While you may well have heard all about Bitcoin and the many uses it can have if accepted into the fold of more nations, you may not know about a similar proposition: Litecoin.
Think of Litecoin as the silver to Bitcoin's gold. It's a smaller peer-to-peer Internet currency that provides a faster transaction confirmation and has four times as more coins available to be mined.
It can also be mined on home computers – something that Bitcoin can't really do – meaning it's more accessible to those who could be using it.
But could it really offer up anything new and drastic in comparison to that of the Bitcoin? Could it actually take off in the same way?
Well, it still isn't legally recognised as a currency for one, especially when so few seem to be speaking about its existence. But already, the value of Litecoin has risen from $0.07 to around $2.50. That's not an awful lot – especially when compared to Bitcoin – but it certainly is a sign that things are looking up in that aspect.
It works on the same systems as Bitcoin too, but it provides a more secure method of payment and mining too, meaning that competition is less fierce and payments are even harder to track. This is something that could very easily bite Litecoin in the butt if it gains traction in the same shady corners of the internet that Bitcoin managed.
But, the key question here is: could Litecoin be the start of a digital currency explosion?
Could we end up seeing other imitators and alternative currencies flooding the online market, turning it into a mess of money rather than a single truly online currency?
Surely this can't be a good thing for payments? Or do you believe that this is just another form of payment, akin to the varying Mobile Payment methods, rather than an actual currency in itself?