Charlie Lee on the Game Plan for How Litecoin, Bitcoin and Crypto Can Replace Fiat
In a fireside chat with Thomas Hu, founder of Kyber Capital, Litecoin founder Charlie Lee sat down with CoolBitX CEO Michael Ou to analyze what it means to be your own bank by using cryptocurrencies and their underlying blockchain technology. They cover issues surrounding mainstream adoption, stablecoins and certain features that can improve Bitcoin and Litecoin.
“If people are using cryptocurrencies instead of other forms of money like fiat, then we’ve achieved mass adoption,” says Lee. He adds that it’s going to be a long road and that the crypto community is making a lot of improvements. Last year he pushed for second-layer solutions such as SegWit and the Lighting Network to help with scaling, speed and privacy. As engineers work behind the scenes on delivering a more robust system, he says the key is the UX and making it easy for people to use.
“With cryptocurrency you are your own bank, so you have to actually protect your own coins. And a lot of people have failed to do that and lost coins because they stored it on an exchange that got hacked or they used an insecure wallet or they printed it out on a piece of paper and lost it. So it’s very easy to lose your funds from hacking or by accident. So hardware wallets, especially easy ones to use like CoolWallet, is a really important step towards making it easy for regular people to secure and spend their coins.”
Ou breaks down the full scope of financial freedoms cryptocurrencies can bestow on users.
“Being your own bank is apparently one of the greatest ideas ever since we’ve had traditional financial systems because with wallets like the ones we’ve built, the meaning of being your own bank becomes literal. There will be no one able to stop you from sending your money to somewhere you want or there will be no one able to freeze your assets, and there will no one ...