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In a new speech, the creator of Litecoin Charlie Lee exposes the unique characteristics that give intrinsic value to the cryptocurrencies that eclips the fiat.
At Blockchain Cruise 2018, Lee provided four general reasons why the crypt has a value:
• Resistance to censorship – Governments can not control it
• Immutability of the transaction: the transactions can not be canceled
• Production cost: coins can not be copied and cost money to be created
• Fixed monetary correspondence: the offer can not be increased
Lee says that, above all, the first point on the list is the one that interested him in Bitcoin in the first place.
"Online poker was a huge business in 2011 – I think it's a $ 10 billion business – it was actually cutting the profits of the gambling game in Las Vegas from what people were saying. On April 15, 2011, I went to my favorite poker site, pokerstars.com and I saw it.
What happened was the US federal government that day that closed all the major US poker sites … When it happened, I was thinking about myself, that's really sad. This is my money. Why can not I use it to play poker online? Poker is legal. It is a game of skill. So there's something wrong, right? A couple of months later I discovered Bitcoin. Bitcoin is not controlled by any government. It is not controlled by any company. And it's basically – it's about freedom of money ".
The idea that "Bitcoin can not be blocked by spending" has an incredible value in and of itself, emphasizes Lee.
Anyone who has ever had a bank or financial institution freeze a payment, stop a check and prevent a simple transaction from being processed can imagine why a peer-to-peer cash system has much value in the digital age.
The implications are much larger than the online gambling game and help put the current speculative nature of cryptocurrency craze into perspective.
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Disclaimer: the opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin or cryptocurrency. Your transfers and exchanges are at your risk. Any losses you could sustain are your responsibility. Please note that The Daily Hodl participates in affiliate marketing.
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