Why did Bitcoin and Litecoin fail?

The most influential inventor of cryptocurrency doesn’t think his invention, or Bitcoin, will necessarily survive.

     People generally compare digital currencies to precious metals, with Litecoin designed by Charlie Lee being compared to "silver" and Bitcoin being compared to "gold". Wikipedia states that Litecoin was invented (partially) to "generate a block every 2.5 minutes, rather than Bitcoin's 10 minutes, and its developers claim that Litecoin can confirm transactions faster".

     Litecoin has gained unprecedented popularity – it was launched on GitHub on October 7, 2011 – and its trading volume has continued to increase over time. It is also traded on many different exchanges, including Bitfinex, BTC-E, OKCoin, BitBay, Kraken, Yacuna and Huobi, BTC China, and OKCoin.

     Charlie Lee , who now works as Coinbase’s director of engineering, spoke to CNN about how Bitcoin and Litecoin could fail. The following two scenarios come to mind for the 38-year-old programmer:

     “One, the price of Litecoin collapsed,” Lee said. “People got hurt and stopped supporting Litecoin. Volume dropped. The price collapsed, or worse. Exchanges stopped supporting Litecoin . ”

     The second is "management to develop Litecoin into the second largest altcoin after Bitcoin, and then scenario one will occur. He believes that Bitcoin may also fail.

     “Bitcoin could fail if there were vulnerabilities in the code that completely destroyed the trustworthiness of Bitcoin,” he said. “For example, if someone could spend someone else’s Bitcoin. Then there’s quantum computing, and it breaks all encryption, which would end the internet and finance as we know it. ”

     The debate over whether Bitcoin should increase its block size is currently in a mess and has divided the Bitcoin industry. But the problem is that Bitcoin is growing so fast that the core protocol may no longer be able to support so many transactions on the network. Therefore, core developers are suggesting updating the protocol.

Some have also pointed out that Litecoin may alleviate some of Bitcoin’s problems, as Litecoin appears to be more conducive to high-volume transactions as a currency.