Bitcoin’s Biggest Competition is Litecoin
December 1, 2017 10:16 am
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.