Bitcoin has been a huge hit since it was introduced in 2009. Being viewed as a potential answer to the current and recurring economic crisis, there are emerging competitors that aim to compete with the most well-known online currency these days.

Litecoin has been attracting investors and online business people recently due to the fact that it had been viewed to be cheaper and easier to use compared to Bitcoin.

Taking Notice of New Digital Currencies

There are numerous currencies circulating the Internet these days but Bitcoin and Litecoin had been the center of attraction of most online investors since they are of more value and have been used widely. And, according to CoinMarketCap, a website that tracks online currencies, Litecoin has been making noise.

  • More Accessible and Cheaper Mining

Litecoin has been considered to be a very great alterative to Bitcoin since it is easier to access. There are many average types of equipment that can mine Litecoin faster, which makes it more attractive to many online investors who aim to earn more.

Litecoin do not also need powerful processors to be mined, which makes it less costly. Thus, it can be accessed by average consumers, which accounts for a great percentage of online currency users around the globe.

  • Easier to Use

Since Litecoin can be used for smaller transactions, it is used by small to medium scale investors and business people. Thus, it will not entirely replace Bitcoin. Nonetheless, it is viewed as a great alternative to Bitcoin since it is easier to access and easier to use on smaller scale transactions.

Many investors view Litecoin as the ‘silver’ Bitcoin, hence, it is of smaller value yet it is still essential for people who opt for small transactions online.

  • More Competitors

Though Litecoin has been considered as a competitor of Bitcoin, it is undeniable that Bitcoin is still the top alternative currency online. And because there are also a lot of alternative currencies available these days, Litecoin can be contended by other online currencies if they cannot provide unique features that any other alternative currencies can provide.

Litecoin is gaining attention due to its slow increase in price. It will be more accessible to people who are not willing to spend huge amounts of money in exchange for virtual currency. But since people are beginning to be more familiar with virtual currencies, Litecoin will be in a tough competition. Thus, it will be a challenge for Litecoin founders to keep it as one of the most preferred virtual currencies, next to Bitcoin.

Regardless of which new alternative currency is being introduced in the market today, many online investors and alternative currency trackers still think that they cannot compete with Bitcoin anytime soon due to the latter’s value. Bitcoin’s price, which has reportedly dropped from $1,200 down to $920 in 4 months, still has the highest value in the world of virtual currencies. Hence, Bitcoin investors are still holding on to their alternative currency, particularly those who live in countries with unstable currencies and exchange rates. This places Bitcoin on top of the virtual currency arena despite having several competitors arising each week.

Check Out More Stories on Bitcoin from BitcoinValue.net.

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