It appears by browsing CoinMarketCap that the biggest competition for Bitcoin would be the number two – Ethereum. However, according to the Motley Fool, the biggest risk for Bitcoin may actually come from a little lower – Litecoin.
Litecoin was created by Charlie Lee in 2011 and uses protocols similar to Bitcoin. According to the analysis, Bitcoin and Ethereum are really after completely different markets. Bitcoin is really designed as a currency and a stock of value protocol built on consensus, while Etherhé is rather a functional platform that also provides cryptocurrency for internal transactions.
However, according to the analysis, Litecoin is essentially the same as Bitcoin – a currency and a store of value. While Litecoin has already completed the SegWit upgrade, and offers fast transaction times, like Bitcoin, the platform allows for simpler protocol upgrades. While only Overstock accepts Litecoin among institutional-level companies, it is not the fault of the currency, but a problem of concentration. By Motley Fool's Analyst:
"Litecoin has not been as successful, but it seems to be more a function of its creator, Charles Lee, taking the backseat for years and recently putting his "
It is still unclear whether anything may question the dominance of Bitcoin or not, but the Litecoin Foundation believes that both should run simultaneously without problems, since Litecoin concentrates more
Although it is good to have some visibility on a major media, we do not think that Litecoin is the biggest competitor of Bitcoin , Bitcoin and Litecoin will have different goals on payments https://t.co/e6u1ZGbsiV
– Litecoin Foundation (@LTCFoundation) 29 November 2017