Recently, Charlie Lee, the Managing Director of the Litecoin Foundation and the creator of Litecoin [LTC] delivered his keynote speech at the Litecoin Summit 2018, held in San Francisco. Here, Lee spoke about the adoption of the cryptocurrency and why it is significant to increase the usage of it as money.
Lee began by defining Litecoin as the decentralized money or people’s money. Hence, he encouraged people to think about what they can do for Litecoin, instead of only taking a reverse approach. Furthermore, he believes that buying Litecoin and helping its price is important, but a more significant way to help Litecoin is to propagate its real-life use-case among the crowds. According to the computer scientist:
“People today, when they use Litecoin and Bitcoin, they may not actually understand what’s so good about it. Maybe it’s complicated to use, the price is really volatile, but once people actually get past that and see what it means to actually have freedom of money, then they will realize what it’s all about. I bet half the crowd here may not even understand that fully. Most people in this space are in it just to speculate on the price.”
Subsequently, Lee expressed that he wants the community to get past the speculation point and realize that Litecoin is being built as sound money. He also stated that it might take a generation for people to realize the value of cryptocurrencies in terms of monitory freedom.
Next, he revealed that he does not invest in Litecoin but still buys Litecoin for everyday use, wherever possible. Therefore, he also urged the listeners to promote Litecoin as money among friends, family and acquaintances.
Recently, the Litecoin Foundation also started a new campaign for the purpose of promoting its adoption among merchants and vendors. The campaign was named #PayWithLitecoin and was mentioned by Lee in his keynote speech. He then directed the attention of his audience to an online portal created by his foundation to assist merchants in understanding the simple use of Litecoin in daily trade.
At the summit, the Litecoin Foundation also conducted a stress test for the LTC network to present the efficiency of the transactions. The foundation sent 0.1 LTC to 1,263 addresses by a technique called batching. The experiment was carried out by an LTC developer known as Loshan, who took only two transactions to fund all the 1,263 addresses with Litecoin. By batching, a party can save the transaction fee in bulk and make cheaper payments, as per a Bitcoin expert.
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