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The creator of Litecoin Charlie Lee says that there is more to Bitcoin than for speculative Trading [19659003] As author of Litecoin (LTC), Charlie Lee made one of the most important contributions to the development of the cryptographic ecosystem launched in 2011, just three years from Bitcoin, Litecoin was one of the first altcoins and remains in the top 10 of cryptocurrencies by market capitalization.
A graduate in Computer Science at MIT, Lee created the protocol Litecoin while working as a software engineer for Google. His Litecoin cryptocurrency network was a hardfork of the original Bitcoin blockchain, which operated with a similar test mining system and a hard-wired LTC 84 million.
Recently he spoke on the CoinsBank Blo ckchain Cruise, where he embellished the fundamental value of Bitcoin [BTC]. While the price of cryptocurrency is limited primarily by speculative trading, the intrinsic value of money is a different narrative.
Lee has narrowed the essential value of money by revealing the four fundamental factors that affect it. He began by offering a picture of the quotes made by individuals such as the current president of the United States Federal Reserve and the important stockbroker Peter Schiff. These quotations have stated that cryptocurrency does not really have an intrinsic value, with Schiff calling it " digital fool & # 39; s gold ".
Lee, however, offered a different point, stating that he had 4 points that made Bitcoin inherently valuable. He started talking about how Bitcoin was not reprehensible, as it can not be changed by one person, company or government.
To explain what resistance to censorship meant, he proposed a personal anecdote.
Lee claimed that he used to play online poker in the years 2010 and 2011 when the online gambling industry was at its peak. However, he referred to an instance where the US government came down on the three largest online poker markets at that time on charges of fraud, bank fraud and money laundering.
Lee said:
"All payments to poker sites have been blocked Payments with Visa, Mastercard payments and payment processors Online poker has been effectively censored, it's my money, because I can not use it for playing poker online when poker is legal is a game of skill.A few months later I discovered Bitcoin.It is not controlled by any government, it is not controlled by the companies, you can play poker online and nobody can stop you. "[19659012] The intrinsic value of Bitcoin comes from the fact that it can not be blocked by spending as legal money can by the government.
The second point raised by Lee was that the transactions on the Bitcoin blockchain were immutable. Because of the general structure of the blockchain and the Proof-of-Work algorithm, a transaction in a previous block can not be changed without executing the job and modifying the block header of each block in the blockchain.
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