Litecoin Said to Be Bitcoin’s Biggest Competition

Bitcoin's Biggest Competition

The Motley Fool has recently claimed that the biggest threat to Bitcoin is going to come from Litecoin, rather than from Ethereum, which is what the general consensus claims as the competitive cryptocurrency.

The reason behind this is that Bitcoin and Ethereum are actually after completely different marketplaces. Bitcoin was designed as a currency and store of value protocol built on consensus, but Ethereum is more like a system that functions by providing a cryptocurrency focused on internal transactions.

It is, in fact, Litecoin that is the cryptocurrency most like Bitcoin. It is also a currency and store of value, like Bitcoin, and it has gone through the SegWit upgrade and offers rapid transaction times like Bitcoin. The main difference, other than its much smaller scale, is that the Litecoin platform offers simpler protocol upgrades. So far only Overstock accepts Litecoin among institutional-level companies, but this is likely due to the fact that the creator, Charles Lee, hasn’t been pushing the cryptocurrency very hard until recently.

Litecoin, however, does not agree with this comparison. The Foundation said in a recent tweet that it does not think of itself as a big competitor against Bitcoin, due to the cryptocurrency’s differing focuses. Litecoin plans to focus more on payments than Bitcoin currently is, which will allow both to function at the same time with few problems.

Featured Image: twitter

Samara graduated from Simon Fraser University with a BA in English, minoring in Publishing and Creative Writing. One day she hopes to publish her very own novel, but in the meantime, she contents herself with blogging and editing. She currently specializes in writing financial news and analysis, as well as cryptocurrency news and information.