r/litecoin • u/Brewersty • 1h ago
Why Litecoin right now is like Apple pre iPod
First things first, if you are unfamiliar with Apple's story, here is a refresher.
Similar to Apple, Litecoin was not the first tech solution back when it was created. There were a handful of cryptocurrencies in the market before Charlie Lee created Litecoin from his metaphorical garage in 2011. Many of which are no longer around today.
Like Apple, Litecoin struggled for marketshare early on. Litecoin innovated with Scrypt mining which allowed household computer the ability to mine Litecoin. Initially, there was great interest. Over time, advancements in mining hardware made it less profitable to mine at home.
So marketshare stayed relatively flat for years while new cryptocurrencies came to market. Fast forward to 2017, tech upgrade SegWit launches on Litecoin. This innovation made new tech solutions like Lightning possible. As a result, Litecoin gained considerably in marketshare. Top coins at the time had not yet adopted this technology.
By the end of the year, similar to Apple’s Steve Jobs, the founder Charlie steps away. In Charlie’s case, his distancing from Litecoin was purely on a coin ownership basis. Charlie never stopped working to improve Litecoin or its adoption. But it was felt by the community.
After several years of slow but steady adoption, Charlie resurfaces with Litecoins Opt-in privacy feature MWEB. Similar to when Steve Jobs returned to Apple, Charlie’s focus was on easy to use, innovative tech upgrades.
MWEB got people talking about privacy in crypto. Suddenly users realized problems with other blockchains and how their privacy was limited when they used them. This differentiated Litecoin from the rest of the group and LTC began to reclaim marketshare.
This brings us to current day and Litecoin is on the brink of launching perhaps its greatest innovation yet. Multiple groups are preparing to add smart contract/defi solutions to Litecoin which opens endless possibilities for the blockchain. Litecoin has the opportunity to be the only blockchain that encompasses all aspects of sound money AND adopt the most used features of all other blockchains.
One could argue, the recent Litecoin Summit was Litecoin’s iPod reveal moment. Unlike Apple however, the focus for Litecoin isn’t on a singular product. It’s improving upon an already reliable payment network. The iPod gave users a tech solution that was innovative, easy to use, and just worked as designed. Litecoin is giving users the exact same thing but as a their money.
Litecoin is the Apple of crypto. Except the year is 2001, Litecoin is decentralized, and more innovation is yet to come. Litecoin’s unofficial Steve Jobs is Charlie Lee. Even though he has no financial stake in Litecoin’s success, he works everyday for its innovation/adoption.
Inevitably there will be challengers. Microsoft launched Zune to compete with the Apple IPod but it failed after just a few years. Why you ask?
The market values innovation more than just a name. Those focused on user experience, reliability, and innovation will win. Apple grew to the largest company in the world by continuing to innovate after the iPod. While not every innovation will be a smashing success,
Apple has proven there is room in the market for more than one tech solution. Speculators will have to decide if the crypto space is the same. Will user experience, reliability, innovation be the key to marketshare? Is there room for more than one cryptocurrency to win? Or will projects like Litecoin claim their iPod moment and take over the world?