Topic: How is bitcoin better than litecoin? - page 4. (Read 11725 times)

If you expect stability, you will not find it in cryptocurrency, but if i have to choose, i choose bitcoin

Because the market for litecoin is so much volatile that if you spend much large amounts of litecoin in an transaction and the prices went up after some hours then you will loose much money.
Bitcoin is much stable now as compared to litecoin.

Bitcoin has more popularity over Litecoin and there is currently a greater amount of merchants who accept bitcoin in comparison to Litecoin.
Also, all major stores that are accepting Bitcoin, are not accepting Litecoin.

Bitcoin has prospered and become generally accepted as a form of currency. Unfortunately, although Litecoin flirted with success, it has not achieved this status. I personally had a lot of hope for it.

Bitcoin is the standard  when comparing among cryptocurrencies. Also look and compare on the size of community. It's the number of support from the community that makes it strong.

I think it is different bro, you cant compare between apple and iphone, because they are the same, and litecoin bitcoin is not the same, these two different coin

Complete and utter nonsense.

It's perfectly fine within the Bitcoin protocol to create, sign and broadcast a new transaction, using output from an earlier transaction that was just pushed before, and has not been confirmed yet.

Here's an example: first this transaction was done, and then before the first transaction was confirmed, this second transaction (which spends an output from the first) was sent as well. At the moment I'm writing this, neither is confirmed, and I expect them to be both confirmed in the same block (either the first next block from now, or later, doesn't matter).
*edit* → right after posting this, I noticed they were both confirmed in block 368710. You tell me how that's possible, if the 2nd transaction (which spends output from the 1st) would have required the 1st to be confirmed first.

It gets even more confusing when you say "normally multiple confirmations needed" - what do you mean "normally", as if some transactions require more confirmations than others before they can be spent, or what? It's nonsense. Any transaction's output can be spent immediately, with zero confirmations.

10 mins "absolute minimum" to wait for a confirmation? (which isn't even necessary to wait for in the first place, but for argument's sake)

Bollocks, sometimes it's 10 minutes, sometimes 3, sometimes 28, it's all probability. It's 10 minutes on average, but the "absolute minimum" waiting time for a confirmation is ZERO minutes.

And "commonly an hour or two" is even more bollocks. It's all statistics you know. The probability you have to wait an hour or more for a confirmation is 0.24% for Bitcoin, and 0.0000000037% for Litecoin. Likelyhood of having to wait for two hours is 0.00061% for Bitcoin, and infeasibly small for Litecoin. So, no, it's sure as hell not "commonly".

This completely contradicts what you're writing below.
As soon as you see a transaction, and no funny business is going on (like an existing conflicting transaction in the memory pool, or tons of dust output with zero tx fee), then you're already very, very sure it will be confirmed. Maybe in the next block, maybe in 10 blocks from now, but it will be confirmed.

Exactly, so why the hell would any merchant ever make a customer await even a single confirmation. This is what I mean with "Bitcoin payments are instant": nobody will have to wait 10 minutes (or whatever the amount time it takes until the next confirmation). With Bitcoin, you send your payment, and you're done. In a second. Nobody waiting, nobody at risk.

And yes, obviously, there is no such thing as chargebacks with cryptocoins. I mean the concept of a transaction becoming irreversible, or permanent, or set in stone. With Bitcoin, theoretically, a transaction is not 'guaranteed' (although *extremely* unlikely to be nullified) until it's confirmed. With paypal or credit card it can be reversed (and happens quite often) until the chargeback/dispute period expires, and that's typically 3-6 months.

 Multiple errors.
 You can't spend Bitcoin or Litecoin 'till the transaction(s) that gave them to you have been confirmed - normally MULTIPLE confirmations needed. 10 mins ABSOLUTE MINIMUM for Bitcoin, 2.5 mins ABSOLUTE MINIMUM for Litecoin, commonly an hour or two for either and I've seen it take 6+ hours on either on rare occasions.
 More importantly, you don't even know *IF* the transaction is going to go through 'till at least the first confirmation. THAT is the big issue with trying to use any Cryptocoin in a retail store environment - customers do NOT want to wait around for MINUTES to see if they're going to be able to buy something, they often get irritated if it takes more than a few SECONDS on a credit card transaction.

 A credit card processor that takes DAYS to process a transaction is incompetant or a ripoff. I had a merchant account for a few years back in the 1990s, I NEVER saw it take hours much less days to recieve my payment for a transaction, unless I couldn't get into the automated system AT ALL, and on automated transactions the norm was SECONDS. Even on the weekends (I did a LOT of sales at computer shows and hamfests) I'd have the money in my account before I got packed up after the show ended and I could get to an ATM to check (hours at MOST, but couldn't tell for sure how long given time between the sale and when I was available TO check).
 The only way it would take DAYS for a credit card transaction to get the money to the seller is if they ran the transaction manually, then it took the seller days to actually SUBMIT it.

