Will Litecoin be a Challenge for Bitcoin in 2014?

litecoin01No doubt about the fact that Bitcoin was overwhelmingly covered by the media in the whole of 2013; however, there are several challenges that it is facing in Asian countries like China and India. Also, there is a perspective that litecoin can be a better option than Bitcoin; particularly for the ones who have missed the bus by not investing in Bitcoin early and now cannot invest as it is too expensive.

It is to be noted that litecoin is an alternative currency and very similar to Bitcoin; however there are some added advantages with it and that is why it is being considered the future currency. For instance, if its circulation is to be taken into consideration, it has more than four times than that of Bitcoin, which is available only for a few.

Though Bitcoin’s market is still warm and investors are queuing up to buy them, some traders and cryptocurrency enthusiasts still feel litecoin has a great future and they call it the silver to Bitcoin’s gold. All those enthusiasts who feel that Bitcoin is not their cup of tea as it is too expensive are now investing in litecoin which is trading between $20-$50.
Why Litecoin is Better Positioned this Year? If you remember the same time the last year, Bitcoin was sitting where litecoin is sitting now. For instance, currently litecoin are trading at around $24, a similar price was there for Bitcoin the last year this time. However, later that year it reached to the crazy heights of $1200 after Chinese investors started buying them in bulk.

The best part is that Bitcoin is paving the way for litecoin and a lot of new people are willing to get involved in the crypto-currency economy; however, many of them have missed the Bitcoin bandwagon. Now, they cannot buy Bitcoin at the price they can buy litecoin and for that reason it is fast becoming a popular option for such people.

Though this year will be equally good for Bitcoin, investors may not be willing to buy them if litecoin gives them a better alternative and at significantly lower costs.

Additionally, new specially built mining computers are coming onto the market which has been designed with litecoin in mind and that is definitely going to help the crypto currency. For instance, Alpha Technologies announced this week that they are beginning to take pre-orders for their litecoin specific ASIC machines.