|Cryptocurrency / ICO||Litecoin – LTC|
|Code public?||Y – https://github.com/litecoin-project/litecoin|
|Has it’s own cryptocurrency / coin, is it usable in the market?||Y – very usable|
|Business model – does it address a solid need / market gap?||Yes – well established as a cheaper and faster alternative to bitcoin, established in the market, has solid representation and development. After bitcoin became too expensive for microtransactions, Litecoin is one of the best alternatives, setting it in a good position in the crypto market long term|
|Key USP (unique selling point)||– cheaper than bitcoin
– faster than bitcoin
– bitcoin miners can’t use their machines on litecoin, therefore mining bottlenecks are avoided (a few big players doing most of the mining)
– complements BTC, not a competitor
– already established in some online shops
– available on most big exchanges (one of the big 3 – BTC, ETH, LTC)
|Challenges?||other altcoins like BCH, DASH, XMR – if they create better tools (wallets) and integrate better with exchanges or online sellers, they could overtake LTC|
|Adoption?||worldwide, most exchanges, some online sellers|
|Official list of investors – corporate investors?||N – it’s not an ICO, but there is one very public and known backer / founder – Charlie Lee (ex Google, Coinbase)|
|Any hacks, scandals, known major issues?||N|
|Warnings?||Charlie Lee, the founder sold all his litecoins – although this was aimed as a positive move to show he isn’t pumping the price with his public appearances. As a creator of LTC, he can still benefit regardless|
This altcoin is basically what bitcoin – BTC was at the beginning (and lost along the way because of high fees and volume, bad scalability and disagreements between creators). Litecoin is ultimately an improved bitcoin:
Key benefits vs bitcoin:
- faster transaction confirmations (2.5 minutes on average)
- its mining algorithm targets regular computers and GPUs that most people already have – and BTC miners can’t move onto it because of that, meaning that the mining isn’t as centralized (a few big players handling most of the volume)
- one of the creators is Charlie Lee (see video below) – an ex Google and Coinbase employee. He is pretty much the face of litecoin – a nice change to the anonymity of bitcoin creators (and therefore lack of accountability).
- LTC was created to complement bitcoin, not to replace it – and it’s doing a great job at it. I already use it to move even BTC around (exchange BTC to LTC, move for almost no fee, then exchange back or just keep LTC)
- has been around since 2011
- currently it’s on the top 5. position of all cryptocurrencies
This cryptocurrency is limited to 84 million units (vs 21 million bitcoin) and a lot of it’s other settings are similar to bitcoin. It was created by a Google employee, Charles Lee. Due to it’s solid base of support and dedicated development team, it’s a good candidate to take over the overflow from bitcoin.
In May 2017, Litecoin was leading in implementing SegWit scaling solution (change to the data that is sent with each transaction, making it faster and more scalable). They were also the first to use the Lightning Network where a transaction was completed in under one second through litecoin, transferring 0.00000001 LTC from Zürich to San Francisco.
Where to buy litecoin:
Where to store litecoin:
Exodus wallet is the best option, see my review (and it doesn’t have the negative points as with bitcoin – here it’s all cheap with litecoin).
Also, their own Litecoin wallet can be used – you will be connecting to the litecoin network directly. It’s a bit more technical though.