April’s Fools was almost over, but there was still a joke in store in the crypto room. Charlie Lee, the inventor of Litecoin, made a fake announcement on Twitter, claiming that Litecoin would be renamed BitcoinLite “as Satoshi Nakamoto intended”.
Lee posted a version of the Bitcoin whitepaper with the letters LITE and a link to the Litecoin Foundation’s official website, which has been renamed the BitcoinLite Foundation. The homepage says “Just Like Bitcoin. But “Lite’er!” Adds that Bitcoinlite is “four times more scalable than Bitcoin,” with higher transaction fees and a stash of just 84 million coins. It even offered users a BitcoinLite wallet. The website contained the following message:
After several hard-fought, intense discussions within the Litecoin community, it was decided that Litecoin will go through a rejuvenating marketing campaign – Litecoin will be renamed “BitcoinLite”.
The reason for the rebranding was the alleged opportunity to attract new investors who are “confused” by the various forks of BTC (Bitcoin Cash, Bitcoin SV, Bitcoin Gold). These investors believe that each of these versions is the “real BTC”. Therefore, the “Bitcoinlite Foundation” could gain new followers who “were previously missing”.
The page contains a fake roadmap that starts with the “takeover” of the Bitcoin domain and changes the information about that cryptocurrency to BitcoinLite information. However, the release makes some “true” observations about Litecoin and highlights some of its features that some members of the crypto community later referred to as a publicity stunt. The website claimed:
Community donations are very much appreciated to accomplish this task as Litecoin unfortunately didn’t have an ICO launch to pay for everything (…). It was a wild ride to come here, but we are so happy to finally have reached this point (…). April 1st marks the start of a fresh, brand new quarter and so far we’re starting with a kick.
Litecoin is renamed BitcoinLite! Https://t.co/ScDeF3hf97
BitcoinLite as intended by Satoshi Nakamoto. # BitcoinLITE #BitcoinLiteFAM pic.twitter.com/oEaPS0yhtV
– Charlie Lee [LTC⚡] (@SatoshiLite) April 1, 2021
LTC on the rise
Following Charlie Lee’s fake announcement, LTC rallied 5.3% at the time of writing and is one of the top coins on the 24-hour chart after Filecoin (27%) and UNI (6.3%). LTC is trading and is $ 203, up 14.9% last week.
MimbleWimble was recently completed via Extended Block Code by lead developer David Burkett. The protocol is intended to bring additional functions for data protection and scalability to the blockchain. However, LTC’s price hasn’t benefited from the news.