Litecoin was recently verified by Twitter with a blue tick badge on their account. They also posted a tweet to celebrate the occasion.
— Litecoin (@litecoin) June 13, 2021
This is the latest show of confidence for cryptocurrencies like LTC being accepted in the mainstream. With verification, the altcoin gains a legitimacy on social media that not many cryptocurrencies today have achieved. Verification from a social media giant like Twitter also gets investors excited for the future of Litecoin as it seeks to push towards bullish trends.
Why Litecoin Needed Verification
There are many reasons why Litecoin or any cryptocurrency need verification. Verification ensures that scammers are unable to take advantage of unsuspecting followers and reach out on fake accounts with unsubstantiated offers. It also ensures followers they can be confident in the tweets and information they get from the now official Litecoin Twitter account.
Verification from Twitter of the official account proves confidence as a healthy contributor online, promoting both Litecoin and blockchain technology.
Twitter recently overhauled their verification process making it much clearer for how individuals and organizations get verified. Although, it is now tougher to become verified because of additional step added to the process. Twitter further only wants to verify accounts of high public interest, and make sure a verified user is contributing to the site in a healthy way. The article goes on to say,
Twitter will require a check of the user’s identity before verification and users will be given several options to prove they are who they say they are. That includes linking to an official website referencing a user’s identity or the organization they’re affiliated with and their Twitter account
Becoming verified on Twitter ensures that the official Litecoin account can be easily identified by Twitter users. Plus, verification makes sure users can get up to date news and are following the “official” account.
Verification’s Effect On LTCUSD Price
As Litecoin continues to closely follow the price of Bitcoin, getting verified is just another boost its legitimacy as the “digital silver,” to Bitcoin’s “digital gold.”
Related Reading | Why Litecoin Could Ultimately Benefit From Bitcoin’s Success
After the Litecoin Twitter account was verified at 2pm 6/13/2021, there was a noticeable jump in price from $166 to $171 over the next hour. Investors were quick to buy the altcoin and is already up nearly 6.5% over the last 24 hours.
Getting verified helps the cryptocurrency stay relevant in the fast paced digital world. It allows them to send out the current information their followers seek, and assures followers are interacting with an authentic Litecoin account.
Litcoin Price over the last day | Source: LTCUSD on TradingView.com
At the time of this writing, Litecoin is trading at $175.25.
Featured image from Pixabay | Charts from TradingView.com