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Watch our Bitcoin Documentary, “Banker’s Worst Fear”

Transcript: Greetings and thank you for joining us at I’m here with Charlie Lee. He is the creator of LiteCoin, and he’s also working at Coin Base right now. Charlie, thank you for joining us.

Charlie Lee: Thank you. Charlie, one of my things, when I was just a newbie, not somebody who was in to technology, I didn’t like that bitcoin didn’t have a founder, it bothered me. And I was like “well if Apple did it, or Microsoft?” So, you started Lite Coin. Is it by yourself or you and a few other people?

Charlie Lee: It was me by myself OK. Now what seperates LiteCoin from BitCoin?

Charlie Lee: A few things. LiteCoin is positioning as like silver to BitCoin’s gold. So making it a bit faster for transaction times, it has a little bit more, four times as many, coins in the end, and trying to make it a little bit more lightweight, easy to use. Does LiteCoin have an advantage because it has somebody who’s openly out there saying I created this. So the infrastructure build up for BitCoin is for people who like BitCoin, but you actually, are you doing things to try to get things moving with LiteCoin?

Charlie Lee: I mean, I talk to people. I talk to companies, I try to get them interested in LiteCoin to support it. In terms of having an actual creator, I think the fact that BitCoin’s creator is mysterious actually adds to the mystique of BitCoin. For someone who understands it, yes I’m sure. But for the average guy who just is like “what’s BitCoin? Well who created, who started it, what company?” It can be a trust issue.

Charlie Lee: Yeah, the main thing about BitCoin and LiteCoin is the fact that it’s decentralized, so it actually doesn’t really matter who actually created it. Like, I can’t stop LiteCoin if I wanted to right now. So, it’s kind of a trust less system. OK, so the Chinese, they moved the BitCoin price in a big way. They’ve come on to the market, they’re like 70% of the trades now. Will we see the same thing with LiteCoin? Are Chinese people able to purchase LiteCoin right now in the same way they can buy BitCoin?

Charlie Lee: Yes, they can. There’s a few exchanges in China that already supports LiteCoin, and more will come. Probably BTC China will support it one day. I think, yeah, when the Chinese people have already started buying LiteCoin, which has already pushed the price up a lot. So obviously there’s speculators everywhere, this is a new thing. It worries me though that China, you can’t purchase goods or services with BitCoin. Therefore, what is the purpose of anyone in China owning, it other than speculation?

Charlie Lee: I think you can compare it to gold and silver. You can’t really go to a store and say I have an ounce of gold, an ounce of silver, can I buy something, right? You still have to convert it to RNB in China. And even in the US you can’t do that. So, why do people own gold and silver, right? And BitCoin and LiteCoin is better than Gold and Silver. It stores value, and it also makes it easy to transfer, and it’s cheap to store, and it’s cheap to divide. So from my point of view BitCoin and LiteCoin is like a better version of gold and silver. Now I know china is a big buyer of gold and silver and Chinese citizens. You essentially brought them up, do you personally own gold and silver, is it part of your wealth storage plan?

Charlie Lee: Yeah, I’ve been in to gold since 2000, and silver. So I do own both gold and silver. Once I found about BitCoin I decided to invest some of it in to BitCoin. How do you feel about the Chinese government in general? Do you think this is going to be able to one day be able to be used by Chinese citizens to, use a cab or buy some food?

Charlie Lee: I think they might eventually come around to it. It might take a few years, like I think if the rest of the worlds assesses bitcoin as a valid currency for purchases and stuff, and China’s the only one that doesn’t, they eventually might start being convinced that it’s a good currency. Whats the biggest threat to the digital currencies?

Charlie Lee: Biggest threat… to me it feels like it’s just inevitable. The digital currency, crypto currency, will just take over. It will become really, really, popular. One of the threats is always regulation. Like if all of the countries just came out and say crypto currency is illegal, which I can’t imagine them doing that, but they actually do come out and say it’s illegal, and it makes it really hard for anyone to buy, sell, or even use it, then it will be a big impediment to adoption. And then you said LiteCoin was the silver to BitCoin kind of, but do these currencies, are they competitors, or is it the ultimate goal for BitCoin not to be the Coca Cola and LiteCoin to be the Pepsi, but for LiteCoin to be the more heavily used coin?

Charlie Lee: I didn’t plan on making LiteCoin a BitCoin competitor, I planned on creating something thing that could be used side by side with BitCoin. So would LiteCoin possibly overtake BitCoin? I guess it’s possible, I don’t see it happening, but I do think it’s possible. But I think they can work well together. And overall at the show, what’s the one thing you’d like to point out to people that either you like here, or that’s a very encouraging sign for digital currencies?

Charlie Lee: At least for LiteCoin, I see a lot of BitCoin companies actually talking about it, interested in supporting it, so I think there’s a bright future with LiteCoin. And it’s pretty much taken it’s space as the number two crypto currency right now and I’m very pleased about that. Charlie, thank you very much for joining me. thanks for your time.
Charlie Lee: Thank you.