Litecoin (LTC) creator Charlie Lee shares as to why cryptocurrencies are better than fiat currencies and his experience of buying Amazon gift card with Litecoin by using Lightning Network (LN).
Charlie Lee: Crypto beats fiat & buying Amazon gift card with Litecoin
Recently, at Blockchain Cruise 2018, Litecoin creator Charlie Lee shared the unique features of cryptos that make them better than fiat:
Censorship resistance is the one that means governments can’t control it and transaction immutability reveals transactions can’t be reversed. Moreover, the cost of production ensures coins can’t be copied and they cost money to create while fixed money supply means supply can’t be increased.
While in another instance, Lee took to Twitter to share his own personal experience of purchasing Amazon gift card with Litecoin through Lightning Network:
I just bought an Amazon gift card using LN on Litecoin. The payment went through instantly and I got the gift card right away. Good job on the great user experience @bitrefill! 👏 #PayWithLitecoin #PayWithLightninghttps://t.co/dJYLksVVCD
— Charlie Lee [LTC⚡] (@SatoshiLite) October 3, 2018
Bitrefill allows one to buy Amazon gift cards and vouchers with Litecoin (LTC). The company is for mobile top up and buying gift card by using cryptocurrencies. Apart from Litecoin, Bitrefill also supports Bitcoin (BTC), Lightning, Ethereum (ETH), Dogecoin (DOGE), and Dash.
The website of Bitrefill mentions,
“Spend Litecoin on Amazon vouchers & gift cards. Buy Amazon Prime, Fire Stick, Echo, books, laptops, drones, hoverboards & more. Start living on crypto!”
The Amazon vouchers and gift cards one buys with Litecoin can be redeemed on Amazon.com. Once it has been loaded, one can start shopping. Also, Amazon.com gift cards “never expire” and can be further “redeemed towards millions of items at www.amazon.com.”
As for how exactly Bitrefill works, it clarifies on its website that one creates a new Amazon order, choose a voucher amount and then selects from the crypto options available that one wants to pay with.
Once the order is created, one needs to switch to the crypto wallet and paste their address or simply use QR code to automatically begin the transfer. And after payment has been confirmed, voucher code gets ready and you can instantly redeem it in the Amazon app.
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Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.