In a fireside chat with Thomas Hu, founder of Kyber Capital, Litecoin founder Charlie Lee sat down with CoolBitX CEO Michael Ou to analyze what it means to be your own bank by using cryptocurrencies and their underlying blockchain technology. They cover issues surrounding mainstream adoption, stablecoins and certain features that can improve Bitcoin and Litecoin.
“If people are using cryptocurrencies instead of other forms of money like fiat, then we’ve achieved mass adoption,” says Lee. He adds that it’s going to be a long road and that the crypto community is making a lot of improvements. Last year he pushed for second-layer solutions such as SegWit and the Lighting Network to help with scaling, speed and privacy. As engineers work behind the scenes on delivering a more robust system, he says the key is the UX and making it easy for people to use.
Hu asked Lee and Ou if they believe that crypto developers have not been clear enough about what it means for people to be their own bank. Since mainstream institutions already have brand recognition and some degree of trust among consumers, and now that they’re “trying to come in to take control of the industry, to some degree,” are crypto organizations like Litecoin well positioned for mass adoption.