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.
Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity
Did you like the news you just read? Please leave a feedback to help us serve you better
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
Circle of Games (COG)—Web3's multi-gaming platform has raised a $1mn round from Nazara, with participation…
Unconference Bali 2024, Asia’s premier Web3 event, is poised to take center stage against the…
Tradeleaf, a leading FinTech company empowering global trade through digital solutions, recently celebrated a significant…
Foundership Global Accelerator, a prominent force in the Web3 & Emerging-Tech Community boasting over 10,000…
April 16, 2024 - Condo, the world's first real-world asset (RWA) meme token, was recently…
The Partisia Blockchain Foundation, at the forefront of crafting privacy-enhancing and interoperable blockchain platforms, today…