In a recent episode of Unchained Podcast, Charlie Lee, the creator of one of the market’s leading altcoins, Litecoin, discussed his vision behind Litecoin and where it was heading in the future.
Lee revealed that he bought Bitcoin [BTC] when its valuation was $30 per coin. After he made his first investment, the coin plummeted significantly in value, dropping down to just $2.
Laura Shin, host of the Unchained podcast, asked Lee about how the price fall affected his early perception regarding cryptocurrency. Lee responded by stating that he was still convinced that cryptocurrencies had a future as the fundamentals hadn’t changed. The prices fell owing to the initial hype, but the idea behind the development of crypto did not vary, Lee claimed. Hence, Lee decided to remain patient with his initial investment in Bitcoin
When Lee was asked why he created Litecoin, he explained that he wanted to develop a virtual asset that would have faster blocks and cheaper transaction fees than Bitcoin [BTC]. This followed his failure with Fairbrix, Lee’s first crypto project.
“I wanted to develop a crypto which was as fair as possible. I realized people don’t want to invest and put effort into a coin that is unfairly benefiting the creators rather than the investors.”
Charlie Lee went on to say that despite the success of Litecoin, it was yet to achieve its objective. He stated,
“The general idea is just to have more and more places that you can spend Bitcoin and Litecoin. For it to be truly successful you have to be able to spend it anywhere.”
Additionally, Lee mentioned that he would have liked to have remained anonymous as the creator of Litecoin in the community. Being a prominent figure in the community affected his privacy and also raised concerns over his security, he added.
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