The black shadow over Bitcoin continues to grow with the currency losing half of its value to Mt. Gox’s never-ending withdrawal issues. The other reports have suggested a USD2.7 million worth of Bitcoins being stolen after an online attack on Bitcoin market place Silk Road. Leading Bitcoin exchanges like BitStamp and BTC-e are also reporting a shocking fall in the BTC/USD currency pair, with the former also facing a Trojan attack recently that halted its Bitcoin transactions for three days.
Bitcoin though is by far the largest crypto currency, with people buying and using it on different platforms. It has received quite appealing media attention, while its monetary value has seen the better light of the day. The question however is how long Bitcoin can sustain its top position in the market, especially at present when its followers are being continually threatened by its potential downfall.
At first, the only threat Bitcoin faced was from the government authorities, under the influence of which its value once dropped to a mere $50 from the peak of $266. The currency however recovered well with time, as there were no major alternatives for people back then. But recently, many digital currencies have entered the market and are garnering enough attention with their effective marketing and branding.
The most popular among them however is Litecoin, which has hugely cashed on the Bitcoin’s popularity by terming itself a better-than-Bitcoin currency. The currency although is a twisted version of Bitcoins, with few changes related to large monetary base, high transaction rate, faster block generation, and others.
Amidst Bitcoin’s dark times, future investors are likely to move towards investing in Litecoin. The only reason why they would is that Litecoin promises to show positive results in the future. However, the currency has also suffered a setback upon Bitcoin’s price fall. One may call it the factor that it was hugely riding on Bitcoin’s success and presented itself as the better alternative to it.
What Litecoin is likely to receive now is a very big press advantage as the currency seemed to have sidelined itself from Bitcoin’s most controversial stories in recent times. It might sound like a fool theory to most of the people but Litecoin’s overall success depends on how Bitcoin fails in the future.
As of now, there is no major exchange that has announced its acceptance; and with even the leading exchanges now under the threat of malicious attacks, people’s trust may shift towards mining Litecoins on their own and form their own community like Bitcoin once did.
The question in the end is that DOES LITECOIN HAVE ENOUGH ATTENTION TO TAKE OVER BITCOIN’s PLACE? The answer is yes, it has. People who had invested in Bitcoins have already lost a huge sum to Mt. Gox transaction halts and Charlie Shem’s arrest. The flow of the Bitcoin market has been hugely volatile in recent days, leading fresh investors to focus more upon Litecoins and other digital currencies.
Litecoin, as of now, can temporarily cash on these Bitcoin events. The only way the digital currency market can be stable is when Mt. Gox resumes its services and shows fresh perspectives for the future of Bitcoins.
To contact the reporter of this story: Jonathan Millet at firstname.lastname@example.org