Charlie Lee, the Founder of Litecoin in his recent chat with Dr. Julian Hosp, the Co-Founder of TenX started off by introducing the Litecoin’s motive. According to its creator, Litecoin was created to compliment the Bitcoin and move hand in hand. He developed Litecoin while working for Google as his side project that wasn’t disclosed to the company and in his words, they didn’t really care about it either.
He further talks about the motive of Litecoin and Bitcoin Cash. According to him, Bitcoin Cash aims to replace the Bitcoin and be a better version of Bitcoin. In the current scenario, the Litecoin and Bitcoin Cash are very similar as both altcoins charge low fees and are faster as not a lot of blocks are being used. He finds that there is a trade-off between what Bitcoin Cash wants and what Litecoin aims at doing.
“Bitcoin Cash supporters want it to replace the brand of Bitcoin but it’s quite silly because the structure of the currency is similar to Litecoin and does not support such a thing”
Litecoin is more centralized as the creator has the power to decide the course of the currency, says Charlie Lee. He believes this makes the Litecoin more efficient. In a hypothetical situation, if the government coerces Charlie Lee to destroy Litecoin, it could happen given its more centralized nature. His decisions can hurt a few for a cause aiming at Litecoin’s future.
He further draws a parallel between the concept of Litecoin and Bitcoin with Democracy and Dictatorship. In his opinion, democracy is better but less efficient so there is always a trade-off and Litecoin chooses the side of a centralized more efficient structure.
Charlie Lee did step away for a while as he aimed to focus on Google and making Bitcoin more accessible. He says in the future he will have to move away from the leadership as a currency’s true nature is to be decentralized and it is possible only if he leaves his current place. His first step was to sell his stash of Litecoin last year. His sale did not affect the market and it was the right move from the point of long-run according to him.
His main aim right now is merchant adoption so that people can actually use Litecoin for transactions which require a connection with the fiat world as the volatility of cryptocurrencies make it hard for merchants to hold on to cryptocurrency.
The Debit crypto cards help people access to debit cards backed by cryptocurrencies which is a true stepping stone and in future Charlie hopes that merchants will accept cryptocurrency and then cryptocurrencies could be used directly. The end goal is that merchants will accept Litecoin and users will use Litecoin.
Stability in the cryptocurrency is the key to Charlie’s vision. He feels in future the fiat currencies will be more volatile and will see higher rates of inflation than in cryptocurrencies.
He also shares his views about the Litecoin and Bitcoin being better than Government issued cryptocurrency as they will be more decentralized.
Dr. Julian Hosp then questions Charlie Lee on why is Litecoin Debit card is better and why should people use it instead of other crypto backed debit cards to which Charlie replies with humor:
” The Litecoin is much cooler and provides the user the freedom to use any of the cryptocurrency on it”
After this point, the conversation shifts to TenX where Hosp shares his vision of ‘quality over quantity’. He looks forward to adding valuable currencies on the TenX platform and not currencies that are just highly priced on the CoinMarketCap.
He further discussed the issues with the third parties and how the banking license would help clear things out for them and will help them give out a date which they can meet this time, unlike the last three times.
As they were done discussing their products, the conversation then flowed towards a more personal note where Hosp was seen asking Charlie how he deals with haters to which his reply was very witty:
“I block very aggressively!”
Charlie responds based on his feelings and he confesses in the chat that he feels he responds too much sometimes. He usually faces issues when people ask him about other coins on Twitter. His opinion about a few coins sometimes is negative which brings on a lot of attack on him from users over various online forums. He has never thought about changing the consensus algorithm and thinks the Litecoin mining is one of the strongest out there.
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