Litecoin (LTC), known as Bitcoin’s silver to gold, has been around for almost 11 years – quite a feat given that a significant number of cryptocurrencies went bankrupt within 12 months of launch. spoke with Litecoin Foundation Managing Director Alan Austin about why he believes Litecoin’s primary utility is serving as a secure means of payment.
As Austin said, much of his vision for Litecoin is based on personal experience:
“When I completed graduate school, I worked with start-up technology companies and real estate. One of the things I did was manage the accounts of companies like Bank of America and Fannie Mae, and it was amazing to see how old their technology was and how hard it was to get the job done.”
After the 2008 financial crisis, Austin began to lose faith in the traditional financial system. “Having seen how big banks set different standards for everyone on their own when it comes to access to money, and how they were now the ones who bailed out, I really appreciated what blockchain technology was trying to do,” he told . .
Austin explained that Litecoin was created with many features and attributes similar to Bitcoin (BTC). “To start with, it is decentralized and no pre-mining tokens were issued to the founders, making it a fair launch. It also has a limited supply, is very liquid, and has very low fees. Moreover, the blockchain has been running for 11 years without any downtime.” According to Austin, the Litecoin development team is mainly focused on three areas: building business partnerships, merchants, and distributing the Litecoin Card debit card.
“When you use stablecoins to pay for goods, all you are really doing is using a digital version of fiat money. Cryptocurrencies are unstable, but intermediaries do not charge a hefty fee and do not verify your transactions.”
With the launch of Litecoin’s new privacy layer, the coin has become more user-friendly for users looking to protect their data, Austin said. “It provides interchangeability,” he said. “When you go to pay with a credit card or cash, the seller doesn’t know how much cash you have in your pocket and in your bank account. But let’s say if you pay with bitcoin, everyone can see that transaction and your wallet balance on the blockchain.” Austin explains that the new layer of privacy on top of Litecoin solves the problem. “We allow users to hide their address and balance when making payments. And it’s really useful for protecting people’s privacy, for example when getting paid in cryptocurrencies.”
Finally, for Austin, the idea behind Litecoin is about its evolution as a new means of payment, and not so much about using the latest trends in the industry. “Our goal now is to build slowly. We have been working for many years and we see that if we move too fast, the project can collapse on its own. So, we are sticking to our goal of making Litecoin the best means of payment.”