The Litecoin Foundation’s managing director has some big ideas on what makes LTC so useful.
), known as “the silver to Bitcoin’s gold,” has been around for almost 11 years — which is quite a feat considering a fair amount of cryptocurrencies go bust within 12 months of launching. Cointelegraph spoke with the Litecoin Foundation’s managing director, Alan Austin, about why he thinks Litecoin’s core utility is serving as a reliable means of payment.“When I finished grad school, I worked with startup technology companies and real estate.
After the 2008 financial crisis, Austin began losing 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 getting bailed out, it made me really appreciate what blockchain technology was trying to do,” he told Cointelegraph.
Austin explained that Litecoin was created with many features and attributes similar to Bitcoin . “For starters, it’s decentralized, and there were no pre-mine tokens given to founders, making it a fair launch. It also has a limited supply, is highly liquid and has very low fees. Moreover, the blockchain has been online for 11 years without downtime.
“When you use stablecoins to pay for goods, in reality, all you’re doing is using a digital version of fiat money. Cryptocurrencies are volatile, but no middlemen are taking a hefty commission or scrutinizing your transactions.”, Austin said that the coin has become more user-friendly for those keen on protecting their data. “It offers fungibility,” he said.
Finally, for Austin, the idea of Litecoin lies in its evolution as a new means of payment and not so much in capitalizing on the latest trends in the industry. “Our goal right now is to kind of build slow. We’ve been here for years, and we’ve seen that if you move too fast, the project can implode on itself. So, we’re sticking to our goal of developing Litecoin as a better payment.”
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