Volatility and poor usability slows down crypto adoption – Charlie Lee

• LTC/USD is dragged down by bearish momentum on the cryptocurrecny market.
• Charlie Lee shares his views on market challenges.

Litecoin (LTC), now the fourth largest coin, has lost 1.57% of its value in recent 24 hours to trade at $58.78 at the time of writing. LTC/USD has been one of the best performing coins out of top-20 since the beginning of the year. however, now the coin is moving in sync with the rest of the market.    

Meanwhile, speaking in the interview with newsBTC, Litecoin’s founder Charlie Lee shared his views on what holds back the mass adoption of cryptocurrencies. Basically, the fundamental problems boil down to excessive volatility and bad user experience.  

“I’ll tell you two things. One thing is  volatility. Because crypto prices are so volatile, it’s hard for people to actually use it, meaning adoption is hampered. Volatility is kind of a chicken and the egg type scenario. Once there is adoption, volatility will decrease, meaning more adoption. So it’s a slow process for that to work for us to overcome that. The second thing that’s kind of preventing us from getting a lot of adoption is user experience of storing your own money,” he said.

He further explained that users have to find a balance between a security and usability. Many of them store their coins with cryptocurrency exchanges because they cannot do it themselves, while numerous stories of hack attacks and lost money scares newbies away.

“So probably, we just need to work on having better, easier solutions that allow people to store their own money. That’s the whole problem really. So I think usability and user experience is really important, albeit it’s something that is hard to solve,”  he added.

LTC/USD, 1H