A quote from Charlie Lee, “Litecoin versus Bitcoin is like Facebook versus Google Plus”. What he means by this is that it would be difficult to usurp Bitcoin and crown Litecoin King due to Bitcoin’s present stature as cryptocurrency of choice. I would argue that the title of a YouTube video I saw a few weeks back “Bitcoin is Myspace, Litecoin is Facebook” is more like it. Myspace was more established than Bitcoin when Facebook took over. So, why can’t Litecoin overtake Bitcoin?
Andreas Antonopolous often points out, currency is just the first application of Bitcoin and there are many more to follow. However, Bitcoin is not even established as a currency. Overstock.com was a nice bump, and Netflix and eBay are on the way potentially. However, the stance I’m seeing from payment processors like Coinbase is that if one of these potential companies requests it, ten days later they’ll have a Litecoin payment processor. Moreover, when Coinbase brings in Charlie Lee to seal the deal on these negotiations the request will surface sooner than later. The result, Overstock.com will need to consider Litecoin as a payment processor add on and Coinbase will most likely make this upgrade for free.
Why Litecoin? Charlie Lee, Bobby Lee and BTC-e. Charlie Lee is the most reputable creator of all the cryptocurrencies on the market today. And although his brother Bobby Lee may have some issues keeping BTC China fluid, he is the biggest cryptocurrency guru lionized in China today. Additionally, the Russian site BTC-e has pulled ahead as the number one exchange. This is an exchange that has shown a healthy Litecoin market for some time. If you go to Google Trends please check out how Litecoin is trending in Russia.
When asked directly if Litecoin can overtake Bitcoin Charlie Lee says “Anything’s Possible”. I believe it’s very possible when you are positioned as well as Litecoin is in the USA, China and Russia. Another scenario, Satoshi rears its ugly head as a criminal, government or corporate entity. One other possibility, Bitcoin developers get too ambitious and blow the coin up trying to do too much attempting to make Bitcoin be the panacea for all things encryption. It’s early, Litecoin is getting a free ride along with Bitcoin in many aspects and when put on the shelves side by side today, Litecoin is the better option because the potential applications that the Bitcoin developers are pursuing will not outweigh the core value of Litecoin as a faster means of currency transaction and its exemplification of transparency.
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