Litecoin’s Charlie Lee Talks About Bitcoin As Gold For Store Of Value And LTC As Silver For Payments
High User Charges On Coinbase, The Cause Of Bitcoin’s Slow Trading Speed – Litecoin Creator, Charlie Lee
Amidst the chaos in the cryptosphere, Litecoin (LTC) has still maintained its stance as one of the top altcoins in the industry. Charlie Lee, the controversial creator of Litecoin in a recent YouTube video discussed LTC's current position and its future.
“I Created Litecoin For Fun”
Charlie Lee said:
“I created Litecoin mostly for fun. I wanted to mimic the gold and silver relationship with Bitcoin and Litecoin, where Bitcoin bitcoin is good for store value and Litecoin is good for payments.”
He further stated that he never really expected the success of Litecoin in maintaining its value since its emergence.
Charlie Lee attributed the growth of Litecoin not only to the bullish run of Bitcoin and slow transaction speed, but also the addition of Segregated Witness (SegWit) on the Litecoin blockchain.
LTC Vs BTC
Lee, the leader of the Litecoin Foundation, gave further clarification on these differences :
“Litecoin is less decentralized and less secure than Bitcoin, but it optimizes for faster transactions, lower fees, and more bandwidth. This feature made us target the micro-transaction space.”
High Mining Fees
One major reason why Bitcoin’s transactions are relatively slow is that
“Miners were trying to find the highest fee per transactions and mine those for greater profit.” He said.
In addition, he said that there were certain mechanism in place which prevent crypto miners from increasing mining fees.
He stated :
“Companies like Coinbase are at fault for overcharging users under the pretext of earning huge profits from Bitcoin trading. Such practices pushed the fee throughout the market”
Charlie Lee also mentioned that he was working for Coinbase while building Litecoin and shared the common goal to make Bitcoin (BTC) and all other digital assets easy to use by the average person.
On the success of Litecoin, Lee said that other would-be crypto entrepreneurs should make sure the whole system around their cryptocurrency is working perfectly before even thinking of launching in the larger market.
Further on his cryptosphere experience, he said :
“It’s quite likely Satoshi’s actually passed away. But in case he’s actually still here, he doesn’t have to deal with all this bullshit.”