I just don't see the point of using Litecoin instead of Bitcoin. What is the point of Litecoin even existing, when Bitcoin can already do everything Litecoin can do?
The only real plus is the block times! There's just something nice about having a fully confirmed transaction in 20 mins or so.
I don't get this. 20 minutes of hash-power securing the chain is still only that much hash-power that an adversary needs to work against.
All this is doing is lowering the chain's security level of what is called 'fully confirmed' surely.
What matters is the first confirmation, because of usually exessive hasing power this means that for almost all transactions one confirmation is sufficent. An ideal cryptocurrency would even provide a confirmation after a fraction of a second, it would just need someone to come up with a clever trick so the system is scaleable and efficient.
Spellcheck dude.
While I agree that the first confirmation is what matters, litecoin's 2 minute blocks don't provide much true advantage over bitcoin's 10 minute blocks. If litecoin had 10 second blocks or less, then we might be talking. And actually, I'd love to see someone try that (with maybe 2 second blocks) just to see how it works with the Bitcoin protocol as-is. Block headers really aren't that large, so I don't think there'd be a huge file size difference between the two. Chains would obviously fight each other to be longest here and there, tons of orphan blocks, etc, but ultimately, a person's transaction is going to be confirmed very quickly, even if it is confirmed and reversed a couple of times before being truly set in stone.
So, back to litecoin vs bitcoin. 2 minutes is still far too long for any reasonable point of sale operation to wait, so despite the advantage on the surface, I can't think of any scenarios where this offers a large advantage over Bitcoin. 2 minutes is still a long and awkward time to wait.
