litecoin [LTC] creator: I see the need for an alternative currency that works with Bitcoin

Charlie Lee, the creator of Litecoin and the managing director of Litecoin Foundation, spoke about why Litecoin has stood the test of time, in an interview with Vlad Costea by Crypto Insider.

On why Litecoin continues to remain in power and success, Charlie stated that the first reason is that the currency is "right", adding that people do not like to support "unjust" coins. He went on to say that the other reason is that the marketing term of the currency is Bitcoin gold silver, stating that it is "a kind of self-fulfilling prophecy".

"So, it's easy to understand and helps people get in and gives them a reason why Litecoin is precious and I think the fact that the currency was around the net was very stable, it did not have any dead time, has not been attacked is protected by his basic mining machine. "

Lee added that there was no reason for the miners to attack the cryptocurrency or kill the currency that is profitable for them, due to the consent of nakamoto. He said that Litecoin is "well protected" by the right incentives – game theory, equal to that of Bitcoin. The creator also stressed that another reason for the success of the currency is that it is currently listed on all the major stock exchanges around the world, creating the path to high liquidity.

This was followed by the CEO talking about the origin of the idea of ​​making digital silver money, as the way Bitcoin is digital gold. He said:

"I thought of it as the day I thought about Litecoin, so I saw that the company has gold and silver as money, and I saw a potential need for a silver for Bitcoin gold because I saw Bitcoin as the digital gold.Therefore the idea for how one of being silver is that it would have cheaper taxes […] so I see the need for an alternative currency that can work together with Bitcoin to meet everyone's transactional needs ".

Subsequently, Costea emphasized Lee's statement that people do not prefer coins that are unjust and are pre-extracted, contrary to several projects on the market. This includes Ethereum [ETH], the third largest cryptocurrency by market capitalization, had a huge pre-mine and one of the most successful projects in space, and XRP, in which the creators have control over 70% of the supply.

"I think some of these coins provide value, right, so people see the value in Ethereum, not so sure of XRP, but I mean people see the value of a currency that works closely with the banks, that's why they buy or use XRP ".

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Priya is a full-time member of the AMBCrypto reporting team. He is a finance specialist with a one-year writing experience. You had no value in Bitcoin or other currencies.