Charlie Lee, Litecoin creator, believes that fiat money is better for day to day transactions than his own creation. Charlie Lee is an ex Google engineer, who worked in the exchange platform Coinbase and graduated from the MIT.
Fiat or Litecoin?
During a Twitter conversation between Charlie Lee and his followers, he admitted that fiat is better than Litecoin. “For day to day transactions, fiat is still easier,” Lee answered.
Tao Jones, the person that made the question, asked him if he preferred fiat money over Litecoin. Even if Charlie Lee answered the question, this user was not happy with what he answered and kept insisting to receive a better explanation. “I am working towards making LTC better for day to day. And I prefer it for a store of value,” Litecoin creator answered.
For day to day transactions, fiat is still easier.
— Charlie Lee [NO2X] (@SatoshiLite) November 5, 2017
Litecoin and its Use
Litecoin is one of the most famous cryptocurrencies in the world, at the moment. It is the fifth currency by market capitalization with almost 3 billion dollars. At the beginning of the year, Litecoin price was $4 dollars, while at the moment it arrives at $55. It means that the currency experienced an increase bigger than 1300%.
This currency was born as the silver of Bitcoin’s gold. Even when now it is not the second most valuable currency in the world (now Etehreum), it has big supporters.
“Litecoin historically occurred as a result of Bitcoin hard fork in 2012. It was a cryptocurrency number two for a long time in terms of value and trading volume, you could say that it was silver compared to Bitcoin gold in the past. Its exchange rate is highly correlated with bitcoin even now. However, it left its position to Ethereum now,” commented Vitaly Gumirovm, CEO of blockchain chat solution Miniapps.pro.
Litecoin has a faster block generation rate offering faster transaction confirmations. In addition to this, it offers transactions with almost no aggregated cost. In other aspects, it is very similar to Bitcoin.
“Litecoin serves as a useful counterpart to Bitcoin, just as silver does to gold. Litecoin is faster than Bitcoin and more agile because its corporate governance structure allows it to try ne things and experiment more quickly,” said Trevor Koverko, CEO of Polymath a securities token platform.
Does Charlie Lee Agree With Jamie Dimon?
In older Bitcoin News, Jamie Dimon, JP Morgan Chase CEO, said that Bitcoin “is a fraud” and will blow up. But he did differentiate Bitcoin from Blockchain technology. “Blockchain technology will be used to transport money. But it will not be Bitcoin, but US Dollars that will be transported,” he commented in an interview.