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While similar to Bitcoin, Litecoin offers several distinct differences that has seen it tipped as Bitcoin's successor, the key factor being the ease with which people can mine Litecoins.
"There's no special hardware required, whereas with Bitcoin people are making the microchips to increase their mining capabilities," explains Turrall. "With Litecoin, you're going to see everyone from kids in their bedrooms to banks and large organisations mining it. The distribution of hashing power is fairer."
It will also currently cost you $24 per Litecoin, considerably cheaper than Bitcoin, which also suffers the disadvantage that many of the coins have already been mined, and so there are far less available now - Satoshi himself is believed to have two million coins set aside for himself, accounting for nearly 10% of all Bitcoins that will ever be available.
"There's no special hardware required, whereas with Bitcoin people are making the microchips to increase their mining capabilities," explains Turrall. "With Litecoin, you're going to see everyone from kids in their bedrooms to banks and large organisations mining it. The distribution of hashing power is fairer."
It will also currently cost you $24 per Litecoin, considerably cheaper than Bitcoin, which also suffers the disadvantage that many of the coins have already been mined, and so there are far less available now - Satoshi himself is believed to have two million coins set aside for himself, accounting for nearly 10% of all Bitcoins that will ever be available.
*sigh*
