Exclusive: What Litecoin Founder Charlie Lee Thinks Will Drive Crypto Adoption
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Exclusive: What Litecoin Founder Charlie Lee Thinks Will Drive Crypto Adoption

THELOGICALINDIAN - After Vitalik Buterins arch keynote about Ethereum 20 NewsBTC got the attenuate adventitious to sit bottomward with Charlie Lee a Coinbase administrator of engineeringturned Litecoin architect The crypto avant-garde told us all about his thoughts on how this ecosystem is developing forth with Litecoins affairs for all-around dominance

Charlie Lee’s Crypto Insights

NewsBTC:  A few months ago, you told CNBC Fast Money that the abatement in the crypto bazaar has accustomed you and the Litecoin Foundation to appropriately body out your product. Does that still authority accurate today?

Charlie: Yeah. So my point there is that back prices aren’t activity up like crazy, there are absolutely beneath distractions. This agency that it’s a acceptable time for bodies to accumulate their active bottomward and alpha to assignment on accepting added articles live. Just recently, we’ve been alive adamantine on aggravating to add added fungibility into the Litecoin protocol. So what we’re attractive at now is accomplishing a MimbleWimble addendum block advancement for Litecoin. So we’re accomplishing a lot of analysis into that about how we could accomplish such an accomplishing in a safe way. We appetite added fungibility and aloofness in the Litecoin ecosystem.

NewsBTC: How has this crypto buck bazaar compared to ones in the past?

Charlie: Well it’s been appealing similar. One affair about this buck market, alike admitting it’s been over a year now, is that it hasn’t been as bad for people. The bead is agnate percentage-wise. But during the aftermost buck market, I bethink it got to a point area bodies aloof didn’t anticipate that it was activity to appear back. Bodies aloof weren’t optimistic about the amount at the time. Now, I anticipate we haven’t gotten to that point yet, and maybe we ability not go there this time, which will be great. But I wouldn’t be afraid if there are added sell-offs, or if it takes a lot best to ascend out of it. It could be addition year or so. But who knows? It’s adamantine to adumbrate these things.

NewsBTC: So you fabricated crypto history aback you purchased a pale in WEG Bank a few months back. How has that been arena out so far?

Charlie: It was absolutely like about a year ago that that accord happened. We accept a 9.9% pale in the bank, acceptation we accept some influence. The coffer is kinda creating crypto products. So they’re affectionate of abutting it from a altered administration of starting with a adapted bank, again pivoting to accord us merchant processing and being like that. So the aboriginal footfall has been great. Next is acknowledging crypto companies with coffer accounts. Then, lastly, you appetite to add crypto wallets, forth with autumn authorization in accustomed accounts for crypto companies. What would be air-conditioned is acceptance bodies to abundance U.S. dollars at a coffer and cryptocurrencies too.

But eventually, there will be merchant processing and added crypto solutions. It’s activity boring because banks move boring due to regulations. That was to be expected, but it’s activity well. I don’t accept annihilation absolutely to advertise appropriate now, but I’m aflame about what is to appear in the future.

NewsBTC: So you guys abutting easily with Ben Askren from the UFC. Did you see ethics adjust amid the UFC and cryptocurrencies?

Charlie: It wasn’t absolutely a affiliation with Ben. He’s a huge backer of cryptocurrency, and he additionally accepted Litecoin actual well. Ben understands the charge for complete money. He additionally said he supports Litecoin, so associates of our association absolutely donated to him over 100 LTC for his antecedent fight. And he was actual beholden for that. And he wore a Litecoin bodice for a few of his interviews. We additionally had the Litecoin logo on the UFC mat there, which brought us a lot of acknowledgment and drew a lot of new bodies into this space. I anticipate there’s an circle amid the cryptocurrency association and action sports fan. It’s a different befalling for us to aggrandize the acceptance of Litecoin through that.

NewsBTC: What is one affair captivation aback crypto acceptance as it stands?

Charlie: I’ll acquaint you two things. One affair is volatility. Because crypto prices are so volatile, it’s adamantine for bodies to absolutely use it, acceptation acceptance is hampered. Animation is affectionate of a craven and the egg blazon scenario. Once there is adoption, animation will decrease, acceptation added adoption. So it’s a apathetic action for that to assignment for us to affected that. The additional affair that’s affectionate of preventing us from accepting a lot of acceptance is user acquaintance of autumn your own money.

Securing your own money is hard. There’s consistently a tradeoff amid aegis and usability. So bodies are application exchanges to abundance their bill because they can’t do it themselves. It’s easy, but again you apprehend all the belief about exchanges accepting hacked. And that absolutely hurts adoption. So probably, we aloof charge to assignment on accepting better, easier solutions that acquiesce bodies to abundance their own money. That’s the accomplished botheration really. So I anticipate account and user acquaintance is absolutely important, admitting it’s article that is adamantine to solve.