The interview was conducted by myself and the glorious James D’Angelo from the World Bitcoin Network with Leon Fu behind the camera.
Tai Zen: What’s up, guys? This is Tai Zen from PrisonorFreedom.com.
It’s a blog where we talk about the tools, the techniques, the strategies and technologies that can help us find more freedom in life. With us with here today, we have James D’Angelo from the World Bitcoin Network here at the Texas Bitcoin Conference.
Here we have the famous Charlie Lee, the inventor of Litecoin.
We want to talk today about litecoin being listed on BTC China.
Could you talk a little about that including some of challenges you went through to bring litecoin out and how it has changed the (crypto currency) market.
Charlie Lee: Sure. So I guess we all know that BTC China recently started trading litecoin. So, people all know that BTC China’s CEO is Bobby Lee who is my older brother. Last year, I talked to him about it.
I tried to convince him to have litecoin on the BTC China exchange. It took about 6 months.
Tai Zen: Six months to convince your older brother?
Charlie Lee: Yeah, it took me 6 months to convince him.
I mean, I had to convince him and his other founders cause he had like two other co-founders.
So, they were concentrating on doing bitcoin. They wanted to do bitcoin right, they don’t want to be distracted by other alternative currencies.
There were so many alternative coins and they cannot support all them on BTC China.
I think litecoin has gotten to a point where people realize that it’s the second most popular, or the most popular alternative crypto currency. Bitcoin is here to stay. I finally was able to convince them. Now they’re all going like all in.
Tai Zen: It (being added to BTC China exchange) significantly increased the price of litecoin in the market when that news came out.
Charlie Lee: Litecoin and all crypto currencies all need good competent exchanges and multiple ones.
So, Litecoin previously had one big exchange which was BTCE. The problem with BTCE is they’re anonymous. We don’t really know who’s behind them.
So they could take your money and run away, there’s no accountability. At least with BTC China, it’s my brother, right?
I’ve known him all my life. So I trust him. LOL!
Some people may not know him and may not trust him but at least they’re venture backed by Lightspeed Ventures in the U.S. and they’re run by competent people. I think you can trust them.
Tai Zen: Just so we can clear up some of the myths and the things that people have about China and the Cryptocurrency market….
Does the Chinese government allow you to buy bitcoins and the litecoins from BTC China? How does that work right now?
Charlie Lee: I’m not clear about what’s going on with China. They came out with some regulation saying that buying bitcoins is legal but then they also cracked down on third party processors getting RMB on to the exchange.
Right now, it’s supposed to be illegal but there had this problem but I think right now exchanges are able to do it but they can crack down any minute and stop it. So, it’s unclear.
Tai Zen: So, let’s say I’m in the U.S. and I want to buy and sell litecoins on the exchange at BTC China. What is the best mechanism or best method for me to deposit US dollars into the exchange?
Charlie Lee: They don’t support US dollar deposits right now. So, you pretty much need a Chinese bank account.
I’m not sure if you can deposit bitcoin and exchange them for RMB and exchange those RMB for litecoin and then withdraw them, maybe you can do that without a bank account… [I’m not sure]
I hope that they’re going to release the bitcoin/litecoin exchange soon. So anyone can send bitcoins directly and convert to another currency.
There might be some regulatory issues with that with China and it’s something my brother needs to figure out.
Tai Zen: We’ll definitely look forward to hear from him for that.
James D’Angelo: Technically it’s not any more difficult for your brother though to incorporate any coin, correct?
Charlie Lee: Yeah.
James D’Angelo: So it was really just a flip of a switch for him? or was there some other reason why it took so long?
Charlie Lee: There are some differences between litecoin and bitcoin with respect to the fees.
Obviously the code is different so you have to run like the bitcoin “D” backend and the Litecoin “D” backend.
There are differences like the fees and some stuff. So there’s a little bit of technical work to support it so it wasn’t that hard.
Tai Zen: So, now that litecoin is being accepted and being trade on BTC China, do you have any interactions with that other than the fact that he is your brother, I mean do you have any day-to-day work or activity that involves anything with BTC China?
Charlie Lee: I didn’t do anything work for that. It’s his employees doing that. I talk to him and give him advice on how to do a cold storage on litecoins and different things with respect to that area.
Click the link below to watch part 2 of our conversation with Charlie where he talks about security at Coinbase:
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