Charlie Lee LTC states: Buy Bitcoin before Litecoin
Charlie Lee LTC states: Buy Bitcoin before Litecoin

Charlie Lee LTC states: Buy Bitcoin before Litecoin

By Adrian Zmudzinski - 17 Jul 2018

Chevron down

Charlie Lee LTC has recently encouraged people to buy BTC before buying any other cryptocurrency

A logic but controversial statement

The logic contained in the tweet is that there won’t ever be more than 21M BTC and that it means that not even every millionaire will be able to own one even if he wished so.

That’s the reason why Lee said that it is a better idea to buy one Bitcoin first before diversifying into any other crypto — explicitly including Litecoin.

The logic is actually sound if You, like Charlie himself, assume that Bitcoin won’t fail and is the most solid option out there. Charlie explained what he meant in a clearer way after he has been criticized by people that thought that he was declaring Litecoin a “S***tcoin”.

When asked why he doesn’t say the same about LTC, since the same logic should apply here as well, Lee answered that Litecoin doesn’t have the status that Bitcoin has — yet.

While the reasoning actually makes sense, such a tweet has been deemed controversial by the community which is used to all the developers acting like their coin will be the most — if not the only — successful one.

Lee notoriously sold his Litecoin near the top of the bull market in 2017, a decision he later regretted as the subsequent drop in prices made it look as if he had insider knowledge. Since then, Internet commentators have accused him of lacking commitment to his project.

Bottom line

The cryptocurrency community is really prone to tribalism. On various social media platforms — mostly Reddit and Twitter — users quite often insult one another simply based on what cryptocurrency they support. This generated a situation in which simply stating true facts is deemed controversial and delicate.

In this case, a developer of a widely known and respected cryptocurrency — one of the first ones — has simply stated the undeniable fact that Bitcoin is a safer bet than all the other cryptocurrencies, the one he created included.

If anything, the honesty of Charlie should be appreciated. Bitcoin is the only cryptocurrency that really reached mainstream awareness and it sure is the safest bet among all the cryptocurrencies, developers that deny that in favour of their coin are almost certainly lying.

Adrian Zmudzinski

Adrian is passionate about technology and Information Technology (IT). Adrian specialized in the analysis of tokens, the blockchain technology, and cryptocurrencies. His interest in Bitcoin dates back to 2009 and it rapidly transformed into a more general interest of the still arising cryptocurrency industry. His analyses are concerned mostly by the technological potential underlying the analyzed token.

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.