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Bitcoin [BTC] and Litecoin [LTC] face barriers in scalability, says Charlie Lee

Ajay Narayan

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Bitcoin [BTC] and Litecoin [LTC] face barriers in scalability, says Charlie Lee
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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.





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Ajay Narayan is a full-time journalist at AMBCrypto. He has majored in Economics, Political Science and Sociology. His interests are inclined towards writing and investing in cryptocurrencies.

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

Daily Crypto News – May 25

1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.

Read more at https://bit.ly/2VRQwb0

2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.

Read more at https://bit.ly/2W40sTR

3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.

Read more at https://bit.ly/2X6fdlw

4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.

Read more at https://bit.ly/2McaTjE

5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.

Read more at https://bit.ly/2wmk4mJ

6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.

Read more at https://bit.ly/2HUEnNB



7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.

Read more at https://bit.ly/2W64KKj





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