Litecoin (LTC) Creator Charlie Lee is Banking on the Future of Cryptocurrencies as Sound Money
Charlie Lee the creator of Litecoin recently in a podcast with Wharton shared his future plans for Litecoin and views on cryptocurrencies.
Talking about where it all started, Lee shares how it was “mainly a fun side project” when in October 2011, he was trying to create a fork of Bitcoin. However, unlike other dozens of altcoins that were created by founders who wanted to become rich by having pre-mined coins, Litecoin is “fair”. Because of its egalitarian approach, he believes it actually survived.
“Even a coin like Ethereum has a huge pre-mine. They sold however, millions of dollars worth in the beginning and gave a lot of Ethereum or ETH to themselves.”
The Goal Is To Create Sound Money
Lee further shared that his goal for Litecoin is to create “sound money.” So, he doesn’t think mass adoption is what gives a lift to cryptos, eventually, he believes people will start spending BTC or LTC widely but is not something that is needed today.
“When I first found out about Bitcoin, I saw it as a better form of money than … human civilization has ever seen.”
However, in the future, he believes people would use cryptos in their daily lives without even realizing it. And “You may not even call it Bitcoin. It might just be money.” Though he is sure cryptocurrencies will be one of the currencies that people will use and that will achieve mass adoption, whether or not the current system of currencies will still be around, he doesn’t know.
What’s The Point Of Banks & Govts. Creating Their Own Cryptos?
As for the popular idea running around cryptos that is governments creating their own cryptocurrencies, he says, there is no point in it.
“If the central banks or the governments actually create a cryptocurrency, they still have full control, so what is the point? It is effectively no different than a digital version of a U.S. dollar.”
But today there are over two thousand cryptocurrencies, so how many the world can handle actually. Lee says there is going to be more than one, “Bitcoin, Litecoin, maybe a few others.” He believes it will be only a handful that represents real value but the beauty he says is that eventually, they will be
Focus On Merchant Adoption & Improving Fungibility
However, currently, these cryptos are seen and used as more of an investment or speculative asset which as per Lee is only at the initial stage as the industry grows it will become more stable and prices become less volatile that means in the future it will become
“less of an investment asset and more of just money that people would hold on to.”
Now, for the future of Litecoin, Lee is focused on the monetary aspect of cryptos and want LTC to be used as money. So, he is putting his focus on merchant adoption and the key thing that he is working on is to improve the fungibility of Litecoin.
“One of the requirements of fungibility is privacy. If the coin is not private, then it is not fungible. Fungibility and privacy go hand in hand, and it is something that I am really looking into right now.”
Live Litecoin (LTC) Price:
1 LTC/USD =$185.3552 change ~ -2.48%