Is it Litecoin's time to shine? Investors flocking to Bitcoin's successor

NEW YORK, July 31, 2013 /PRNewswire-iReach/ -- The Bitcoin boom has left many people wishing that they had heard about the virtual currency sooner. While some cling to the hopes that the coin will see yet another huge jump in price, others are looking to replicate their success elsewhere.

(Photo: http://photos.prnewswire.com/prnh/20130731/MN55447)

In Bitcoin's shadow lurks another virtual currency known as Litecoin. Which many are touting as the next big thing in the crypto currency space.

Now that the price of Bitcoin has become somewhat stable, all eyes have turned to Litecoin. This newer currency is based on scrypt, which is much more secure than the SHA256 algorithm its predecessor uses.

Investors and Miners are flocking to the newer virtual currency in its early stages in the hopes that they can be a part of any potential spikes in price.

We asked Jason Barone - an early adopter of Bitcoin, why he has now turned his focus to Litecoin. He replied "After investing a lot of money setting up a large mining operation for BTC and making an amazing profit, I now wish to replicate that with LTC, getting in before the masses and again reaping the rewards. BTC's difficulty has gone sky high and will only get worse due to the introduction of ASIC's. This makes Litecoin is a much more appealing choice for miners like myself. All of my mining rigs are now pointed at Coinhuntr, an amazing new Litecoin mining pool. So far the results are looking great."

A big reason for this new focus is due to MtGOX : the largest Bitcoin exchange, announcing that they will soon support Litecoin. While there is no official date for this to happen as yet, when it does it will open the door for many more investors to easily get into the market.

About Litecoin

Litecoin is a peer-to-peer Internet currency that enables instant payments to anyone in the world. It is based on the Bitcoin protocol but differs from Bitcoin in that it can be efficiently mined with consumer-grade hardware. Litecoin provides faster transaction confirmations (2.5 minutes on average) and uses a memory-hard, scrypt-based mining proof-of-work algorithm to target the regular computers and GPUs most people already have. The Litecoin network is scheduled to produce 84 million currency units.

About CoinHuntr

CoinHuntr is a newly launched litecoin mining pool that offers a unique experience for miners of all sizes. Their unique / custom front end offers a welcome change to the default look that most pools use. CoinHuntr is backed by an enterprise class DDOS Protected server cluster for the best performance and reliability.

For more information please visit http://www.Litecoin.org , http://www.MtGox.com and http://www.CoinHuntr.com

Media Contact: Steven Pewter, CoinHuntr.com, 303 555-0181, [email protected]

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SOURCE CoinHuntr.com