 Paypal has often had merchant money from sales "on hold" for MONTHS at a time. Go look at the class action lawsuit they settled several years back - then note that the folks currently investigating to file ANOTHER ONE are seeing this same issue DESPITE PAYPAL AGREEMENT IN THE ORIGINAL CASE SETTLEMENT TO STOP DOING THAT.


 MAJOR Error. Confirmation time is NOT chargeback limit time.
 Cryptocoins do not HAVE a chargeback mechanism at all, which is one reason merchants LIKE cryptocoin payments - they know they HAVE the money once the transaction has been processed at all, it's just a matter of time because there is no way to reverse the transaction no matter what.

Well yes, but not just limited to coffee and pizza. Why would Litecoin not be useful to do donations, micropayments, or large expenses such as cars or real estate?

You seem to be confusing transaction time with confirmation time. Maybe this clarifies things:

Transaction time (the time it takes to process a payment)
Bitcoin: 1-2 sec
Litecoin: 1-2 sec
Credit card: 5-10 sec
Paypal: 3-5 sec

Money arrival time (the time at which the merchant actually receives the money and can spend it)
Bitcoin: 1-2 sec
Litecoin: 1-2 sec
Credit card: several business days
Paypal: several minutes to several weeks (depending on payment method of customer)

Confirmation time (the time at which the merchant can be sure the payment won't be reversed)
Bitcoin: 10 minutes
Litecoin 2½ minutes
Credit card: 6+ months
Paypal: 3+ months

So.. exactly what was the problem with cryptocoins, again?

So litecoin is a type of crypto that is useful in buying coffee and pizza.

To get back on topic. How is bitcoin better? It has a bigger user base and that's about it.

Litecoin is essentially indeed a fork with some modifications/improvements. The number of coins and the hash algorithm are not really very important.

What makes it an improvement is 2.5 minutes per block and anti-spam filters. Meaning it can handle much more transactions than BTC before the block size becomes an issue. And we all know how hard it is to get people to agree on that.

An explanation from Warren (lead LTC dev):

Actually this not a bad argument. Let's say you buy something worth $10. You pay 0.0357 BTC or 2.5 LTC.

That's what they mean by fractions. It's easier to remember compared to zero point zero something



I had to look at the timestamp of this message just to be sure it's from 2015 There were quite a few companies that sold scrypt ASIC devices. Gridseed, KNC Titan, Alcheminer... That started about a year ago, btw

But the arms race has come to a halt as most of them have stopped making new ones. But you can get a limited quantity of used ones on Ebay etc... Expect a lot more after the halving

Alpha Tech are either scammers or utterly incompetent. They should have shipped over a year ago, but so far nothing

Yeah and bitcoin has more market acceptance as compared to litecoins, and the adoption level of bitcoin is increasing day by day and as it is the first crypto currency, people have more faith in it as compared to any other crypto currency.

 ROFLMAO - you do realise that appx. 1% of ALL retail transactions happen in "whole units" in the USA - dollars are COMMONLY split into fractions, it's why we HAVE coints.


 cent is short for "1% of a dollar", by the way.


 I don't see this "whole units" argument as being more than a strawman argument at best.



 The one REAL advantage that Litecoin has over Bitcoin, IN THEORY, is faster confirmations - but even there it's bloody SLOW compared to cash or credit/debit cards, which limits it a TON for retail usage. I doubt that ANY cryptocoin will ever overcome that issue for retail sales, but given the trend towards online sales taking a larger percentage of all sales it leaves a rather LARGE niche for cryptocoins to get a piece of.

One factor that makes litecoin lower in value compared to bitcoin is that there are only a total of 21 million bitcoins available while litecoin can reach up to 84 million based on its mining algorithms. With this, some analysts believe that litecoin can offer a psychological advantage to bitcoin, as consumers often prefer to have transactions in whole units instead of fractions. Litecoin also enjoys a faster speed of transaction compared to bitcoin, as the former takes only 2.5 minutes while the latter needs 9 minutes. But at the end of the day Bitcoin is much better than Litecoin since the number of crowd who use Bitcoin is greater. And cryptocurrencies live only because of the population who used it, if the population drops the currency will drop. But with Bitcoin as the founder of all the currencies, the integrity and stability is much stronger than litecoin. It earn the trust of lots people and it will surely live longer.  It can still be a future currency of the world, and many believe of that.

Too late, there's already been a "Litecoin splitoff" - using a different algorythm IIRC.

Eh, I'm also pro-Bitcoin over Litecoin, but I can give one important advantage of Litecoin over Bitcoin:

Litecoin is less likely to fork into two coins within the next year.

Bitcoin is the first cryptocurrency it as the gold standard

The REAL reason there has been little of an "arms race" for Scrypt-based mining hardware is that the market is TINY compared to SHA256 hardware.

 I am sometimes supprised there's been any sort of an arms race at all for Scrypt.


 That is the SAME reason no other algorythm has ever had ASIC hardware sold for it - X11 (think X13/X15 were also covered by that project) had one company say they were working on it, but they "didn't get enough preorders" to finance the actual development of the chip and appear to have dropped the project entirely.