If LTC is faster than BTC, Why Don't We Use It? - page 3.

paramind22

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Quote from: ophyrim on January 15, 2017, 03:59:37 PM

Please look at the service section of this forum. Have ever seen a topic or a service which gives you LCT? Have you ever seen for example a faucet or a game or gambling service with LCT. We use BTC because it is more common and well known in the market.

I have seen many LTC faucets. I have a LTC logo on my software and publishing company websites.

ophyrim

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Please look at the service section of this forum. Have ever seen a topic or a service which gives you LCT? Have you ever seen for example a faucet or a game or gambling service with LCT. We use BTC because it is more common and well known in the market.

fortunecrypto

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Quote from: paramind22 on January 14, 2017, 10:35:21 PM

Transfered some BTC from Coinbase and it's taking about five hours to show up. Would LTC
be a faster transfer? I use a LTC wallet on my hard drive.

If LTC is faster than BTC, why don't we use it more?

I prefer using Bitcoin for the simple reason of massive adoption,every merchants that uses crypto currency prioritize using Bitcoin and beside it's more profitable portfolio being the first crypto currency in the market.

Sponsoredby15

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I have one reason why bitcoin is the one we are using because bitcoin is more accepted due to its the first crypto currency ever created, and its more popular than the litecoin.

sportis

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Quote from: paramind22 on January 14, 2017, 10:35:21 PM

Transfered some BTC from Coinbase and it's taking about five hours to show up. Would LTC
be a faster transfer? I use a LTC wallet on my hard drive.

If LTC is faster than BTC, why don't we use it more?

As you said about your bitcoin transaction you didn't say anything about fees and transaction size. If you paid a very low fee according your transaction size, then miners are not happy to accept it into their blocks. I would propose to see this link about fees https://bitcoinfees.21.co/. Now as far as it concerns the litecoin, it's transactions are really 4 times faster than with Bitcoin but the exchange is less security i.e double spending is cheaper with litecoin than bitecoin. So is a trade-off between speed and security. But, even though there is an increasing debate in bitcoin world, when lightning networks will be implemented payments will be settled almost instantly.

cryptohunter

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Quote from: Herbert2020 on January 15, 2017, 04:00:54 AM

Quote from: paramind22 on January 14, 2017, 10:35:21 PM

Transfered some BTC from Coinbase and it's taking about five hours to show up. Would LTC
be a faster transfer? I use a LTC wallet on my hard drive.

If LTC is faster than BTC, why don't we use it more?

first of all you are wrong in your understanding of "faster". the fact that it took about five hours was because of two reasons: 1) low fees, lower than the current standard 2) the blocks are full and miners are greedy.
otherwise speed of transactions are a couple of seconds and speed of confirmation is about 10 minutes on average.

also faster doesn't mean better.
litecoin has 2.5 min average time for blocks while bitcoin has 10. and this doesn't exactly mean faster blocks if you ask me but at the same time it is increasing the chance of orphaned blocks by a great deal which opens up room for double spend fraud.
also don't forget about how massive the blockchain size can be. i mean people are already complaining about 90 GB blockchain size of bitcoin and what do you think they are going to do if litecoin was as used as bitcoin with all blocks full and blockchain size was 360 GB?

there are other downsides such as litecoin having a much higher number of coins (84 mil max) so as far as price goes don't expect much out of it.

what do you think they are going to do if litecoin was as used as bitcoin with all blocks full and blockchain size was 360 GB?

but would that not mean that it is running 4x the transactions of btc not the same number of transactions as btc? or is that not correct?

How will that change if segwit and the other changes kick in?

danherbias07

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Actually it is being used. But the problem is there is not much of people who knows it. Some are just stucked with knowing bitcoin and dont want to extend that to knowing more. Maybe they dont want it to be more complicated than it is. One more reason could be the price fluctuations.

poloniexwhale

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Most altcoins are faster than LTC&BTC, why don't use them? It is same question. It is all about speculation and whales, LTC and BTC were early coins, I think the adopters are huge, that is the reason.

Spoetnik

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Yeah.. i knew there was a lot of technical reasons. LOL
Useful reply Herbert2020 Wink

Herbert2020

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Quote from: paramind22 on January 14, 2017, 10:35:21 PM

Transfered some BTC from Coinbase and it's taking about five hours to show up. Would LTC
be a faster transfer? I use a LTC wallet on my hard drive.

If LTC is faster than BTC, why don't we use it more?

first of all you are wrong in your understanding of "faster". the fact that it took about five hours was because of two reasons: 1) low fees, lower than the current standard 2) the blocks are full and miners are greedy.
otherwise speed of transactions are a couple of seconds and speed of confirmation is about 10 minutes on average.

also faster doesn't mean better.
litecoin has 2.5 min average time for blocks while bitcoin has 10. and this doesn't exactly mean faster blocks if you ask me but at the same time it is increasing the chance of orphaned blocks by a great deal which opens up room for double spend fraud.
also don't forget about how massive the blockchain size can be. i mean people are already complaining about 90 GB blockchain size of bitcoin and what do you think they are going to do if litecoin was as used as bitcoin with all blocks full and blockchain size was 360 GB?

there are other downsides such as litecoin having a much higher number of coins (84 mil max) so as far as price goes don't expect much out of it.

