In the analysis from CoinMarketCap shows that the most serious competitor to Bitcoin is Ethereum.
However, according to representatives of the financial company Motley Fool, the greatest threat to Bitcoin is actually less popular currency – Litecoin .
Litecoin was created in 2011 by Charlie Lee and uses the same protocols as Bitcoin.
If we analyze the concept of creation of Bitcoin and Ethereum, it becomes apparent that they are products of completely different markets.
So, Bitcoin is designed as a currency and a Protocol for data storage, while Ethereum is a more functional platform that primarily provides implementation of various internal transactions.
But after analyzing the platform Litecoin, it is obvious that it is, essentially, the same Bitcoin – currency with the ability to record data in the blockchain.
Litecoin, like Bitcoin, allows to simplify the updating Protocol, has completed the upgrade SegWit and offers transactions in a short time.
Litecoin believes that both cryptocurrencies can work in parallel, not competing with each other as Litecoin focuses more on the payments.
I agree with this as I use LTC way more for transactions as it typically receives confirmations quicker and has fewer fees.
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The problem with Litecoin is that there already much better payment solutions from other coins. As an example RaiBlocks offers instantaneous transactions with zero fees. Essentally Litecoin struggles to find a role, it can't compete with Bitcoin as a speculative instrument and can't compete with the other altcoins which are technologically superior.
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