Topic: Bitcoin vs Litecoin (Read 4231 times)

I own about 50% Bitcoin and 50% Litecoin. The fact is that Litecoin isn't going away so this conversation is rather moot. It's further compounded by the fact Litecoin is the number one traded crypto in China and is likely to become the dominant crypto of choice in China due to a variety of reasons already spoken about to death in other forums. That's the tipper for me. Game of numbers and China typically wins.

But I agree, I don't understand why people get so militant about it - it's kinda sad really. Choice is always a good thing, and often there doesn't even need to be a reason for choice, other than the fact there is a choice. This is the way the world works.

Just keep both.

I think competition is a good thing, because it drives development.
To answer your question regarding Litecoin, I'm maybe allowed to go far afield.

As cryptocurrencies are still young, it is hard to answer such a question by transfering experiences from other areas.
Bitcoin has for sure started something (successfully; there have been other attempts before) which might not necessarily end with Bitcoin, long-term.
Short-term I expect the main use for Litecoin in speculation
But Litecoin is a good example for the evolution that has begun with the "Bitcoin idea".

Litecoin is mainly different in its hashing algorithm.

Meanwhile there are new concepts which differ from Bitcoin in more than just a hashing algorithm.
Primecoin for example has introduced a completely different proof-of-work (Cunningham chains) and Peercoin has introduced a working implementation of the concept of proof-of-stake, which has been integrated in some new creations (e.g. NVC, CGB and others).

And those will not be the last improvements or evolutionary steps.

In some years there might be both a kind of backbone currency (which is used for not so frequent but relatively large transactions) and one or more other currencies that allow for a high number of transactions.
As far as I understand the protocols no currently available cryptocurrency would be able to handle really huge amounts of transactions per time - not even Litecoin or Primecoin, because block spacing is one thing, but a high total amount of transactions requires a high bandwidth - regardless of the number of blocks you try to put the transactions in.

So long-term I give Litecoin worse chances than Primecoin, Peercoin and Novacoin, because they offer more "features" than just an altered hashing algorithm.
But who knows which ideas come next?

As I have no working crystal ball, I can only guess what will happen. And as Bitcoin is much better known than most other cryptocurrencies will be in near future, I guess Bitcoin will keep its place in the world for the next years.

But for the later years it is even harder to make a prediction.
With dropping coinbase rewards and legions of ASIC miners it is hard to guess what will happen once the main reward for taking part in the PoW process is gathering transaction fees. Will the value of BTC high enough to feed the legions of ASIC miners with only transaction fees?
That might be the time, when PoS can have an advantage over PoW by securing the network without the need for huge calculation power (or whatever kind of securing mechanism will have been developed until then )

...but just like in the competition between Video 2000 and VHS you can't say that something will succeed because it is better or more soundly developed (I consider Video 2000 the better concept). Sometimes the winners are the ones that are earliy / well-known / widely spread...

So I guess:
Bitcoin is here to stay; Litecoin maybe not.

Well the first obvious reason is 6 confirmations as opposed to 10. I would also encourage you to wipe your wallet.dat file (save it obviously) and then reopen both bitcoin and litecoin wallet. See which data comes through quicker.

What?  I have no idea what you are talking about.  Transactions are near instantaneous in both Bitcoin and Litecoin.  Why would you receive a Litecoin transaction faster than Bitcoin?

Coblee seems to like slogans a lot. I was aware of the silver to bitcoin's gold but that nascar thing is new to me 

Litecoin offers a liquid blow off valve for Bitcoin.  

Like Coblee said, this is like NASCAR...Litecoin is just drafting Bitcoin until the last lap

edit to say they are COMPLEMENTARY because the litecoin dev team even adds new value to the bitcoin protocol in times of need: see recent events

Maybe. I don't think the actual altcoins will all crash and burn. Some of them will probably find their niche and I think litecoin is one of them. But again, I can't see any good reason it will get the same market cap of bitcoin.

Yeah in a way, but it is an unfair competition. Litecoin will always suffer of network effect because it was created after bitcoin.

Well it would be the fact that people has choice to which coins they can own. And perhaps litecoin could serve as an entry level to the cryptocoin world because of the price is cheapo.

So you're saying they're direct competitors then? In what way?

For something the be complimentary it needs to provide something the other can't and vise versa. It's not the case with bitcoin and litecoin.

I don't think that word means what you think it means.

apart from the very early adopters everyone else i guess that has more litecoins than bitcoins. But still litecoin overtaking bitcoin is kinda impossible.

Visa and Mastercard use the same currency BTW. It's like comparing Bitpay and Coinbase. Also, the NWO wants a centralized currency, not a decentralized one that they are not in control. The free market wants a one world currency. That is why there is no (almost) place for plain bitcoin copies (in an end user perceptive).

yes because Mastercard is so much different then Visa , so therefore Mastercard is useless.

1 world 1 currency(bitcoin) , exctaly what the NWO wants

They are not complimentary, because LTC doesn't add anything substantial over BTC. If one of them has the network effects and trust, the other one is useless.


A BTC mixing service can achieve the same thing with less risk.


Charles Lee is smart enough to realize that most of the PR he does for Litecoin makes no logical sense, so it seems pretty clear that his primary motivation for advocating Litecoin is financial. I think he knows that eventually it will all come crashing down, but he wants to ride it as far as he can. He's probably been slowly cashing out.

I own some litecoin too as a speculative instrument. I'm not scared of anything, it's just plain facts about market behaviors. I can give you an example: FIAT. Fiat has the worst money creation process ever for the benefits of the society AND the environment, thus, everyone is using it because of trust and network effect.

All I see here , is a bunch of bitcoin users scared that one day Litecoin will overtake Bitcoin and had to make a thread about it . What you scared bitcoiners don't understand is everytime you mention litecoin in a good or bad way it grows , so thanks for that . I'll put my money in a coin where I know who created it .

The end user is the one who will create a market of any coins. Care to explain me why my grandma would prefer to use a better efficient blockchain if she just can't understand WTF is that?