Spoetnik

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What i wondered long ago was if we switched them instantly with magic..
Would we still suffer from congestion and delays etc ?
We should all know that the more used a traditional block-chain gets the slower it gets right ?
..unless they have added newer tech to combat this old problem.

See what i mean ?
If we ported over the entire user base of Bitcoin would Litecoin be fairly slow too ?
I bet it would be.
Faster still yeah.. but it would probably suffer regardless.
Because LTC does not solve general scaling issues does it ?

And yeah i am actually asking LOL
I am no expert on Block-Chain tech stuff..
I have worked on miners and looked at coin code a couple times but i can get lost in the tech shit easy.
I am not like that guy Shelby who has a gift for understanding it all really well.

SyGambler

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Quote from: paramind22 on January 14, 2017, 10:35:21 PM

Transfered some BTC from Coinbase and it's taking about five hours to show up. Would LTC
be a faster transfer? I use a LTC wallet on my hard drive.

If LTC is faster than BTC, why don't we use it more?

for different reasons , one of them is that bitcoin is more accepted online since it's the most popular
but who knows what will happen in the future , if the devs couldn't find a solution for the confirmation time in BTC some people may turn to Litecoin and use bitcoin as only a store of value

Spoetnik

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Support / Adoption.

For example.. Coinbase like idiots added Ethereum the ICO scam coin but not Litecoin Roll Eyes

truimpheriues

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Quote from: paramind22 on January 14, 2017, 10:35:21 PM

Transfered some BTC from Coinbase and it's taking about five hours to show up. Would LTC
be a faster transfer? I use a LTC wallet on my hard drive.

If LTC is faster than BTC, why don't we use it more?

because in my country exchanger not open exchange Litecoin to fiat money
must use bitcoin
litecoin or dogecoin iam prefered dogecoin because low fee sending, and very fast in transaction

Huge Black Woman

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Quote from: Warkop on January 14, 2017, 11:12:27 PM

Quote from: MANCRYPTOS on January 14, 2017, 10:57:38 PM

Quote from: paramind22 on January 14, 2017, 10:35:21 PM

Transfered some BTC from Coinbase and it's taking about five hours to show up. Would LTC
be a faster transfer? I use a LTC wallet on my hard drive.

If LTC is faster than BTC, why don't we use it more?

Hello. Your question has two different answers 1) Because Litecoin block time is faster than bitcoin 2) Why Don't We Use It? Because bitcoin is more profitable than Litecoin. Of course for me because I can't say something about other peoples choices

Yes, maybe I will also use bitcoin compared with litcoin, because bitcoin see many people using bitcoin, so I think bitcoin will evolve for the future

Bitcoin see many people using bitcoin? Nigga what is you smokin'?

Tha way I see it is dat bitcoin got here first, an' that's what people latched themselves onta. This is a dam good question, 'cause tha OP is onna money. Litecoin an' somma them otha coins blow dam smoke rings 'round bitcoin. The turd above sorta said it. It's tha volatility which be makin' people rich. In that there respect, bitcoin leaves evverthang else in tha manure pile.

Warkop

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Quote from: MANCRYPTOS on January 14, 2017, 10:57:38 PM

Quote from: paramind22 on January 14, 2017, 10:35:21 PM

Transfered some BTC from Coinbase and it's taking about five hours to show up. Would LTC
be a faster transfer? I use a LTC wallet on my hard drive.

If LTC is faster than BTC, why don't we use it more?

Hello. Your question has two different answers 1) Because Litecoin block time is faster than bitcoin 2) Why Don't We Use It? Because bitcoin is more profitable than Litecoin. Of course for me because I can't say something about other peoples choices

Yes, maybe I will also use bitcoin compared with litcoin, because bitcoin see many people using bitcoin, so I think bitcoin will evolve for the future

MANCRYPTOS

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Quote from: paramind22 on January 14, 2017, 10:35:21 PM

Transfered some BTC from Coinbase and it's taking about five hours to show up. Would LTC
be a faster transfer? I use a LTC wallet on my hard drive.

If LTC is faster than BTC, why don't we use it more?

Hello. Your question has two different answers 1) Because Litecoin block time is faster than bitcoin 2) Why Don't We Use It? Because bitcoin is more profitable than Litecoin. Of course for me because I can't say something about other peoples choices

paramind22

hero member

Activity: 2786

Merit: 552

Transfered some BTC from Coinbase and it's taking about five hours to show up. Would LTC
be a faster transfer? I use a LTC wallet on my hard drive.

If LTC is faster than BTC, why don't we use it more?

Topic: If LTC is faster than BTC, Why Don't We Use It? - page 3. (Read 2980 times)