Litecoin (LTC), known as “the silver to the gold of Bitcoin”, has been around for almost 11 years – which is quite an achievement considering that quite a few cryptocurrencies go bankrupt within 12 months of launch. TBEN spoke with Alan Austin, the general manager of the Litecoin Foundation, about why he believes Litecoin’s main utility serves as a reliable means of payment.
As Austin shared, much of his take on Litecoin is based on personal experience:
“After high school, I was working with technology startups and real estate. And one of the things I did was manage accounts for companies like Bank of America and Fannie Mae, and it was surprising to see how old their technology was and how hard it was to get things done.”
After the 2008 financial crisis, Austin began to lose faith in the traditional financial system. “Seeing how the big banks set different standards for everyone at their discretion when it comes to access to money, and how now they were the ones being bailed out, it made me really appreciate what blockchain technology was trying to do,” he said. TBEN .
Austin explained that Litecoin is made with many features and attributes similar to Bitcoin (BTC). “For starters, it is decentralized and no pre-mine tokens were given 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 online for 11 years with no downtime.” According to Austin, the Litecoin development team focuses mainly on three efforts: business partnership onboarding, merchants and outreach for the Litecoin Card debit card.
“When you use stablecoins to pay for goods, you are really just using a digital version of fiat money. Cryptocurrencies are volatile, but no intermediary takes a high commission or scrutinizes your transactions.”
With the launch of Litecoin’s new privacy layer, Austin said the coin has become more user-friendly for those looking to protect their data. “It provides fungibility,” he said. “If you are going to pay with a credit card or cash, the merchant does not know how much cash you have in your pocket, nor does your bank account. But if you pay with Bitcoin, for example, everyone can see that transaction and your wallet balance on the blockchain.” Austin explains that the new privacy layer on top of Litecoin solves the problem. “We allow users to hide their address and balance when making payments. And it is very useful to protect people’s privacy, for example when they receive their salary in crypto.”
Finally, for Austin, the idea of Litecoin lies in its evolution as a new means of payment rather than taking advantage of the latest industry trends. “Our goal at the moment is to build slowly. We’ve been here for years and we’ve seen that if you go too fast, the project can implode on its own. So we are sticking to our goal of developing Litecoin as a better payment.”