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Bitcoin [BTC] is the “soundest form of money” says creator of Litecoin [LTC], Charlie Lee

Ajay Narayan

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Bitcoin [BTC] is the "soundest form of money" says creator of Litecoin [LTC], Charlie Lee
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In a recent interview, Charlie Lee, founder of Litecoin [LTC] and the Managing Director of the foundation spoke about the relationship between Litecoin and Bitcoin Cash [BCH], how he was inspired to create the Litecoin foundation and also the coins and projects which he felt were competitors to Litecoin.

Charlie spoke about the initial stages of creating Litecoin where he stated that, “it was mostly just for fun”. He added that while he was testing the Bitcoin [BTC] code base he felt the need to create an altcoin which was far more superior than any other altcoin in the cryptocurrency space.

One of Charlie’s main agenda was to launch the platform in a very fair manner and ensure that there was no pre-mining. Premining is the mining or creation of cryptocurrency coins even before the token is launched for public use. He stated:

“I did not have an advantage over any other platform and I also wanted to create something that complemented Bitcoin [BTC]. So that’s where the “silver to Bitcoin’s gold” came from”

Charlie spoke about the coins or projects which he felt were Litecoin’s competition. He stated that the properties of “sound money” were bringing value to cryptocurrencies around the world. He added:

“Decentralization is inefficient, but it creates a form of money that we’ve never seen before: it’s decentralized, it’s censorship-resistant, and it’s immutable.”

According to Charlie, cryptocurrencies were neither inflatable nor could it be counterfeited. These properties made cryptocurrencies a very powerful form of money which was very valuable and something that was never seen before.

Charlie opined that there weren’t many projects which worked towards incorporating the values of “sound money”. He felt that Bitcoin was the “soundest” form of money followed by Litecoin which was the “second soundest”. Furthermore, Charlie was very interested in Monero [XMR], its privacy and fungibility feature was something which he felt was necessary for both Bitcoin [BTC] and Litecoin [LTC].

Bitcoin Cash according to Charlie was definitely a competitor but the problem with BCH was that they would do everything on-chain which increased the transaction throughput but also sacrificed decentralization. This would result in making it difficult to run a node. He added:

“It’ll be left to big corporations and big miners. Before you know it, it’s centralized around those big players. That’s definitely something I’m not interested in”



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Ajay Narayan is a full-time journalist at AMBCrypto. He has majored in Economics, Political Science and Sociology. His interests are inclined towards writing and investing in cryptocurrencies.

Bitcoin

Bitcoin’s divisibility and transportability make it much more flexible than digital gold

Priya

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Bitcoin's divisibility and transportability make it much more flexible than digital gold
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Andreas Antonopoulos, the author of Mastering Bitcoin and a Bitcoin proponent, spoke about Bitcoin as a digital currency and whether it would be limited to being just that, in his latest Q&A session on Youtube.

The author was asked about the possibility of Bitcoin becoming the world’s reserve currency, a digital gold and whether other cryptocurrencies would be used as a day-to-day currency. To which, he said:

“I don’t know. I think it would surprise me, actually, if Bitcoin could only fit into the niche of ‘digital gold.’ Bitcoin has characteristics of divisibility and transportability that make it… much more flexible than digital gold.”

Antonopoulos stated that gold is not a good medium of exchanges, because of the difficulty related to verifying whether it is real. He also stated that the store of value is “heavy to carry”, adding that the more one tries to make it fungible and divides it into smaller pieces, the harder it gets to verify its authenticity. According to him, verifying gold in larger amounts, which are stamped by reputable third parties, is easier.

“Then the cost of storing and securing gold is so high that it is better done in a custodial manner, where you put it in a vault and have professionals guarding it. You [are left] with a little paper certificate [of ownership], which have other problems like hypothecation. [All of this] makes it difficult to use [gold] directly as a medium of exchange.”

This was followed by the author remarking that these problems are not prevalent in Bitcoin, even though there is “greater complexity” when it comes to securing the cryptocurrency. He went on to say that this would cause some pressure towards third-party custodians, however, if that pressure is going to be lesser in comparison to the current system, it would still be a “more decentralized future”.

“The ability to transport bitcoin very quickly, in very small amounts [or very large amounts], [including] with second-layer networks that are even faster [and smaller] at the level of microtransactions”

Moreover, the Bitcoin proponent thinks that Bitcoin could be a “very effective” medium of exchange and store of value, adding that the volatility would decrease through use and volume, wherein the currency would not be witnessing a major price fluctuation making it “less speculative in nature”.

“That doesn’t mean there won’t be other coins which [are used] for everyday currency. I think there will be [others]. I don’t think Bitcoin will be just digital gold. It may become a world reserve currency, but I think the concept of a unitary world reserve currency [would] no longer be relevant.”

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Altcoins

Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency fails to climb on the bull after price stays locked down

Akash Anand

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Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency fails to climb the bull after price stay locked down
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The cryptocurrency market’s bearish woes do not seem to have waned with several popular coins seeing a continuous price downturn. Bitcoin [BTC], XRP, and Ethereum [ETH] have only enjoyed sporadic bullish spikes with a definite control being exerted by the bear.

1-hour

The one-hour BTC chart shows the gradual drop in prices. The support has been holding at $3214.17 while the resistance is maintained at $4160.21. The recent downtrend took the prices down from $3558.58 to $3367.97.

The Relative Strength Index shows a slight spike towards the overbought zone. This means that the buying pressure is increasing slightly more than the selling pressure.

The Bollinger band shows a clear divergence with the upper band and the lower band indicating an imminent sideways price movement.

The Parabolic SAR has been predominantly bearish with the markers staying above the markers. At the time, the SAR indicators were below the price candles which is a bullish sign.

1-day

The one-day chart for Bitcoin does not paint a better picture for the cryptocurrency with no uptrends in sight. The long-term support has been holding at3346.6 while the recent downtrend saw the price fall from $6262.97 to $3408.

The MACD indicator shows the MACD line and the signal line moving as a conjoined pair. Other than the bearish dip, the MACD histogram has been undergoing a lull.

The Chaikin Money Flow indicator is just below the zero line, which is a sign of the money flowing out of the market being more than the money coming into the market.

Conclusion

The above-mentioned indicators all point to an extended bear run with the prices still being clamped below the $4000 mark. With the year coming to a close, the predicted bull run does not seem to be occurring anytime soon.

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