With digital currency growing, can Litecoin be the next Bitcoin?

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Bitcoin is not the only big virtual coin in town for a while now. We’ve seen other forms of digital currency appear in the last years, currency like Litecoin, which has grown a lot. So, can LiteCoin be the next Bitcoin?

99Bitcoins talked about these other “coins” here and Litecoin was, at the time, the most used currency after Bitcoin. Then, this question started to pop up everywhere and Litecoin’s Anton Yemelyanov decided to talk about the issue: “the development team doesn’t see LTC as a competing currency to BTC. There is no association between these cryptocurrencies (other than Litecoin stems from Bitcoin)”.

However, this is not just gossip. So, what is making Litecoin so interesting in the short run? Maybe it’s Mt. Gox’s plans to begin exchanging this currency alongside Bitcoin. A major change, since the website is responsible for 80 percent of the worldwide exchange of Bitcoin.

Mt. Gox announced, on April 24th, that the platform was “planning on (introducing Litecoin to the exchange) two weeks ago”. But, “events derailed that plan. Right now we are focused on the overall stability of the exchange, and will launch Litecoin when we are ready. Otherwise we could be further complicating things”, the website explained.

Litecoin is already traded on two smaller exchange platforms: BTC-E and Vircurex. But the value of both coins is really distant, right now. Another difference is that Bitcoin mining has become a super technical and complex process, while Litecoin can be produced through an easier process. Soon, these “small” differences can become major incentives for the digital currency users.

Via dailydot.com

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Maria Santos

Maria is an experienced journalist currently living in the UK. She has been writing about Bitcoin and the altcoin universe since 2013. She is also a member of the Lifeboat Foundation's New Money Systems Board and a big cryptocurrency supporter.

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