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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
Source: Unsplash

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

John McAfee says he will reveal Nakamoto’s identity, Coinbase expands to 11 countries, and more

Priya

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John McAfee says he will reveal Nakamoto's identity, Coinbase expands to 11 countries, and more
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Daily Crypto News – April 18

1. John McAfee on Satoshi Nakamoto: The Founder of McAfee Associates stated that he would narrow down on the identity of Satoshi Nakamoto until he reveals Satoshi himself, otherwise he would reveal his identity to the crypto community. He also spoke about how he knows about Satoshi, to read about it, click here!

2. Coinbase expands its services to more countries: The leading exchange platform announced that it expanding its services to 11 more countries, which includes India, South Korea, and New Zealand. People in these countries can avail services provided on Coinbase.com, Coinbase Pro and its app on iOS and Android.

To know more about the countries Coinbase has expanded to, click here!

3. Craig Wright says the crypto-community want to silence him: Craig Wright, the self-proclaimed Satoshi Nakamoto, stated that the majority of the community was against him as they “desire to silence” him because they see someone who would bring an end to scams and pumps and dumps.

He also spoke about the next steps he would be taking in terms of the legal action concerning his defamation case. To read about it, click here!



4. Binance “marks the birth of a new genesis block”: The largest cryptocurrency exchange in terms of trade volume announced the launch of its Decentralized Exchange, and also stated that the mainnet swap would take place on 23 April 2019.

To read more about Binance DEX, click here!





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