Founder of Litecoin Provides Insights on the Future of Bitcoin and AltCoins

December 9, 2015 By: Michael Cheng

Charlie Lee, the creator of Litecoin, recently sat down with Coin Telegraph for an in-depth interview about the cryptocurrency space.

The founder of the most popular alternative to Bitcoin is one of the most active pioneers in the nascent sector. He is also currently the Director of Engineering at Coinbase and has served over six years at Google.

“I saw that there was a need for an alternative to Bitcoin. The altcoins released at that time all were flawed. I thought I could do better and it was a good way to learn the Bitcoin codebase. Lastly, it was just fun to create your own coin,” explained Lee.

Lee believes that bitcoin will eventually hit the mainstream- it’s only a matter of when and not if. He also clarified that in order for Litecoin to survive, it has to hit the same level of adoption as bitcoin, which he places no guarantee on happening.

Other AltCoins may suffer during the shift to mass markets, especially ones that aren’t widely used. When this happens, some AltCoins may get phased out by users, as a new standard for digital payments is formed, and the most popular ones will naturally remain in circulation.

The advocate agrees with Andreas Antonopoulos’ statement that bitcoin has reached the “point of no return” and governments cannot do anything to shutdown the use of the currency.

“Litecoin is following Bitcoin’s footsteps. It’s about two years behind. It’s definitely on the right path. Bitcoin is paving the way for consumer adoption for all of crypto-currency,” said Lee.

“I expect to soon see Litecoin move from a speculative currency to one that’s being used for real world transactions, similar to what’s happening with Bitcoin in the past few years.”