Charlie Lee, the creator of Litecoin, recently gave an interview for the official business publication of Wharton School of Business (at the University of Pennsylvania). The main purpose of this podcast was to discuss the future of banking and money.
In one of the questions, he was asked on what the goal of Litecoin is. To that he replied, he wanted to make Litecoin sound money. He said,
“I think the goal for Litecoin and also, for me, for Bitcoin is to create sound money. When I first found out about Bitcoin, I saw it as a better form of money than … human civilization has ever seen. If Bitcoin is a better form of gold, for example, it doesn’t have to be used daily. People [store but] don’t spend gold, right? And you can actually build on top of that.”
In another question, he was asked as to what is stopping cryptocurrencies from being mass adopted. According to Charlie Lee, the lack of security in protecting own coins is the biggest hinderance on mass adoption.
“Hindering adoption today is the lack of trust in terms of securing your Bitcoins. A lot of people aren’t tech savvy enough to protect and store their own coins, and they rely on third parties like exchanges. And then the exchanges get hacked.”
The interview goes deep into how cryptocurrencies will be the future of money and whether they would be able to replace central bank. In the closing remark, he added that his focus for Litecoin is to improve its fungibility (privacy) and also increase merchant adoption.
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