Litecoin’s Charlie Lee And CoolBitX’s Michael Ou Get Candid on Crypto Obstacles
Cryptocurrency Development and Obstacles with Litecoin’s Charlie Lee And CoolBitX’s Michael Ou
Litecoin CEO Charlie Lee and CoolBitX founder and CEO Michael Ou spoke with Thomas Hu, founder of Kyber Capital, Kyber Intelligence, and Kyber Base in a recent fireside chat. Both Lee and Ou recognized that rapid and efficient mass adoption is a primary goal and mission in order to promote cryptocurrency as an attainable and safe alternative to fiat currency.
Both CEOs are on the same page stating that people need to know and understand that their money is just as safe or safer in the form of cryptocurrency in order for cryptocurrencies to be adopted worldwide by the public. Cryptocurrencies offer more flexibility than traditional banking methods.
Be Your Own Bank
Lee elaborated that security is really important in finances and with cryptocurrency; you are your own bank and actually have to protect your own coins. Ou agreed with Lee’s statement on being your own bank saying that’s this becomes practical as there is no one who can stop you from sending your money anywhere at any time and no one will have the authority to freeze your assets.
The CoolBitX team have already made engaging steps to achieve the goal of everyone being their own bank by developing and releasing a cryptocurrency hardware wallet, CoolWallet S, that is shaped like a traditional credit card. The CoolWallet S is light-weight, flexible and sturdy with protection against misplacement. It is also the only waterproof, tamper-proof, impact resistant, and heat/cold resistant wallet that suits long-term cryptocurrency holding storage perfectly.
The wallet holds five digital assets: Ethereum, Bitcoin Core, Bitcoin Cash, Litecoin, Ripple, and ERC-20 tokens. It has complete wireless syncing via encrypted Bluetooth technology and its Near Field Communication charger powers the device with its own power dock. It can be tethered to Android and iOS mobile applications.
Ou strongly feels that with cryptocurrency storage devices, simplicity and security are key and Every person should be able to use it with no trouble learning it.
Mass Adoption Defined
Charlie Lee defined mass adoption as the majority of people using cryptocurrency for a storing of value and making payments.
This system adoption will allow the average person to make transactions without the rules enforced by intermediary institutions. He explained that the use of cryptocurrencies should be made easy as he envisions a future system where people will be able to spend their cryptocurrency in the same way a debit card functions with fiat currency in a bank.
Obstacles In The Development
Governments and regulations appear to be upcoming obstacles to the pair’s vision of mass adoption. There is evident fear that government regulations could go too far in a way that kills innovation and any further future adoption.