Charlie Lee It is one of the most important crypto influencers in the crypto world. And it could not be otherwise, considering that he is the creator of Litecoin, a cryptocurrency that, although it has lost its luster in recent years, continues to occupy the highest positions in the cryptoactive rankings by market capitalization. And now Litecoin founder Charlie Lee tells it all about Bitcoin in an interview with CoinMarketCap.
Its beginnings in Bitcoin
Charlie Lee is not a stranger to the computer world at all. By contrast, before entering the cryptocurrency world, Lee was already a respected software engineer at Google. Where he worked until he stepped into the crypto world becoming an engineer at Coinbase, and later founder of Litecoin.
According to Charlie Lee himself, the first time he heard about Bitcoin was in an article, in which it was commented that the cryptocurrency was used on Silk Road, an illegal black market. What caught the attention of Lee who immediately began to investigate Bitcoin. And as he himself points out, he was immediately caught.
“The amazing thing back then was that you could read everything that was going on with Bitcoin at the time. Everyone visited the Bitcoin discussion forum, it was on the domain forum.bitcoin.org, and basically everything that was going on with Bitcoin was happening on that forum. You could follow everything that was going on“
Also, Charlie Lee comments that back then things were much simpler within Bitcoin. Well, since there are few users on the BTC Blockchain, transactions were made almost immediately, and with very low commissions.
Charlie Lee continues with Bitcoin
However, and despite the fact that today Bitcoin transactions are not as fast and cheap as before, the founder of Litecoin continues to bet on the Satoshi Nakamoto cryptocurrency. Well, for Charlie Lee, the great advantage of Bitcoin is not found in the speed of the transactions or in the commissions that are paid, but in its resistance to censorship:
“When I entered Bitcoin, I realized that the most important thing is resistance to censorship. It is a new currency that cannot be controlled in any way. That’s what gave Bitcoin value (…) It was great back then, rates were low, and transactions were done very fast. But that is not the reason why Bitcoin is valuable“
Thus, for Charlie Lee what makes Bitcoin so valuable compared to other services such as Paypal. Which if they have low commissions and immediate transaction execution. It is his decentralization and security that make him immune to any attempt at government censorship or control.
Tips for new participants
Also, and for those people who are interested in entering the crypto world at this point. Charlie Lee also has some advice. Especially regarding the percentage of their assets that they should invest, as well as the security measures that they must take.
The first advice of the founder of Litecoin for those who want to invest in Bitcoin, is only to put on the market that amount of money that you are willing to lose. So that, in this way, the despair of seeing a good part of your capital lose in a sudden movement in the price of Bitcoin, does not force them to make desperate decisions:
“I always tell people not to invest more than they can afford to lose, just a small percentage of their wealth. Because if Bitcoin is successful, it will go up 10 times, a hundred times, and that will be significant. And there is a non-zero chance that it will fail and reach zero“
While the second tip is one that we have also repeated on several occasions here at CryptoTrend: You have to inform yourself and be careful with the security of our wallets.
“A second thing is that Bitcoin is a new system, a new way of doing things. People have to learn the correct way to handle Bitcoin. It is not money in the bank (…) They have to learn to protect their own keys, learn about hardware wallets, learn about multisig and other solutions to be in control of their own Bitcoin, which is difficult for most people. Definitely a great learning curve“
A little about his life
To conclude the interview, Litecoin founder Charlie Lee gave some details about his life, as well as his vision of the potential of the crypto world for the future. Going from commenting on which is your favorite cryptocurrency meme. Until talking about his project for the development of crypto games with Atari.
“There is definitely a connection to cryptocurrencies today. I think that there will be more and more interest in the in-game currencies being on the Blockchain. For example, The Infinite Fleet’s announcement recently that they are going to make currency for the game on Liquid’s blockchain. There is our association with Atari, we are potentially looking for Litecoin to be used in a game. We’ll see“
Finally, when talking about the Halving of Bitcoin, as well as the effects that the Coronavirus crisis is having on the crypto world. Charlie Lee was quite confident that the combination between the decline in Bitcoin’s monetary expansion, and the massive issuance of money globally. It will have positive results for BTC:
“With Bitcoin, Halving happened, and therefore inflation is halved. That is set in stone and nobody can change it. That’s the beauty of Bitcoin: No person, company, or government can control and print as many Bitcoins as they want. Today, we have not yet seen the effects of money printing, but it is inevitable if the government continues to print money this way. The currency will devalue, and Bitcoin and gold prices will rise relative to Fiat money“