Litecoin Creator Charlie Lee Analyzes Other Use Cases For Cryptos Apart From Store Of Value
Litecoin creator Charlie Lee was in the spotlight not too long ago when he slammed decentralized finance, calling DeFi a decentralization theatre.
Long story short, he said that a decentralized app could be shuttered by a centralized entity. Lee also highlighted that DeFi is “the worst of birth worlds.”
This is why I don’t believe in DeFi. It’s the worst of both worlds. Most DeFi can be shut down by a centralized party, so it’s just decentralization theatre. And yet no one can undo a hack or exploit unless we add more centralization.
So how is this better than what we have now? https://t.co/F1HMSeqb6q
— Charlie Lee [LTC⚡] (@SatoshiLite) February 16, 2020
More use cases for digital assets
Now, according to the latest reports, Charlie Lee said that he is seeing other use cases for cryptos apart from speculation and store of value.
He’s highlighting the fact that payment settlements and confidential transactions are on top of the list.
During a new episode of Cred’s Meet Our Partners, Lee talked about how his Litecoin Foundation shapes LTC to become a reliable means of exchange.
“With Litecoin, we are definitely aiming moving more towards payments for people to actually spend the coins as opposed to just holding onto it as a store of value. You can see there’s more and more ATMs coming out that support Litecoin, where people can easily withdraw their Litecoin or convert cash to Litecoin…” he said.
Lee continued and highlighted the fact that LTC’s main goal is to be money – people’s store of value and also a means to purchase services and goods.
Lee also talked about the fact that he is working hard to make the LTC transactions private. He made sure to highlight the importance of privacy and fungibility in a project.
In terms of price, Litecoin is currently trading in the green, and the coin is priced at $40.40 USD.
Ex-Google engineer, Charlie Lee is the creator of Litecoin and MD of the Litecoin Foundation. Previously Director of Engineering at Coinbase, Lee now focuses full-time on Litecoin. To enhance fungibility and privacy of LTC, integration of MimbleWimble has begun, however Lee has recently announced a crowdfunding launch to fund the development.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.