In the middle of the chaos within the crypto-ecosystem, Litecoin [LTC] has undoubtedly maintained its position as one of the top performing altcoins. The controversial Litecoin creator, Charlie Lee, made a rare appearance in a YouTube video interview to discuss Litecoin’s current position and future plans.
Taking a deep dive into the entrepreneur’s mindset, Lee said,
“I created Litecoin mostly for fun. I wanted to mimic the gold and silver relationship with Bitcoin and Litecoin, where Bitcoin bitcoin is good for store value and Litecoin is good for payments.”
Lee further acknowledged that he never expected Litecoin’s success in retaining its trading value since inception. He attributed the altcoin’s growth to not only Bitcoin’s [BTC] bull run and slow transaction speeds, but also to the activation of SegWit on the blockchain. Additionally, he highlighted the fact that no coin would be for “everything and everyone.”
In order to simplify the stark differences, the leader of the Litecoin Foundation clarified,
“Litecoin is less decentralized and less secure than Bitcoin, but it optimizes for faster transactions, lower fees, and more bandwidth. This feature made us target the micro-transaction space.”
One of the main reasons for Bitcoin’s comparatively slow transactions was that “miners were trying to find the highest fee pay transactions and mine those for greater profit.” Lee also shared that there were mechanisms in place which prevent miners from increasing/colluding mining fees, which would eventually create a good supply and demand for miners, until finding balanced fees for users as well. He added,
“Companies like Coinbase are at fault for overcharging users under the pretext of earning huge profits from Bitcoin trading. Such practices pushes the fee throughout the market.”
Lee mentioned that he was involved in building Litecoin while working for Coinbase and shared the common intention to make Bitcoin [cryptocurrency] easy-to-use for the average person.