Charlie Lee Says Bitcoin And Litecoin Are Making Progress Towards Creating “Sound Money”
CEO of Litecoin [LTC], Charlie Lee has recently voiced his opinions on LTC, how it is comparable to Bitcoin and the necessary specs that make LTC a superior and well-secured token to name the least. A recent post compiling what was shared by Lee was made available and here’s a quick look.
“Litecoin Is Acting As A Really Good Form Of Money”
According to Lee, LTC has achieved several milestones since its existence, noting that its platform has the ability to support 30,000 transactions per day. He also boasts the token for having several features that prevent any individual or group of breaking in.
In particular, he said,
“[LTC is] censorship resistance, it’s immutable, irreversible, it’s counterfeit proof an no one can devalue it. […] We’re working towards a sound money that can be used […] for whatever purpose.”
Lee’s Reason For Why Excess Energy Expenditure Is Necessary
According to AMB Crypto, who also reported on this matter, LTC requires 400 megawatts of energy, which is supposedly a little under what San Francisco requires. Lee argues that it is necessary due to the fact that energy is “what’s actually protecting the network”, adding that without it, the network will lose its sense of security.
Keep in mind that LTC is based on the Proof-of-Work, which on its own is known for drinking up energy. Regardless, Lee seems to be firm on more energy consumption if it means securing LTC from any type of invader possible.
Lee’s LTC Vs BTC Comparison
Lee focused specifically on the costs in his comparison, pointing out that the Bitcoin Network’s cost in ensuring increased protection is “10 times more that Litecoin”. He also disclosed that “Litecoin is about 1/10 as secure as Bitcoin”, stressing that it would cost an invader $1.3 billion in hardware to attack the Bitcoin network and about $150 million for LTC.
With the increased emphasis on security from both BTC and LTC, Lee sees the latter as silver, making Bitcoin Gold. He also trusts that these two respective tokens truly represent and will be the ones to redefine “sound money” over the long run.