The LTC creator or better known as Charlie Lee spoke for an interview explaining the goals of his cryptocurrency. For that reason, in the latest cryptocurrency news, we take a closer look at that interview.
Speaking for an interview for the business publication of Wharton School of Business at the Pennsylvania University, the LTC creator discussed how to future of money and banking will play out.
When he was asked about what the goal of the cryptocurrency is, the LTC creator replied that he wanted to make it sound money:
“I think the goal for Litecoin and also, for me, for Bitcoin is to create sound money. When I first found out about Bitcoin, I saw it as a better form of money than … human civilization has ever seen. If Bitcoin is a better form of gold, for example, it doesn’t have to be used daily. People [store but] don’t spend gold, right? And you can actually build on top of that.”
When he was asked what is stopping cryptocurrencies from becoming widely adopted, the LTC creator explained that the lack of security while protecting the coins is one of the biggest obstacles when it comes to mass adoption.
Continuing the interview, Charlie Lee pointed out:
“Hindering adoption today is the lack of trust in terms of securing your Bitcoins. A lot of people aren’t tech savvy enough to protect and store their own coins, and they rely on third parties like exchanges. And then the exchanges get hacked.”
The coming altcoin news show that the interview dug deep into the future of cryptocurrencies but the future of money as well. It was also mainly focused on whether the cryptocurrencies will be able to replace central bank and fiat currencies. At the end of the interview, the LTC creator focused on Litecoin’s improvement and fungibility. In other words, fungibility means the property of money that implies that every asset’s unit has the exact same value as any other asset that has the same unit or it is from the same kind. He also mentioned that his company is looking to improve and increase merchant adoption as well.
Litecoin Adoption: LTC Adopted On Flexa, Spendable In 39,000 Stores
“I’m excited to see Flexa help push mainstream adoption of Litecoin payments. Being able to pay with LTC at all these new major merchants is great for the entire Litecoin community.”Litecoin can now be spent but also converted to fiat via Flexa's SPEDN application which is currently live on Apple's iOS and in testing phase on Android. This comes shortly after the Litecoin Foundation (organization behind the cryptocurrency's development and adoption) joined hands with two industry partners including Bibox Exchange and Ternio, releasing a debit card that can be "loaded" with LTC, Bibox Token and Ternio Token.
Crypto Startup Flexa Adopts Litecoin-Now Available At 39,250 Stores
“I’m excited to see Flexa help push mainstream adoption of Litecoin payments. being able to pay with LTC at all these new major merchants is great for the entire Litecoin community.”Litecoin can now be spent and converted to Fiat with the help of Flexa’s SPEDN application which is currently live on Apple iOS. The decision comes shortly after the Litecoin Foundation joined the two crypto industry partners Bibox Exchange and Ternio in order to release a debit card that can be filled with LTC. As noted in the previous latest cryptocurrency news, the Video game streaming service Twitch also started accepting subscription payments via BitPay which gives its viewers a chance to contribute to their favorite gamers with cryptocurrencies. This could be great news for litecoin but for other assets as well regarding the boost in price in the upcoming months.
Litecoin (LTC) Price Goes Up By 13% Reaching $8.18BLN In Market Cap
‘’I’m still waiting for the weekly close but if it does close anywhere above the green box/line I’ll long targeting new highs.”The latest cryptocurrency news reported that the LTC supply reduction could affect the reward that is mainly used by the miners. This could also cause a drop in the Litecoin’s blockchain hashrate since the miners start allocating the computational power to more profitable cryptocurrencies. However, Charlie Lee begs to differ. He believes that the LTC miners would still be profitable despite the rewards reduction:
“If some miners stop mining, block times go up for a while (maybe a week) before difficulty readjusts and makes mining profitable again and miners will come back. Litecoin won’t die.”
LTC Breakout Fails As The Price Still Stands In Corrective Stage
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