In the scuffle of the encryption ecosystem, Litecoin has undoubtedly maintained its position as one of the best performing competitors. The controversial Litecoin creator Charlie Lee rarely appeared in a YouTube video interview to discuss the current situation and future plans of Litecoin.
In-depth understanding of the entrepreneur's mentality, Lee said,
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“ I created Litecoin mainly for fun. I want to use the relationship between Bitcoin and Litecoin to imitate the relationship between gold and silver. Bitcoin and Litecoin have good storage value, and Litecoin has good payment function.”
Lee further acknowledges that since the creation of Litecoin, he has never expected it to successfully maintain its trading value. Not only did he attribute the growth of this coin to Bitcoin's bull market and slower trading rates , but also to the activation of the segwit on the Litecoin blockchain . In addition, he also emphasized the fact that no coin can represent "everyone and things."
To simplify these obvious differences, the leader of the Litecoin Foundation clarified that
“The Litecoin is not as decentralized as Bitcoin, nor as secure as Bitcoin, but it optimizes transactions faster, at a lower cost, and with greater bandwidth. This feature allows us to target the micro-transactions.”
One of the main reasons for the relatively slow bitcoin trading is that “miners are trying to find the ones that pay the most, and then mining those deals to get higher profits.” Lee also said that some mechanisms have been established to prevent miners from improving. / Collusion to collect mining fees, which will eventually create a good supply and demand relationship for the miners until a balanced fee is found for the user.
Lee mentioned that he also participated in the construction of Litecoin during his work at Coinbase and had a common goal of making cryptocurrencies easier for ordinary people to use. When talking about one of the secrets of Liteco's success, he advised other entrepreneurs to ensure that the entire ecosystem around their cryptocurrency works well before talking about going on a big exchange. In further discussion of his experience with cryptocurrency, Li said,
"It is very likely that Nakamoto has actually passed away. But if he is still here, he will not have to deal with these ass."
According to the design, the Litecoin will commemorate the halving of block rewards in August this year. It is widely believed that this event contributed to the significant increase in Litecoin this year. According to QKL123 market data, at the time of publication, Litecoin has risen from about $31 at the beginning of the year to around $103, an increase of more than 230%.