In a recent podcast interview, Charlie Lee, the founder of Litecoin, addressed Bitcoin’s scalability problems while talking about the mass adoption of cryptocurrencies.
Charlie Lee said that Bitcoin succeeded because it brought in the notion of decentralization to life through Distributed Ledger Technology and that is why every other form of digital currency failed. DLT would allow the user to have full control of the money without the interference of the authorities.
Lee felt that Bitcoin was revolutionizing when he was introduced to it and he thought it was worth more and believed that it would revolutionize money. Although Bitcoin [BTC]’s price had increased exponentially last year, Lee believes that Bitcoin has a long road ahead of it before it becomes real money. There is still a lot of problems with Bitcoin; it needs more scaling and privacy and that there is “definitely a lot of work ahead of us”.
Although Bitcoin’s price had shot up to $20k and down to $6.5k, it has not received much adoption from institutional investors until very recently. Lee said that more people need to be exposed to Bitcoin, adding that it is happening with institutional players like ‘Fidelity, the Bakkt exchange’ stepping into the cryptocurrency market and that it gives more access to buy into the asset class.
Speaking more about Bitcoin’s adoption Lee says:
“Moving forward when LN becomes more flushed out and the UI gets better and easier for people to get on to the lightning Network, we will see more usage as the fees go down and the transaction becomes instnat.”
Bitcoin is unlike other forms of money that allows people to transfer money to any part of the world as it is not censored. Lee said that it was hard to move money before Bitcoin. Bitcoin and other cryptocurrencies allow users to control their money, unlike fiat money.