Charlie Lee: Bitcoin Face Problems in Terms of Scalability, LTC the Same
Litecoin founder Charlie Lee has said that the main problem for cryptocurrencies is scalability. Lee said despite being introduced 10 years ago, many cryptocurrencies are unable to perform mass adoption that happened because of lack scalability.
Lee said with the addition of new tokens, new startups, new blockchains and new exchanges, the overall data is getting bigger and bigger and the industry needs to find a solution in order to be mainly used.
Lee said technologies like Lightning Network and SegWit are pretty important for Bitcoin to create mass adoption and he is glad that he was involved in these features. Lee said Lightning Network could solve the issue without making a sacrifice of being decentralized as he added:
“That’s being brought out right now, so I think we’re gonna see a lot more adoption in the real world over the coming years and we need to be able to spend cryptocurrency as easy as we spend with our credit cards or fiat”
Lee also said Asian countries are more likely to invest in cryptocurrencies comparing to America given their nature of excitement towards new technologies. Lee said that could result from Asia move ahead from the United States in terms of Blockchain and cryptocurrencies. He added:
“It may push the banner in terms of formulating regulatory ICO’s and in terms of real-world usage of cryptocurrencies, I don’t think Asia will push that and I think the US and other countries will be more kind of pushing towards real-world adoption”
Lee also praises Monero which is not likely going well towards Litecoin investors. LTC community often criticizes Lee of being too honest at times, and it is also the same. Lee said towards Monero:
Monero is a great cryptocurrency. They have privacy and fungibility. You can not see these features at Bitcoin and Litecoin, or many others. They have a great team, great infrastructure. We recently made a poll and 45 percent of LTC community said they want to have privacy when they are sending money. This means there is a demand. And we need to do that in order to make them happy, and make our LTC even better.