Litecoin creator Charlie Lee discussed his motivation for developing LTC and how it has evolved over the past 10 years. Lee further mentioned the future of Litecoin while speaking with Scott Melker on “The Wolf of All Streets” podcast. Also, the duo talked about the significant crash that affected most cryptocurrencies on the 19th of May.
During the interview, Lee also revealed the reasons behind the decision to create Litecoin. Lee said he made the coin “just for fun.” When he created LTC in October 2011, Lee did not think the crypto would grow to what it currently is. He revealed that launching Litecoin was born out of his desire to create a coin similar to Bitcoin. He said that before LTC came, there were about a dozen altcoins that were existing unfairly.
According to the creator, LTC survived through the years because people see the cryptocurrency as fair and not just targeting a set of people. Even though he is the creator and founder of Litecoin, Lee said he also buys LTC from different crypto exchanges.
Discussing why he adopted crypto at a time digital assets were not popular, Lee said he was convinced from the start that Bitcoin was “going to be huge.” He said he identified that Bitcoin was a better version of gold and fiat currencies, and he went for it. He emphasized the digital feature of cryptocurrency.
Lee says Litecoin and more altcoins will continue to survive
In addition, Lee believes that Litecoin is among the thousands of altcoins that will continue to survive in the market. He stated that LTC would be one of the cryptocurrencies that are eventually used as money.
Melker asked Lee about his current involvement in Litecoin. In response, Lee said he does not think he needs to be invested in LTC, referring to the coin as his “baby.” He also explained that the price of a currency does not determine its value. He clarified that the price crypto is trading at might just be a distraction.
The Litecoin creator said that he is now working on adding fungibility and privacy to the LTC. Regarding this, Lee revealed that he is working on adding a technology called MimbleWimble to Litecoin. He said the new technology would add fungibility and privacy into Litecoin to help the crypto become a better form of money. The Litecoin creator explained:
What I’m working on is getting a technology called MimbleWimble onto Litecoin as extension blocks. The project’s called MWEB, which stands for MimbleWimble Extension Blocks. That would add more privacy and more fungibility to Litecoin, and I think that’s gonna help it become a better form of money.
Referring to the 19th of May as “one of the most brutal” days seen in the crypto space only second to the COVID crash, Melker asked Lee to speak on the current market condition. According to the Litecoin creator, it was a bad day, but there have been worse days in the crypto market.
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