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Litecoin [LTC] creator was introduced to Bitcoin [BTC] by Silk Road

Priya

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Litecoin [LTC] creator was introduced to Bitcoin [BTC] by Silk Road
Source: Unsplash

Charlie Lee, the creator of Litecoin [LTC], the seventh biggest cryptocurrency in the market, spoke about Bitcoin [BTC] and how he was introduced to the crypto-space, during a Podcast with Laura Shin.

Lee started off by speaking about the 10th anniversary of Bitcoin’s whitepaper. He said:

“I guess just been surprised that it has been so many years already. It feels like just yesterday when I found out about Bitcoin I first read about it in 2011. Yeah, it’s just amazing that its been 10 years already.”

He further spoke about how he was introduced to Bitcoin [BTC]. Lee revealed that he got to know about the coin in an article regarding Silk Road, the famous online marketplace which used only Bitcoin as a means of payment. He said that it “piqued” his interest in this new form of digital currency that is censorship resistant and a “better form of money” than the existing ones.

Lee stated that he could not believe that it has been 10 years since the release of Bitcoin whitepaper because of his involvement in the space. He said:

“I guess I’ve been so into this space just haven’t kept track of how much time has passed, I guess.”

He added that the end goal is for it to become money, which can be used by everyone on a daily basis. Lee said:



“And I think it will replace fiat as money that everyone will use. So, like right now, Bitcoin and cryptocurrency is still just a speculative asset and you know it’s been 10 years we haven’t really scratched the surface like the whole becoming real money. Yeah.”

Irrespective of this, the creator of Litecoin believes that the there has been an improvement in terms of its value. He said that the price of Bitcoin was $30 when he stepped in and felt that the cryptocurrency was “way undervalued”. This was the reason the creator of Litecoin started getting involved in the space and why he believed in it, revolutionizing money.

He added:

“so the price has actually gone up quite a bit since then but we haven’t really haven’t really reach like much adoption in terms of people using it.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

Bitcoin [BTC] will be vulnerable to quantum computing if we’re not prepared, says Andrew Poelstra

Biraajmaan Tamuly

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Bitcoin will be vulnerable to Quantum Computing without preparation, indicates Blockstream Researcher
Source: Pixabay

Security is an important aspect of every crypto-asset and Bitcoin [BTC] is often dragged into debates on whether the blockchain is protected from hacks or vulnerable to certain technological developments.

In a recent episode of whatbitcoindid, Andrew Poelstra, the Lead Researcher at Blockstream, was asked about whether Quantum Computing was a genuine threat to the existence of some Bitcoin on the current blockchain.

Poelstra indicated that the threat was evident, but it was still a long way off from being practical in the current technological field. He mentioned that he expected quantum computing to come into play against the security of Bitcoin in “maybe less than 15 years” and said that he would be really surprised if “it was less than 25 years”.

Poelstra said that it was necessary to take actions in the current scenario for post-quantum systems because he believed that without any preparation for the impending technological aspect, it did not matter how the future rested. Without preparation, the community was going to be blindsided, he said.

He stated,



“It’s important now that we started working on standardization and exploring ideas and exploring what Bitcoin is going to look like in a post quantum world but in the current scenarios there were no candidates for post quantum schemes that would be reasonable to deploy them in a Bitcoin.”

The introduction of quantum computing in the cryptocurrency scenario was a topic which was widely debated among other personalities in the community as well. Mati Greenspan, a prominent eToro Analyst, had started earlier this year that the threat only existed to Bitcoin if quantum computing was available to only one person.

If people or users collectively upgraded to quantum computers, then the Bitcoin miners would upgrade among themselves to protect it from an alleged 99% attack, which is possible with a quantum computer.





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