Recently, the creator of Litecoin [LTC], Charlie Lee addressed the drawbacks regarding mass adoption in the cryptocurrency space. Lee stated that scalability was a very prominent issue as blockchain technology and cryptocurrencies have not yet reached the stages of mass adoption despite being introduced 10 years ago.
According to Charlie, one of the main barriers in the cryptocurrency space was the problem of scaling. Scalability is a serious issue, with the addition of new tokens, users, investors, startups, and exchanges, the transaction data has been piling up resulting in straining the current system.
He further added that technologies like the Lightning Network would be a solution for scalability problems of Bitcoin [BTC] or Litecoin [LTC]. He further stated that the Lightning Network could solve the problems of scaling without sacrificing decentralization. He added in an interview with CNBC Crypto Trader:
“That’s being brought out right now, so I think we’re gonna see a lot more adoption in the real world over the coming years and we need to be able to spend cryptocurrency as easy as we spend with our credit cards or fiat”
He also spoke about the cryptocurrency space and blockchain technology in Asia and how people speculated that mass adoption was more prominent in Asian countries in comparison to the United States of America.
Charlie stated that Asian countries were more inclined towards investments and speculation of the cryptocurrency markets. He added:
“It may push the banner in terms of formulating regulatory ICO’s and in terms of real-world usage of cryptocurrencies, I don’t think Asia will push that and I think the US and other countries will be more kind of pushing towards real-world adoption”
Charlie recently showed his interest in the privacy coin, Monero [XMR]. According to him, privacy and fungibility were among the significant features of Monero and that these features were missing in Bitcoin [BTC] and Litecoin [LTC]. Furthermore, it was evident that the Litecoin community was interested in adopting privacy features on the Litecoin platform since a public voting poll revealed that 45% of the votes were in favor of implementing Confidential Transaction protocols on their platform.
The post Bitcoin [BTC] and Litecoin [LTC] face barriers in scalability, says Charlie Lee appeared first on AMBCrypto.
Source: AMBcrypto
Original Post: Bitcoin [BTC] and Litecoin [LTC] face barriers in scalability, says Charlie Lee
