News Litecoin's Genius Marketing Plan and Why It Works

Litecoin’s Genius Marketing Plan and Why It Works


- Advertisment -

Digital currencies and blockchain technology have entered their eleventh year, while still remaining far from adopted by the masses. Clearly, if this is to change the world, we need to take this beyond the current pool of crypto fans. However, a myopic focus on the mythical “average user” has been the death of many a crypto project which failed to reach and activate non-technical, non-ideological users with any rate of success. I think we can learn something from the success of the silver to Bitcoin’s gold: Litecoin.

Don’t underestimate just how big the crypto fanbase has become

As it turns out, the space is growing just fine on its own. According to a study by Crypto Radar, 6.2% of Americans have bought cryptocurrency before, with a further 7.3% looking to buy in the near future. That’s over 44 million people in the US alone, or equivalent to the entire population of Argentina.

Now, right now cryptocurrencies such as Bitcoin largely serve as speculative assets or other investments, however there always will be a need to efficiently move and/or spend them at some point in order to realize gains. This is where a project like Dash can come in, as a perfect tool for Bitcoiners seeking to actually use their coins. Or, at the very least, this is a group of people fundamentally familiar with the technology who won’t be intimidated by the different user experience.

What Litecoin did

Those who know me are already aware that I’m no strong fan of Litecoin. However, you can’t deny the genius of its core marketing strategy: silver to Bitcoin’s gold. First, this explanation requires almost no extra educational effort: everyone knows silver and gold, and everyone knows at least (and usually at most) what Bitcoin is. Even something relatively easy to conceptualize like Dash, which is digital cash, still requires an answer to the follow-up questions “Wait isn’t that what Bitcoin does?” and “So I have Bitcoin, now what do I need Dash for?” Dash’s branding is great for an independent ecosystem, to a world that doesn’t know or care about Bitcoin, but for the current world where cryptocurrency is complicated and Bitcoin already has a great brand advantage, Litecoin is right on the money.

Most importantly, Litecoin is solidified in the present cryptocurrency space as one of the bigger name brands, precisely because of this semi-parasitic relationship to Bitcoin. As this space and the technology behind it inevitably grows, Litecoin gets to ride this success through no achievement of its own. That is except, of course, for its investment in marketing that put it in this place to begin with.

Chasing “normies” and mass adoption is a tough, long road

Ultimately, someone is going to have to bring crypto to the masses. There exist many use cases not yet fully realized, from remittances to high-chargeback industries to even just buying a cup of coffee without incurring quite so much in fees. However, these applications are not there for the taking. We’re not fully ready yet. Systems need to be built, people need to be educated, and ultimately it’s a long and hard road ahead, with lots of effort and investment before any semblance of returns appear. In order to make it that far, in order to have a viable product and an active community, you have to engage the current cryptoverse today.

Sure, focus on bringing world-changing tech to the non-technical masses. But don’t forget to pull a Litecoin and target your biggest captive market: crypto fans.



Please enter your comment!
Please enter your name here

Latest news

Data-Intensive Sector Has A Lot More To Explore With Blockchain Technology

Blockchain technology in Data-Intensive sectors is gaining huge recognition in the market. It is used in building...

4 Tips on How To Succeed on Bitcoin Trading

Bitcoin is a type of cryptocurrency which has grabbed the attention of countless people from different countries....

The First Cryptocurrency Bank License Is Now Granted

This is a historic development. A milestone in Bitcoin's path to broad acceptance and recognition. The State...

Yield Farming Program “Volcano” Kicks off Dutch Auction for Cryptokitties KittieFIGHT Game

In the fall of 2017, along with the rallying of Bitcoin and other digital assets, Cryptokitties dominated...
- Advertisement -

Ministry of Foreign Affairs of Denmark may use Blockchain to tackle corruption

We have already moved to the stage in our lives where technology plays an important role in...

What Lessons Can The World Learn From Venezuela’s Newfound Love For Crypto?

It is often the case that great changes are forced out of necessity, rather than a willingness...

Must read

Data-Intensive Sector Has A Lot More To Explore With Blockchain Technology

Blockchain technology in Data-Intensive sectors is gaining...

4 Tips on How To Succeed on Bitcoin Trading

Bitcoin is a type of cryptocurrency which...
- Advertisement -

Read Next
Recommended to you