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Charlie, the founder of Litecoin has always had strong opinions on the digital resources sector. His recent observations on Bitcoin were during the World Crypto Conference. He said that he and most people do not talk about the variables that make a cryptocurrency valuable. He referred to the batter's trade era, then move on to other concepts such as gold and legal money. He said that gold is precious because it is a physical property and it is scarce. While gold is beautiful, beauty is not what gives value to Lee.
Turning to Bitcoin, Lee said that there is no physical representation of Bitcoin and therefore can not be owned. Since it is a digital asset on the blockchain, it can only be accessed through a private key and can be sent from one address to another. He said that this does not only apply to Bitcoin and Litecoin but to all cryptocurrencies. In his words:
"It's actually the word property of money that makes Bitcoin valuable, which is why it's referred to as the gold of the digital world."
Lee explained that there are four basic properties that make Bitcoin valuable. Citing the fiat currencies held and controlled by the government, he said that the decentralized nature of Bitcoin is another key factor that gave it value. While governments control the movement of legal currencies, they have no power over Bitcoin.
According to Lee, transactions with Bitcoin are immutable due to the blockchain which makes it valuable. Bitcoin Blockchain transactions can not be reversed or changed. This gives Bitcoin an edge over the legal currencies that can be canceled by the government. In his words:
"The competitive extraction and proof of work are what led to the production of Bitcoin, so the cryptocurrency is not zero because you use money to extract it.If the money was not required, counterfeiting would be easy and this would reduce the value as well as with fiat currencies The Fiat currency has lost a lot of value over time.The Federal Reserves devalue these currencies whenever they want.While this is seen as a quantitative easing, it is nothing more than to print money and devalue what everyone has ".
Lee said that this kind of devaluation can not happen with Bitcoin because the codes, and not the central authorities, are what determine the inflation with Bitcoin. He continued:
"Everyone already knows that Bitcoin's production will end when it reaches 21 million Bitcoins, it can never go any further, except that it has changed with the consensus." Everyone has to agree that they want to exceed that number before doing so. ".
Bitcoin price analysis (BTC)
At the start of the new week, Bitcoin exceeds the resistance at $ 6,350 and $ 6,375. The main cryptocurrency by market capitalization has moved above $ 6.475 before it began to fall. This was after it fell below the $ 6,200 support territory. The hourly MACD was moving towards the bearish zone while the relative strength index was above the 50 level. At the time of writing, Bitcoin (BTC) was trading at $ 6,436.71. This shows that it was up 1.04% against the dollar. The 24-hour trading volume was $ 4,262,327.640 and the total market capitalization was $ 111.744,990.036.
