Dark Web Marketplace Silk Road Was Charlie Lee of Litecoin’s (LTC) First Introduction To Bitcoin
Charlie Lee Talks About Bitcoin’s Ten Years; He Was Introduced to It by Silk Road
Charlie Lee is one of the most important and recognized figures in the cryptocurrency space. During a Podcast with Laura Shin, the creator of Litecoin (LTC) talked about the most popular virtual currency in the market, Bitcoin, and about is ten years. He has also mentioned how he knew about Bitcoin.
Awesome Unconfirmed with @SatoshiLite on the 10th anniversary of the Bitcoin white paper! We discuss how Bitcoin can go from a speculative asset to real money and whether Bitcoin is a better store of value than gold. Check it out! https://t.co/ruvFSc0Qag
— Laura Shin (@laurashin) November 2, 2018
Charlie Lee started to speak about Bitcoin’s first 10 years and the release of its white paper. He explained that he is surprised about this ten years since he felt it was just ‘yesterday’ when he found out about Bitcoin.
Lee said that he knew about Bitcoin in a specific article that talked about the Silk Road. The Silk Road was an online marketplace in which illegal items and information were sold for Bitcoin (BTC). After learning about it, Lee said that Bitcoin caught his attention because it was a ‘better form of money’ and it was censorship resistant.
Then he said that he cannot believe that it passed so long since Bitcoin was created. He did not keep track of how much time passed. Additionally, he added that it could be used as a replacement for fiat money and that everyone will be using it.
Charlie Lee said about Bitcoin replacing fiat currencies:
“And I think it will replace fiat as money that everyone will use. So, like right now, Bitcoin and cryptocurrency is still just a speculative asset and you know it’s been 10 years we haven’t really scratched the surface like the whole becoming real money.”
At the same time, Litecoin’s founder said that there has been an improvement in terms of value. Back in 2011, each Bitcoin was worth only $30 dollars. The evolution has been clear. He says that the price has gone up a lot since that time and that it has not reached much adoption in terms of people using it.
During the last year, when Litecoin was in a bull market, Charlie Lee decided to sell his Litecoins in order to avoid ‘conflict of interest.’ Because of this, he received a lot of critics from the crypto community.
At the moment of writing Bitcoin is the most popular virtual currency in the market. It has a market capitalization of $110 billion dollars and each BTC can be bought for $6,386 dollars. Litecoin, instead, is the 7th most valuable virtual currency in the market. It has a market capitalization of $3.01 billion dollars and it can be purchased for $51 dollars.