faster than Bitcoin… Mimblewimble, block timing, different hashing algorithm… etc. This helps Bitcoin [in my opinion]. In any case, it’s still just software. Use it or don’t.”

LTC is trading at $77.40 at time of writing. The 13th-ranked crypto asset by market cap is up more than 2% in the past 24 hours and nearly 13% in the past week.

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