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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

How Litecoin went on a rally after fake rebranding to Bitcoin Lite

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
Litecoin LTC LTCUSDT

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Aprils Fools was almost over, but there was still a joke in store in the crypto space. Litecoin creator Charlie Lee made a fake announcement via Twitter claiming that Litecoin would be rebranded to BitcoinLite, “as Satoshi Nakamoto intended.”

Lee posted a version of Bitcoin’s whitepaper highlighting the letters LITE and a link to Litecoin Foundation’s official website renamed BitcoinLite Foundation. The home page reads “Just Like Bitcoin. But ‘Lite’er!”, adding that Bitcoinlite is “4 times more scalable than Bitcoin” with higher transaction fees and a supply of only 84 million coins. It even offered users a BitcoinLite Wallet. The website contained the following message:

After several hard-fought, intense back and forth discussions within the Litecoin community, it was decided that Litecoin will undergo a rejuvenating marketing campaign — Litecoin will be rebranding itself to “BitcoinLite”.

The reason behind the rebranding was a supposed opportunity to capture new investors “confused” by the different forks of BTC (Bitcoin Cash, Bitcoin SV, Bitcoin Gold). These investors think that each of these versions is the “real BTC”. Therefore the “Bitcoinlite Foundation” could gain new followers that “we’d previously been missing”.

The page outlines a fake roadmap that begins with the “takeover” of the Bitcoin domain and changing the information related to this cryptocurrency to BitcoinLite information. However, the publication makes some “true” observations about Litecoin and highlights some of its features in what some members of the crypto community later called a publicity stunt. The website claimed:

Community donations will be much appreciated to help achieve this task, as Litecoin unfortunately did not have an ICO launch to help pay for everything (…). It’s been a wild ride getting here, but we’re so glad to finally have reached this point (…) April 1st marks the beginning of a fresh, brand-new quarter and so far, we’re starting it off with a kick.

Litecoin is rebranding to BitcoinLite!https://t.co/ScDeF3hf97

BitcoinLite as Satoshi Nakamoto intended.#BitcoinLITE #BitcoinLiteFAM pic.twitter.com/oEaPS0yhtV

— Charlie Lee Ⓜ️🕸️ (@SatoshiLite) April 1, 2021

LTC on the rise

After Charlie Lee’s fake announcement, LTC went on a 5.3% rally, at the time of writing, and is one of the top gaining coins in the 24-hour chart after Filecoin (27%) and UNI (6.3%). LTC is trading and $203 with 14.9% gains over the last week.

LTC on a rally in the 24-hour chart. Source: LTCUSDT Tradingview

Recently, MimbleWimble via Extended Block code was completed by lead developer David Burkett. The protocol is intended to bring additional privacy and scalability features to the blockchain. However, LTC’s price has not benefited from the news.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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