[2014-08-27] New cryptocurrencies growing in popularity and competing with Bitco

[epere]

http://www.cp24.com/news/new-cryptocurrencies-growing-in-popularity-and-competing-with-bitcoin-1.1976346

When Jay Su got into cryptocurrency in October last year, he rejected the popular Bitcoin in favour of a lesser-known alternative, Litecoin.

Bitcoin was on the rise that month, gaining mainstream attention and with one unit at a high of more than US$200, while one litecoin was at a low of US$1.11.

But the underrated aspect of the second-most popular cryptocurrency was exactly what appealed to Su.

[LiteCoinGuy]

the silver of the cryptoworld will always stay 

[cryptofan5]

I think the main purpose of all those currencies is to create speculative instrument, which, if traded on 2 or more exchanges, may have arbitrage potential also.

[DooMAD]

I think the main purpose of all those currencies is to create speculative instrument, which, if traded on 2 or more exchanges, may have arbitrage potential also.

And also to serve as a testbed for new features and ideas.  Although sadly that part tends to be overlooked in favour of the speculation side.  It will be a shame when some great features get implemented in an alt, but everyone ignores it because someone dismissed it as another "crapcoin pump and dump".  Everyone seems to forget that not every opportunity has to be a financial one.