During the Money 2020 Conference, Charlie Lee revealed that Bitcoin inspired him to create Litecoin in 2011. Charlie lauded cryptocurrencies as one of the best forms of money that have ever been created by man.
Moving forward, Lee talked on the importance of privacy in the contemporary world. Specifically, he discussed the fungibility of various digital currencies. Charlie mentioned that Bitcoin is not fungible because the origin of its transactions can be easily traced. Moreover, when a person sends Bitcoin, they can see the amount of Bitcoin owned by the recipient. In comparison, lesser coins such as Monero and Zcash have invested heavily in enhancing the privacy of their transactions. According to Lee, these altcoins are toppling the crypto industry.
Despite of lauding the privacy of Monero, Lee pointed out that the Monero network is likely to face scaling issues because of its large block size. In the recent ‘Bulletproof’ hard fork, Monero reduced its block size by 90%. However, they are still larger than Bitcoin block sizes.
Regarding the poor performance of Litecoin, Charlie stated that he intends to get the cryptocurrency listed on popular trading platforms to increase its liquidity. Precisely, he mentioned that he embarked on this mission after the infamous collapse of the Mt Gox exchange platform.
Similar to many other digital currencies, Litecoin has been struggling with bearish market trends since the beginning of 2018. However, the future of this coin looks promising after its recent addition to the Wirex crypto prepaid card project. The crypto exchange and wallet platform recently announced the launch of a crypto prepaid card that will enable users to purchase and instantly convert Bitcoin, Litecoin, Ethereum, and Ripple into US dollars. Users will then use the cards to but goods and services just the way they would use a normal bank card.