Litecoin’s Charlie Lee Puts Bitcoin’s History into Perspective: “Feels Like We’re Still in the Beginning”
Charlie Lee, Litecoin’s creator, has been talking about Bitcoin and the first ten years of this virtual currency. During an episode of Unconfirmed hosted by Laura Shin, he said that cryptocurrencies are just still in the very beginning. In the future, new functionalities and developments will take place in the space.
Although he mentioned that virtual currencies will be used on a daily basis, he also said that Bitcoin and cryptocurrencies are still speculative assets. However, cryptocurrency adoption will have to be improved if they want to revolutionize money.
Lee says that virtual currencies will experience more scaling, more privacy, and new second-layer solutions in the next years. Once these things are developed, the number of users buying and spending virtual currencies will increase.
Bitcoin and Ethereum are trying to improve their networks with new scaling solutions. The Lightning Network that will be implemented in the future, will allow Bitcoin to process millions of transactions per second without having to showcase all the information on the blockchain. This would reduce network congestion and reduce on-chain fees and transaction times.
Additionally, Charlie Lee says that by giving individuals more options for buying virtual currencies, it would be possible to reach mass adoption. Two companies that are going to offer institutional-grade platforms are FIdelity and the Intercontinental Exchange.
Fidelity decided to launch Fidelity Digital Assets in order to offer cryptocurrency solutions to enterprises and wealthy investors. The Intercontinental Exchange (ICE) is going to release a new platform known as Bakkt for trading virtual currencies.
Charlie Lee says that he found Bitcoin back in 2011 after the ‘Poker Black Friday,’ when the US government decided to target the online poker industry. For Lee, it was important to have a currency impossible to be censored. At that time, the government simply shut down online poker sites and also the payment methods used for playing poker.
Many poker companies decided to move abroad and offer their services to other countries and citizens but not to individuals living in the United States. There is no way for US citizens to place funds in these platforms. This is why Bitcoin is better, according to Charlie Lee. Nobody has control over the money you use.
Government used their power on several occasions to control the flow of specific products and goods, including alcohol, narcotics or other things.
During the conversation, Lee was asked about Bitcoin and its relation to illegal activities. On the matter, he commented:
“The reason why these so-called ‘illegal’ sites use Bitcoin is because Bitcoin is good money. You should be able to spend your money the way you see fit without someone or a third party government saying you can’t use your money in a certain way. So I think the reason why Silk Road, dark web markets and poker sites use Bitcoin or cryptocurrency is because it’s good money.”
Lee then said that this good money will win in the future. For Litecoin’s creator, Bitcoin and virtual currencies are not related to illegal things, instead, it is related to have control over the money that people earns at work.
At the end of the conversation, Lee says that Bitcoin’s innovation is being a decentralized currency that no one has control over it.