While the world still considers Bitcoin as the campanilist and the poster for the cryptocurrency industry, Charlie Lee, the founder of Litecoin, differs slightly in opinion. According to Lee, it is not only Bitcoin, but also Ethereum and Litecoin have the distinction of being called "bellwether".
Bitcoin is Charlie Lee's inspiration
Charlie Lee is his recent tweet about Bitcoin, Ethereum and Litecoin are the cryptos of Bellwether because according to him these are the only coins exchanged on all the main cryptographic and can be stored on each hardware portfolio. According to his tweet this is not possible with other coins because they are not quoted on all exchanges or their transfer to the hardware portfolio is not easy.
Bitcoin, Ethereum and Litecoin are the cryptos from BELlweather. They are the only coins that are exchanged in all major cryptographic exchanges and can be stored on each hardware portfolio.
Buying and storing other coins safely is really a PITA. 😂
– Charlie Lee [LTC⚡] (@SatoshiLite) October 25, 2018
His tweet made some comments in which people suggested a variety of coins that meet the criteria that Charlie has listed to classify Bitcoin, Litecoin and Ethereum as bellwethers. While one user suggested DigiByteCoin and Dodgecoin, another user thought that Charlie Lee was banging Bitcoin Cash.
– Devon ($ DGB) (@digibytehelper) October 26, 2018
Even Dogecoin is practically included in this.
– Chaz Cryptoson (@thechaz) October 25, 2018
Funny how you keep on browsing $ BCH LOL
– GB.NYC (@GyaanGandhi) October 25, 2018
The opinion of Charlie Lee seems correct according to his criteria, but it can still be said that Bitcoin would be the last arrived. Lee himself is a big Bitcoin fan. Recently in the Money 2020 conference, Charlie Lee revealed that Bitcoin inspired him to create Litecoin in 2011, while praising cryptocurrencies as one of the best forms of money ever created by man.
Speaking at this conference, Lee also talked about the coins for privacy and its importance. Specifically, he discussed the fungibility of various digital currencies. Charlie said that Bitcoin is not fungible because the origin of its transactions can be easily traced. Furthermore, when a person sends Bitcoin, he can see the amount of Bitcoin owned by the recipient. In comparison, smaller currencies such as Monero and Zcash have invested heavily to improve the privacy of their transactions. According to Lee, these plateaus are dropping the crypto industry.
While Lee has his reason for choosing Bitcoin, Ethereum and Litecoin. It seems that Bitcoin still has the highest shelf for the bellwether. Replace Bitcoin will be slightly difficult from its 1st position in the encrypted world.
Which do you think is the most beautiful currency of the crypto industry? Let us know your opinions on the same
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication has no responsibility for personal financial loss.