Here we go again with another cryptocurrency review. For this post we will be discussing one of the oldest altcoins still on the market, Litecoin. Unlike almost every other digital asset from its day, Litecoin has not only withstood the test of time, but continually pushed to develop new solutions, gain partnerships, and increase its adoption. This is truly impressive since it has been around for 9 years at this point making it an asset not to be ignored.
Without further delay, lets go ahead and dive into this legacy crypto by discussing what is Litecoin to kick things off.
Nothing should be considered investment or financial advice. Enjoy the ride.
What Is Litecoin
If you are any bit familiar with the crypto market, then you are probably already not only aware of Litecoin, but you probably know what it is as well. Litecoin was a fork from the original Bitcoin protocol all the back from 2011. The fork was led by former Google employee, Charlie Lee. Since then the project has gone through some substantial updates, changes to its consensus algorithms, and developments.
The project overall is vastly different from the Bitcoin protocol we know today and boasts some pretty incredible feats. For starters, Litecoin is one of the first ever coins to implement atomic swaps. An atomic swap is a method which allows a user to trade Litecoin for Bitcoin and vice versa without the need of a third party like an exchange or even another user.
This is truly a huge step in the crypto ecosystem and has only ever been accomplished by one other crypto called Decred. On top of this, the Litecoin consensus algorithm has been optimized to something called “Script” since being forked from its counterpart Bitcoin. At this point, the Litecoin network can handle upwards of 70 transactions per second and could handle even more by implementing segwit.
In addition, this is completely without the use of a second layer solution like the lightning network that could amplify transaction speed to even greater speeds.
Clearly, Litecoin has come to play and brought with it some pretty nice features to set it apart from a lot of other altcoins that are simple forks from the Bitcoin protocol.
The Silver To Bitcoin’s Gold
The old saying of Litecoin being the “silver” to Bitcoin’s gold is actually very wrong in a lot of ways. Yes, Litecoin’s network strength, daily transaction volume, and its levels of exposure are well below Bitcoin, but the overall code and features of Litecoin sort of surpass Bitcoin in some ways.
All this means is that – Litecoin is it’s own gold. It has a huge range of adoption across the globe in terms of payments systems and payment solutions already making it is a well established projects with a strong community. Most importantly it has held a top ten spot on the market for almost the entirety of its life-time. These are huge accomplishments that absolutely can not be ignored.
The project is more than just “silver” on so many scales, but what it really boils down to is – will people ever use Litecoin as a true payment solution?
Litecoin Use Cases
Well, to answer that you would need to know the future. Sadly, my crystal ball somehow broke after it told me to purchase 30 lotto tickets last Friday. Clearly, winning the lotto was not in my future like it predicted.
Even so, we do know that Litecoin has strong partnerships across the market. Most of these partnerships are purely for exposure, but there are a good amount of them that are for payment solutions. In particular, Litecoin partnered with Token Pay in order to help them develop a blockchain platform. In return Token Pay will become a payment solution similar to Bitpay for Bitcoin except for Litecoin offering Litecoin as a payment solution to thousands across the globe.
This was a huge step for the project, and if you start to consider all of the venues for Litecoin to be used as a payment solution, you quickly realize there are over 10,000 retail merchants around the globe that can accept and do accept Litecoin as payment for goods or services. Now, that is a long way from complete adoption, but it is a great place to start from.
The last huge use case we will take a look at is Litecoin’s efforts to offer secure and anonymous transactions. This was proposed through a protocol update referred to as MimbleWimble that would enable users to send and receive anonymous transactions over the network. Anonymous transactions has become less available due to governments and third party companies constantly seeking to map out wallets, transactions, and payments to individuals in order to start to control the crypto world.
There is a massive need for anonymous, secure transactions still, and with coins like Monero and Dash starting to get heavily monitored and scrutinized, there needs to be another top coin that will step up and make sure the option to send secured, anonymous transactions stays available on the market.
Should You Buy Litecoin
With all of this knowledge, there still is the question of – should you buy Litecoin.
Sadly, I can not directly answer that. What I can do it point a few things out.
Litecoin has consistently stayed in a top 10 position for over 9 years. That is a track record very few projects can boast about, or ever will be able to boast about. The project still has a strong community of people pushing it forward including the Litecoin foundation and core development team.
The Litecoin foundation is also sponsoring some pretty large sports teams and third party development teams to continually push for new solutions on the project which means that they should have plenty of funding to survive more bear markets if they need to.
All of these points are exhibiting the projects potential longevity no matter what happens to the market. Given all of these facts, it would be a safe bet to say that in 5 years, Litecoin might still be in a top 10 position with new developments, more exposure, and an increase in the volume of transactions.
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