Litecoin is one of the cryptocurrencies that really does fancy its own chances with regards to cryptocurrency adoption. Because Litecoin is fast and easy to obtain, plus it’s reinforced by a community that strives to #PayWithLitecoin, LTC is often seen as one of the critics choices when asked which cryptocurrency will be adopted first (second to Bitcoin Cash, generally).
According to Crypto Globe, Charlie Lee, the Founder of Litecoin has recently spoken to CNBC during which he discusses some of the problems that Litecoin solves and importantly, discusses how solving scalability should be one of the most important priorities for Litecoin as adoption becomes more prominent.
Another key aspect of course, is the value of cryptocurrencies as this will be used in the future as a focal point for determining the currencies ‘adoptability’. According to Crypto Globe, Lee said:
“In the short-term, [crypto prices] don’t really tell us much…for example, this year, there has been so much adoption in bitcoin and litecoin, but the prices have dropped like 60-70%. So, I think it’s because it’s so volatile…it’s all about speculation these days. But in the future, the prices will reflect the success of the [crypto]currencies.”
Most importantly, when discussing the importance of adoption, Lee said:
“I want people to focus on technologies, on [crypto] adoption, and on how to [effectively] scale [blockchain networks].”
Scalability through projects such as Lightning Network are projects that aim to address scalability problems which in turn will hopefully inject adoption into the mainstream. If cryptos are able to address scalability then they will become far more attractive projects for the mainstream buyer.
What does all of this mean?
It’s hardly groundbreaking that Lee is backing the Lightning Network as they key to adoption, but there is a bigger take home message within this. It’s argued that regulation is usually the key for adoption and that cryptocurrencies won’t be adopted until they can be regulated, but actually, Lee argues scalability is the driving force that we all need to get behind. This in turn will allow regulation to follow of course, but for now, focusing on scalability issues and solutions will give crypto a better use value in the mainstream, instead of being seen as simply just an investment asset.