While the world still considers Bitcoin as the bellwether and poster boy of the cryptocurrency industry, Charlie Lee, the founder of Litecoin, differs slightly in opinion. According to Lee, It’s not just Bitcoin, but Ethereum and Litecoin too stand the distinction of being called a bellwether.
Bitcoin is Charlie Lee’s inspiration
Charlie Lee is his recent tweet spoke about Bitcoin, Ethereum, and Litecoin are the Bellwether cryptos because according to him these the only coins that are traded on every major crypto exchange and can be stored on every hardware wallet. According to his tweet this is not possible with other coins as either they are not listed on all exchanges or transferring them to hardware wallet is not easy.
Bitcoin, Ethereum, and Litecoin are the BELlweather cryptos. They are the only coins that are traded on every major crypto exchanges and can be stored on every hardware wallet.
Easily buying and securely storing other coins is really a PITA. 😂
— Charlie Lee [LTC⚡] (@SatoshiLite) October 25, 2018
His tweet did fetch a few comments where people suggested a variety of coins which fit the criteria that Charlie listed out to categorize Bitcoin, Litecoin and Ethereum as bellwethers. While a user’s suggested DigiByteCoin and Dodgecoin another user felt Charlie Lee was taking a jab at Bitcoin Cash.
— Devon ($DGB) (@digibytehelper) October 26, 2018
Dogecoin is pretty much included in this too.
— Chaz Cryptoson (@thechaz) October 25, 2018
Funny how you keep poking in $BCH LOL
— GB.NYC (@GyaanGandhi) October 25, 2018
Charlie Lee’s opinion seems correct based on his criteria, but one can still say Bitcoin would be the ultimate bellwether. Lee himself is a big fan of Bitcoin. Recently in the Money 2020 Conference, Charlie Lee revealed that Bitcoin inspired him to create Litecoin in 2011 as he lauded cryptocurrencies as one of the best forms of money that have ever been created by man.
Speaking at this conference Lee also spoke about the privacy coins and its importance. Specifically, he discussed the fungibility of various digital currencies. Charlie mentioned that Bitcoin is not fungible because the origin of its transactions can be easily traced. Moreover, when a person sends Bitcoin, they can see the amount of Bitcoin owned by the recipient. In comparison, lesser coins such as Monero and Zcash have invested heavily in enhancing the privacy of their transactions. According to Lee, these altcoins are toppling the crypto industry.
While Lee has his own reason to pick Bitcoin, Ethereum and Litecoin. It seems Bitcoin still will have the top shelf as far as bellwether is concerned. Replacing Bitcoin will slightly be difficult from its 1st position in crypto world.
What do you think is the bellwether coin of crypto industry? Do let us know your views on the same.
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Divya Bhatia from Computer science background is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Reach out to her at [email protected]