Cryptocurrency is far from being adopted as an everyday thing. Unfortunately, that fact is true, and only a handful of companies accept them as payment. That’s still impressive, but the surface has only been scratched; there is a lot more underneath. The crypto everyone is focused on is Bitcoin when it comes to approval for payment, or Dogecoin if you are Elon Musk. Altcoins, or alternate cryptocurrency tokens, haven’t got any love when it comes to this, and many use it just to make profits. Maybe that’s a good thing though as unfamiliarity can come back to bite you.
On Monday, Walmart, the retail giant, put out a press release stating that they will start to accept payment in the form of Litecoin, the 15th most valuable crypto. Litecoin is essentially a spinoff of Bitcoin, and it was a competitor until Bitcoin hit the mainstream and market saturation occurred. Now, why would Walmart accept a cryptocurrency, and if they did why would it be Litecoin instead of Bitcoin? The truth is that this was a hack as Walmart later announced that the release was false. It was clearly a pump and dump scheme initiated by the hackers as Litecoin saw a rapid increase after the fake news and cratered just as quickly when Walmart denied the news. This doesn’t shed that great of a light on altcoins and cryptocurrencies in general as the SEC is investigating what went on, and the chance of regulation is rising with every incident like this. What do you think about this Litecoin scam?
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.