Bitcoin’s Biggest Competition is Litecoin

Nishanth Shetty

Nishanth Shetty

December 1, 2017 10:16 am

3664 Total Views

Bitcoin News

It appears when persuing CoinMarketCap that the biggest competition for bitcoin will be Ethereum. But Motley Fool says the biggest risk for Bitcoin may actually come from the Litecoin.

Litecoin was created by Charlie Lee in 2011 which uses similar protocols as Bitcoin. According to the analysis, Bitcoin and Ethereum are truly after completely different marketplaces. Bitcoin is really designed as a currency and store of value protocol built on consensus, while Ethereum is more of a functional platform that can also provide a cryptocurrency for the internal transactions.

Anyhow, as per the analysis, Litecoin is actually same as Bitcoin – a currency and a store of value. While the Litecoin has already completed the SegWit upgrade and the offers rapid transactions times, such as Bitcoin, the platform allows for simple protocol upgrades. While only the Overstock accepts Litecoin among institutional-level companies, the fault of the currency of course.

Motley Fool Analysts says:

“Litecoin hasn’t been nearly as successful, but that looks to be more a function of its creator, Charles Lee, taking a backseat for years and only recently putting his full effort behind building up his cryptocurrency’s use.”

It is not clear, whether anything can challenge Bitcoin’s dominance or not. But, Litecoin Foundation trusts that both the function should concurrently work without any problems since Litecoin is focusing more on payments.

No Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Here is what Bitcoin needs to Prove Before Goldman Sachs Would Invest

Bitcoin should Prove few things before Goldman Sachs would Invest Goldman Sachs says that it has found Bitcoin’s biggest problem. This week, a top Goldman Sachs investment strategist described what Bitcoin and other cryptocurrencies need to do to maintain their prices, which have recently bounced after a continued crash. Allison …

Tesla faces Cryptocurrency Mining Malware Attack

Hacker’s hit Tesla’s Cloud to mine Cryptocurrencies Electric vehicle maker Tesla has fallen into big trouble since the hackers company’s cloud to mine cryptocurrencies. On Tuesday, Cybersecurity software firm RedLock announced that hackers had exploited an insecure Kubernetes console, which they utilized to access computer processing power from Tesla’s cloud …

Ripple Partners with 5 New Clients around 4 Countries

Ripple collaborates with few more Banks and  Money Remittance Companies Ripple has announced its new partnerships with five banking and money transfer institutions across various countries. According to the reports, in the coming days, the two banks aú Unibanco from Brazil and IndusInd from India along with the money remittance …

-->

Pin It on Pinterest

Shares
Share This