Charlie Lee, creator of Litecoin in a recent interview with SFOX said that Litecoin is the second ‘soundest’ form of money behind Bitcoin.
Litecoin was created in 2011 by Charlie Lee initially when he was playing around with Bitcoin’s code. Today the Cryptocurrency is almost worth $58 with a market cap of $3.38 Billion. It has been one of the very few Altcoins to have survived for so long.
Litecoin Silver to Bitcoin’s Gold?
It has been a widespread idea that Litecoin is the silver to Bitcoin’s Gold narrative. Charlie justifies this narrative saying that if Bitcoin has to be the most secure chain, then the tradeoff would be higher fees. Litecoin can act as a compliment to Bitcoin as it has lower fees and is faster.
Litecoin has also acted liked a test net for Bitcoin meaning software updates or features could be tested out on Litecoin first before deploying it on Bitcoin. Some of the examples would be Segwit, Lightning network, Atomic Swaps, etc.
Unlike Bitcoin, Charlie is a figurehead for Litecoin which he admits is kind of an oxymoron. He could be attacked by someone who wants to get control over the network, but Charlie says there also positives to it, for example, an update like Segwit can be implemented quickly on Litecoin which is harder to do with the Bitcoin network because of its decentralized nature.
Litecoin is the second ‘Soundest’ form of money
Sound money or hard money is basically a form on the currency which cannot be easily inflated, whose value is determined by the free market instead of government policies.
Charlie believes that Bitcoin has the best claim to be sound money followed by Litecoin.
“there aren’t that many projects in my mind that are working towards that “sound money” aspect of things. Bitcoin is obviously the soundest form of money around, and Litecoin, I would say, is the second soundest”
The only other Cryptocurrency that he finds interesting is Monero. It’s privacy and fungibility features are something that is missing from Bitcoin and Litecoin which he believes are very much needed.
October this year marks the seventh year birthday for Litecoin since the inception of its genesis block.
Thank you for reading the article. Wishing you a very Happy New Year from team Blockmanity 🙂
Did you like the news you just read? Please leave a feedback to help us serve you better