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Bitcoin [BTC] will gain mass adoption after it solves scalability and privacy challenges, says Litecoin [LTC]’s Charlie Lee




Bitcoin [BTC] will gain mass adoption after it solves scalability and privacy challenges, says Litecoin [LTC]'s Charlie Lee
Source: Pixabay

In a recent podcast interview, Charlie Lee, the founder of Litecoin, addressed Bitcoin’s scalability problems while talking about the mass adoption of cryptocurrencies.

Charlie Lee said that Bitcoin succeeded because it brought in the notion of decentralization to life through Distributed Ledger Technology and that is why every other form of digital currency failed. DLT would allow the user to have full control of the money without the interference of the authorities.

Lee felt that Bitcoin was revolutionizing when he was introduced to it and he thought it was worth more and believed that it would revolutionize money. Although Bitcoin [BTC]’s price had increased exponentially last year, Lee believes that Bitcoin has a long road ahead of it before it becomes real money. There is still a lot of problems with Bitcoin; it needs more scaling and privacy and that there is “definitely a lot of work ahead of us”.

Although Bitcoin’s price had shot up to $20k and down to $6.5k, it has not received much adoption from institutional investors until very recently. Lee said that more people need to be exposed to Bitcoin, adding that it is happening with institutional players like ‘Fidelity, the Bakkt exchange’ stepping into the cryptocurrency market and that it gives more access to buy into the asset class.

Speaking more about Bitcoin’s adoption Lee says:

“Moving forward when LN becomes more flushed out and the UI gets better and easier for people to get on to the lightning Network, we will see more usage as the fees go down and the transaction becomes instnat.”

Bitcoin is unlike other forms of money that allows people to transfer money to any part of the world as it is not censored. Lee said that it was hard to move money before Bitcoin. Bitcoin and other cryptocurrencies allow users to control their money, unlike fiat money.

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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.


HitBTC responds to allegations of insolvency, refutes claims made by Redditors




HitBTC responds to allegations of insolvency
Source: Unsplash

HitBTC, a Hong Kong-based exchange has been the center of accusations among users on Reddit, Twitter, and other forums. HitBTC users started complaining about issues regarding withdrawal and extensive procedures after one particular user @ProofofReserach put out a thread alleging insolvency of HitBTC.

To put an end to all the accusations, HitBTC has broken its silence with a blog post explaining their side of the story. According to HitBTC, their systems performed well during the winter of 2017-18, however, HitBTC mentioned that due to overwhelming demand for the services, they experienced bottlenecks at an operational level.

Referring to the BitcoinExchangeGuide article, HitBTC responded:

“A widely quoted article, in its entirety, is based on only 2 AML cases. One of them was initiated as part of the investigation into the December, 2018 BTCP security breach, at the request of the coin’s core team. Unfortunately, there is no clear indication of the nature of the second case that can be discerned from the article. The author of the article failed to track the deposit/withdrawal dynamics that did not uncover any irregularities. A simple block explorer or our public System Monitor would suffice for these purposes”

Additionally, referring to the altcoins being added and removed from the platform, the exchange said that they were honored to work with a diverse range of projects, however, since the crypto sphere was still nascent, there were lapses in their judgment in assessing the integration partners. With the above-mentioned prominent cases, HitBTC also addressed other topics.

@ProofofResearch replied to HitBTC’s blog:

“Is there a reason why you’re unable to tell people us where your Bitcoin storage is at? If what I published is as untrue as you claim it is, then providing a wallet address where your Bitcoin funds are stored will go a long way in *proving that*.”

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