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In a recent podcast interview, Charlie Lee, the founder of Litecoin, tackled Bitcoin's scalability problems while talking about the mass adoption of cryptocurrencies.
Charlie Lee said Bitcoin was successful because it introduced the notion of decentralization through Distributed Ledger technology and that is why every other form of digital money has failed. DLT would allow the user to have full control of the money without the interference of the authorities.
Lee felt that Bitcoin was revolutionizing when he was introduced and thought it was worth more and believed he would revolutionize the money. Although Bitcoin [BTC]The price had increased exponentially last year, Lee believes Bitcoin has a long way to go before it becomes real money. There are still many problems with Bitcoin; it needs more scaling and privacy and that there is "certainly a lot of work ahead of us".
Although the price of Bitcoin has increased up to $ 20k and up to $ 6.5k, it has not received much adoption from institutional investors until recently. Lee said that more people must be exposed to Bitcoin, adding that it is happening with institutional actors such as "Fidelity, the Bakkt exchange" that enters the cryptocurrency market and gives more access to the asset class.
Speaking of the adoption of Bitcoin, Lee states:
"Going forward when LN runs out and the user interface improves and it becomes easier for people to access the Lightning network, we will see more use as rates go down and the transaction will become instantaneous."
Bitcoin is different from other forms of money that allows people to transfer money anywhere in the world as it is not censored. Lee said it was difficult to transfer money before Bitcoin. Bitcoin and other cryptocurrencies allow users to control their money, unlike fiat money.
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