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

After Vitalik Buterin's stellar keynote about Ethereum 2.0, NewsBTC acquired the uncommon likelihood to take a seat down with Charlie Lee, a Coinbase director of engineering-turned Litecoin founder. The crypto pioneer instructed us all about his ideas on how this ecosystem is growing, together with Litecoin's plans for international dominance.

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Charlie Lee's Crypto Insights

NewsBTC:  A number of months in the past, you told CNBC Fast Money that the downturn within the crypto market has allowed you and the Litecoin Basis to correctly construct out your product. Does that also maintain true right this moment?

Charlie: Yeah. So my level there may be that when costs aren't going up like loopy, there are positively fewer distractions. Because of this it's a great time for folks to maintain their heads down and begin to work on getting different merchandise dwell. Only recently, we've been working onerous on attempting so as to add extra fungibility into the Litecoin protocol. So what we're taking a look at now could be doing a MimbleWimble extension block improve for Litecoin. So we're doing numerous analysis into that about how we may make such an implementation in a protected means. We wish extra fungibility and privateness within the Litecoin ecosystem.

NewsBTC: How has this crypto bear market in comparison with ones prior to now?

Charlie: Effectively it's been fairly comparable. One factor about this bear market, regardless that it's been over a yr now, is that it hasn't been as dangerous for folks. The drop is analogous percentage-wise. However over the past bear market, I bear in mind it acquired to some extent the place folks simply didn't assume that it was going to come back again. Individuals simply weren't optimistic in regards to the worth on the time. Now, I feel we haven't gotten to that time but, and possibly we would not go there this time, which can be nice. However I wouldn't be shocked if there are extra sell-offs, or if it takes rather a lot longer to climb out of it. It may very well be one other yr or so. However who is aware of? It's onerous to foretell these items.

NewsBTC: So that you made crypto historical past whenever you purchased a stake in WEG Bank a couple of months again. How has that been taking part in out to date?

Charlie: It was really like virtually a yr in the past that that deal occurred. We now have a 9.9% stake within the financial institution, which means we now have some affect. The financial institution is kinda creating crypto merchandise. So that they're form of approaching it from a special course of beginning with a regulated financial institution, then pivoting to provide us service provider processing and stuff like that. So step one has been nice. Subsequent is supporting crypto firms with financial institution accounts. Then, lastly, you wish to add crypto wallets, together with storing fiat in regular accounts for crypto firms. What could be cool is permitting folks to retailer U.S. {dollars} at a financial institution and cryptocurrencies too.

However ultimately, there can be service provider processing and different crypto options. It's going slowly as a result of banks transfer slowly on account of laws. That was to be anticipated, but it surely's going properly. I don't have something actually to announce proper now, however I'm enthusiastic about what's to come back sooner or later.

NewsBTC: So that you guys joined palms with Ben Askren from the UFC. Did you see values align between the UFC and cryptocurrencies?

Charlie: It wasn't fairly a partnership with Ben. He's an enormous proponent of cryptocurrency, and he additionally understood Litecoin very properly. Ben understands the necessity for sound cash. He additionally mentioned he helps Litecoin, so members of our neighborhood really donated to him over 100 LTC for his earlier combat. And he was very grateful for that. And he wore a Litecoin t-shirt for a couple of of his interviews. We additionally had the Litecoin logo on the UFC mat there, which introduced us numerous publicity and drew numerous new folks into this house. I feel there's an intersection between the cryptocurrency neighborhood and fight sports activities fan. It's a singular alternative for us to broaden the adoption of Litecoin by way of that.

NewsBTC: What's one factor holding again crypto adoption because it stands?

Charlie: I'll let you know two issues. One factor is volatility. As a result of crypto costs are so risky, it's onerous for folks to really use it, which means adoption is hampered. Volatility is form of a rooster and the egg sort situation. As soon as there may be adoption, volatility will lower, which means extra adoption. So it's a sluggish course of for that to work for us to beat that. The second factor that's form of stopping us from getting numerous adoption is consumer expertise of storing your individual cash.

Securing your individual cash is tough. There's at all times a tradeoff between safety and usefulness. So persons are utilizing exchanges to retailer their cash as a result of they'll't do it themselves. It's simple, however then you definately hear all of the tales about exchanges getting hacked. And that actually hurts adoption. So most likely, we simply must work on having higher, simpler options that permit folks to retailer their very own cash. That's the entire downside actually. So I feel usability and consumer expertise is admittedly necessary, albeit it's one thing that's onerous to resolve.

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