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Franklyn Richards, director of the Litecoin Foundation (LTC), who worked tirelessly to ensure that the Litecoin banner (LTC) flown high, said that the cryptocurrency would eventually be institutionalized. He made this comment when he talks about Litecoin (LTC) to CCN.
Because Richards believes in Criptovaluta
Richards sees Crypto as the next big thing in the financial sector. Citing that we are only at the beginning of the electronic currency. He does not see the construction of the future of money (cryptography). When asked about how he was involved with the founder of Litecoin, Richards replied that he contacted the former Google employee on Reddit. According to him, Litecoin (LTC) was launched because Bitcoin (BTC) was expensive.
At the time Litecoin was launched, Bitcoin (BTC) was crossing the $ 100 USD barrier. Furthermore, he is optimistic that since Bitcoin is better for institutions, many users unknowingly adopt it, which Richards believes will greatly determine the price of the token. Litecoin (LTC) Price today – LTC / USD
Digital currencies will be absorbed by centralized authorities
When asked about his views on the debate about whether digital resources will be taken over by centralized entities, Richards says:
"We must face the facts. I believe that centralized institutions have a good advantage deriving from the adoption of cryptography. In the end these benefits will pass to their users. It is capitalism. If I can offer my users something much better and cheaper, I will be able to attract more users. At the moment we are witnessing this institutional adoption."
He continues:
"Ice Markets, the parent company of the New York Stock Exchange, recently launched Bakkt. CME is also launching institutional trading and the security of digital resources. Gemini is also involved. Now people realize that it does not matter if the user knows something about the technology. We do not know how banks or cards work, but we know that they make us a service. If institutions can provide better service through a decentralized currency that includes Litecoin (LTC) or Bitcoin (BTC), it will be the preferred option for users. This is why it will work".
What are the advantages of Litecoin?
According to Richards:
"Litecoin (LTC) has lower costs and faster blocking times. "" Let's be honest here, LTC can offer faster blocking times, but that means the blocks will be less secure because it will take up to 2.5 minutes to reverse a block rather than 10 minutes. Litecoin (LTC) is very strong. It is more a Bitcoin (BTC) complement than a competitor. Yes. Bitcoin (BTC) will remain at number one for a long time, but both tokens will reinforce each other. Litecoin does not compete, it benefits, especially with the atomic swaps and the Lightning network".
Adds that:
"Litecoin has a great deal of liquidity that is very important. Currently there are no other currencies that compare with LTC in liquidity in the market. Ethereum (ETH) is fine, but it's not money. It's an app platform that is not really decentralized because users are printing tokens on the platform. His blockchain has gone from a few gigabytes to a terabyte. Bitcoin (BTC) and Litecoin (LTC) do one thing well, and that thing is money. This money makes both tokens complement each other."
