The LTC Creator Says His Goal Of Litecoin Is To Make Sound Money

The LTC creator or better known as Charlie Lee spoke for an interview explaining the goals of his cryptocurrency. For that reason, in the latest cryptocurrency news, we take a closer look at that interview.

Speaking for an interview for the business publication of Wharton School of Business at the Pennsylvania University, the LTC creator discussed how to future of money and banking will play out.

When he was asked about what the goal of the cryptocurrency is, the LTC creator replied that he wanted to make it sound money:

 “I think the goal for Litecoin and also, for me, for Bitcoin is to create sound money. When I first found out about Bitcoin, I saw it as a better form of money than … human civilization has ever seen. If Bitcoin is a better form of gold, for example, it doesn’t have to be used daily. People [store but] don’t spend gold, right? And you can actually build on top of that.”

When he was asked what is stopping cryptocurrencies from becoming widely adopted, the LTC creator explained that the lack of security while protecting the coins is one of the biggest obstacles when it comes to mass adoption.

Continuing the interview, Charlie Lee pointed out:

 “Hindering adoption today is the lack of trust in terms of securing your Bitcoins. A lot of people aren’t tech savvy enough to protect and store their own coins, and they rely on third parties like exchanges. And then the exchanges get hacked.”

The coming altcoin news show that the interview dug deep into the future of cryptocurrencies but the future of money as well. It was also mainly focused on whether the cryptocurrencies will be able to replace central bank and fiat currencies. At the end of the interview, the LTC creator focused on Litecoin’s improvement and fungibility. In other words, fungibility means the property of money that implies that every asset’s unit has the exact same value as any other asset that has the same unit or it is from the same kind. He also mentioned that his company is looking to improve and increase merchant adoption as well.