Updated: Jun 19, 2022
Elon Musk would like to see Dogecoin become more currency-like. He recently responded to Billy Markus who is one of the creators of Dogecoin with the tweet below:
But the real question should be is there already a crypto that is currency-like?
One could easily argue that Litecoin is the most currency-like crypto in the world. Let's look at the properties that make a great currency.
We can look at the eight characteristics of money to make a determination.
Limited Quantity / Scarcity
Portable (ability to transport)
Secure / Verifiable
Fungible / Interchangeable
Medium of Exchange
Litecoin as you may or may not know has a total fixed supply of 84 million.Litecoin is the second most decentralized cryptocurrency after Bitcoin. Litecoin is highly portable since it is a digital asset, it can be accessed anywhere in the world. Litecoin is secure since it has the majority of Scrypt mining hash power alongside dogecoin. Litecoin is divisible down to 1/100M. Litecoin is durable as the software runs on many nodes decentralized across the globe. Litecoin is now fungible after the MWEB upgrade in May 2022. Lastly, Litecoin is a great medium of exchange with lots of block capacity on the main chain and the extension block. Litecoin has future capacity to scale with block size and further MWEB cut-through optimization of the blockchain.