LXC Coin crowdfunds in challenge to Bitcoin

LXC Coin will work with a network of P2P lenders across the world, and could evolve into its own P2P vehicle over the coming years.

Unlike many other cryptocurrencies, the LXC Coin is real, according to Ellefsen. If crypocurrencies were banned tomorrow - and Russia is looking to do that right now - our coin would keep its value. You could reclaim your investment from us.

Cryptocurrencies havent been real money until now, he claims.

Bitcoin, which currently trades for around $500 per coin, is seen as a volatile currency by investors. It can lose up to 30pc of its value in a single day. LXC Coin will control supply and demand, much like a central bank, ensuring a consistent price for the coin.

Some 1.1bn of these new coins will be issued over the next four to five years.

The LXC Coin is based on the code from the worlds most famous cryptocurrency, Bitcoin, mixed with BlackCoin technology. Unlike Bitcoin, BlackCoin does not have to be mined. It is based on a proof of stake concept, which means that it has become a dominant digital currency through the sheer proliferation of coins held in wallets by users.

By using the BlackCoin model, LXC Coin does not require vast amounts of computing power and electricity to exist.

Customers must pay hard cash or exchange it for other digital currencies.

The company was founded in Denmark in 2012 and became a UK holding company in 2014.

Ellefsen chose to raise money on Crowd For Angels, the UKs FCA-regulated debt and equity platform, to generate awareness for the start-up and prove that its model was FCA compliant.

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LXC Coin crowdfunds in challenge to Bitcoin